New mortgage needed for son previously been refused.

rubrenus

Hi, my son wants to get out of his expensive mortgage but fell into arrears last year. He has now caught up with payments but his applications for a new mortgage have been refused.  Can anyone recommend a broker who specialises in helping  people in his position? We are in Lancashire BTW.

Thrugelmir

A poor credit history can only be improved with time and evidence that the issues of the past are resolved. 

ACG

With arrears less than 12 months old, you might find any options he has available are not really much better than what he is paying now. 

What rate is he on? 
Who is his current lender? Are they offering any retention products? 
What is his house worth and the balance outstanding? 

I can give you an idea of whether he can save money or not by finding a new lender. It is unlikely he will get normal rates unless he has a lot of equity in the property (percentage wise). 

GentleGiant01

rubrenus said:

Hi, my son wants to get out of his expensive mortgage but fell into arrears last year. He has now caught up with payments but his applications for a new mortgage have been refused.  Can anyone recommend a broker who specialises in helping  people in his position? We are in Lancashire BTW.

To be honest it sounds like he’s either struggling financially or struggling to manage his finances if he has an expensive mortgage to start with. 

Is it worth him moving somewhere cheeper with the equity to save money on monthly mortgage payments until his credit improves and then he can upgrade again?