We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Remortgage with bad credit
ermb1971
Posts: 2 Newbie
Hello,
Litle bit of background -
Mortgage currently 89,000 house worth £162,000 - I have never once defaulted/missed a payment on my mortgage held since 2016 or before
Salary 36,500
I have a bank loan £10500 which is the only debt I have - I've recently struggled with my mental health which is no excuse to bury my head in the sand but I'm trying to fix what was done during the time I did - I defaulted on this loan my credit file says 3 months behind during this time I was in discussion with them and was paying towards the arrears, i've now made payment to completely clear the arrears and am now up to date but obviously my credit file has taken a bit of a hit which I know will take time to fix.
I'm looking to remortgage quite soon with another 30,000 on what I have currently, completly wipe the loan out and look at putting a deposit down for a house for my son, Im looking for some advice on if this would be possible with the defaults I have quite currently got on my file or if its a waste of my time looking in to it?
By paying off the loan it would free up £325 a month but I'm not sure if that would be taken in to account or if that even matters
Thank you.
Litle bit of background -
Mortgage currently 89,000 house worth £162,000 - I have never once defaulted/missed a payment on my mortgage held since 2016 or before
Salary 36,500
I have a bank loan £10500 which is the only debt I have - I've recently struggled with my mental health which is no excuse to bury my head in the sand but I'm trying to fix what was done during the time I did - I defaulted on this loan my credit file says 3 months behind during this time I was in discussion with them and was paying towards the arrears, i've now made payment to completely clear the arrears and am now up to date but obviously my credit file has taken a bit of a hit which I know will take time to fix.
I'm looking to remortgage quite soon with another 30,000 on what I have currently, completly wipe the loan out and look at putting a deposit down for a house for my son, Im looking for some advice on if this would be possible with the defaults I have quite currently got on my file or if its a waste of my time looking in to it?
By paying off the loan it would free up £325 a month but I'm not sure if that would be taken in to account or if that even matters
Thank you.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards