remortgage and self employed

middy991

Hi there I'am 4 years into my mortgage and was thinking maybe its time to remortgage never missed a mortgage payment but got 3 defaults back in 2019 and owe £400 on a credit card, and a ccj which is settled for yorkshire water. would i get a better rate as on a subprime with vida any thoughts so scared ill get turned down and know its hassle. my business wasnt effected by covid 

K_S

@middy991 When in 2019 were the defaults registered, how big are they, satisfied/unsatisfied? When is your current fix ending (Vida's variable rate that you fall back on might not be too far off from what you are on currently tbh)?

dimbo61

How long was the mortgage deal you took out when you purchased the property ?
You will need the help of a mortgage broker to check out your credit score and search the market.
Can you simply change to a new deal with your existing lender online without advice or any changes to the term or amount you owe ?

middy991

around sept 2019 defaults 1 for £1000 1 got £600 and 1 for £500 paying them all off now, i was on a 2 year fixed but been on svr for 2 years it was a 20 year mortgage, I owe approx 56k on house worth £80ish k

K_S

@middy991 The Vida variable rate is around 5% now isn't it? With multiple defaults that are less than 2 years since registered, you aren't likely to save a lot of money (if any) by remortgaging at this point in time, especially with a relatively small loan size. You could consider waiting for 2 years clear on the defaults and then getting in touch with a broker.

This is based on the very limited information in your posts so this is not to say that you do/don't have options. Only someone who has looked at the whole case and all the relevant details can say for sure.