Will I be able to remortgage?!

OldTelli

Hello,
Looking for a bit of advice, from the experts here. 
We currently have a property worth approx £300,000  (purchased for £210,00 and vast refurbishment completed, other properties in area at a lower spec are £300,000)
Mortgage currently is £160,000  -  3.92% at 30 Years.
The reason for the high percentage mortgage was due to one of the applicants having a DRO/Poor credit. Joint mortgage holder has perfect credit.

Credit status of applicant 1

In Janaury 2021 the DRO will of been finished for 6 years, although on  Experian credit report  is the following.

2 x Insurance defaults for small amounts - approx £200 and unsettled. These are 3/4 years old
1 x Car insurance default for £30 (Insurance was cancelled) This is 12 months old.
2 x Late payments (status 1)  - 15 months old.
1 x £500 limit credit card  (can be paid off and closed)
1 x £200 limit credit card (can be paid off and closed)
1 x mobile phone contract
Salary of £25,000 (contracted work and PAYE)
Self employed income of £12,000

Credit status of applicant 2
No blemishes
2 x mobile phone contracts.
Salary of £36,000 - although maternity will be starting in January and salary will be down to £25,000 in worst case scenario.


Now my question is...

What do you feel our chances are to remortgage to a lower interest rate? lower than 2%?

Or do I stick with the current provider with the loyalty mortgage rates at 2.9% for a few more years?


I don't want to waste my time contacting a broker if they don't think its possible. Also, happy to be contacted by people who feel they could get this done.

Thanks,

EverythingIWant

Here’s my 2p

I think the sad thing is that when the mortgage was secured to purchase the house with a DRO, the applicant did not learn the lessons of bad credit and managed to incur what I would deem as stupid defaults that are very low value but high damage and will cost considerably more when you factor in the interest rates.

We are currently with a subprime provider on a SVR rate above 5% because we have prisoners to the lenders since covid. Let’s just say we have been told we can’t remortgage at present due to us being 
a) help to buy customers and 
b) adverse credit, satisfied CCJ (5 years 10 months old, 1 satisfied default (5 years 9 months old and the other applicant having a satisfied default (4 years 1 month old).

It kills me how much interest we have paid compared to the value of the defaults (about £600) total interest over the term 2 and a bit years is nearly £18k!

Current climate has really screwed people in adverse remortgage market.