Halifax Remortgage with 4 yr old Default

Viki2410

Hi All,
We have had our mortgage with Aldermore for the past 2 years and are due to remortgae in June. We had to use Aldermore as at the time I had a 2 year old Settled (or satisfied? paid off in full anyway) defualt on a credit card for £2200. As the default will be 4 years old at the time of remortgage in June, I am hoping we should be able to remortgage with a high street lender, meaning lower payments so we can finally start to overpay larger amounts. As we have a 20% H2B loan outstanding on our home, I know Halifax are one of the mortgage lenders who will consider a H2B remortagage, but with a default still in the last 6 years, are they likely to even entertain it? Their rates look pretty favourable. 

Currently not looking to pay anything off the H2B loan this time and want to get a 3 year fixed ready for when we will pay the loan off. Some key details below:
Property Value - £170k
Remortage Vale - £121k ish
Household Income - £61k p/a
Outgoing p/month - Approx £2,300
Default Registered - 28/03/17 
Default Settled/Satisfied - 01/02/18
No late payments between us in over 4 years.

Thanks in advance everyone.

K_S

@viki2410 Halifax don't have a "straight decline" policy to adverse. If you pass their internal credit scoring, you stand a good chance. A DIP should give you an indication.

Viki2410

Thanks @K_S much appreciated. We will be using a broker (there is a company local to us) so hoepfully they will be able to shed some light before applying. Based on the info, do you think we should be ok with a high street lender? 

K_S

Viki2410 said:

Thanks @K_S much appreciated. We will be using a broker (there is a company local to us) so hoepfully they will be able to shed some light before applying. Based on the info, do you think we should be ok with a high street lender? 

@viki2410 There's not enough information to be able to say. The size of the default and the fact that it's a cc make it less palatable to high street lenders. Based on the very limited info in front of me, a Halifax DIP would potentially be my first port of call. Good luck!

Viki2410

Thanks @K_S
Fingers crossed, thank you very much

Viki2410

K_S said:

@viki2410 There's not enough information to be able to say. The size of the default and the fact that it's a cc make it less palatable to high street lenders. Based on the very limited info in front of me, a Halifax DIP would potentially be my first port of call. Good luck!

Hi @K_S just a quick update, we passed the DIP for Halifax and our application for a remortgage was accepted. Thanks for your help

RelievedSheff

Congratulations.

Halifax do seem to be one of the more sensible high street lenders.

We have recently had our remortgage accepted with them and I have a satisfied CCJ on my credit file. The rate we got is far lower than the rate that we have been paying with Kensington for the past couple of years. We have been able to shave 7 years off our mortgage term and keep our mortgage repayment pretty much the same