Remortgaging advice with poor credit history

BeingDebtFreeStartsHere

Good afternoon,

I hope this is the right place to post but please let me know if not.

We are desperate for some advice. We have a mortgage with the One Account. The interest has gone up and up over the past 9 months and consequently we are only able to pay the mortgage interest and are making no inroad on the debt itself. We currently have a mortgage of £147,250. Our property was valued at £155,00 back in 2009 so our LTV is very high. We do not have a great credit history - we are currently self managing a few defaulted debts which have already dropped off our credit files so our credit rating is actually very good/excellent but our disposable income after all outgoings is not a great amount.

Our concern is that we feel 'trapped' on this slippery slope of increasing interest rates with the One Account. We don't feel that with our current income/outgoings we would pass the affordability checks to remortgage to a better fixed deal.

We were wondering if anyone has any advice/ideas as to whether there are any options out there for us?

Thanks so much in advance.

BDFSH x

ACG

As above, the property should have increased in value in 13-14 years, so chances are the LTV is actually quite good. I bet it is probably £250k plus now, which means you could be around 60% LTV. 

Also as above, speak to a broker. Let them see what they can do for you.