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How bad / negative re remortgaging is paying a settlement offer?
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buel10
Posts: 469 Forumite
Hi.
Summary:
Brother has an automatic settlement offer from Capquest, 20% discount. He is tempted to pay it but has to remortgage later this year as his 5 year fix comes to an end.
However, they state that this will go down as a 'satisfied with a partial settlement flag'....will this be a negative when it comes to how his credit file is viewed, please?
Summary:
Brother has an automatic settlement offer from Capquest, 20% discount. He is tempted to pay it but has to remortgage later this year as his 5 year fix comes to an end.
However, they state that this will go down as a 'satisfied with a partial settlement flag'....will this be a negative when it comes to how his credit file is viewed, please?
0
Comments
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At the moment it is classed as unsettled, so even partial settlement will be an improvement.
When did it default? It only stays on there for 6 years.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Defaulted last year. Yes agree about settling is better than non but for about £700 he could have a total settlement but am curious as to how negative a partial settlement 'looks', so to speak?0
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Why does he have to remortgage? Remaining with the existing lender is also an option.0
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To be honest, with a £3,500 default last year you might struggle to get a high street mortgage for a little while whether it is satisfied or not.
I think as Hoenir says, you might be better considering sticking with the current lender for the time being.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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