Re-mortage help!!

Royce_2

I have been on an interest only mortage for the last two years and now the end of the rate is just around the corner 1rst of May.. Its with a subprime lender and i have had credit problems in the past, and now looking after my finances a lot better. Still having no luck with the high street lender. I have some equity on my property, and was going to look for a house for me and my daughter, but i am not sure if i should wait until my credit is in a better position. but until then i need to get a better rate does anyone have any advice they can give me??

UK007BullDog

If you have not done so pull a credit report on yourself. Then take that along with your past mortgage papers and last 3 months wage slips to a good whole of market broker.

They should be able to help you with either remortgaging what you have or buy a new property.

Conrad

What size mortgage?

Property value (realistic or it WILL be down valued)?

What exactly is your adverse credit history (rough dates and event)? The most important items are missed mortgage payments where a payment was evebtually made in a subsequent month.

Your income?

Is all income guranteed?

Royce_2

My mortage is 41,000 and the value is between 85,000 -90,000. Payments where 211.91per month and will go upto 386per month, its a 2 bed flat. My income is 18,000per annum. Debts are a secured loan of 9000, and a bank loan of 2000 which i pay monthly. the dates are in the last 3years. I think i need to stay in the same property instead of buying a house at 100,000 and struggle, where is i could try and get a good rate for another two years and pay off all outstanding debts then think of buying??? i am with Platform at the moment does that make any sense??

luckyfool

Who is your current lender? How much is the mortgage for and how much is your house worth?

luckyfool

You have plenty of equity there. As long as you are happy to stay in the property for another 2-3 years I can't see you having a problem getting a new deal from another lender. You would also be able to look at whether tying up the secured loan with the mortgage would make any sense.

Get a good broker and they will be able to look at your options for you.

luckyfool

Also - stop approaching high street lenders yourself. The danger is that if you have already been turned down by several this itself could have a knock on impact on your credit score.

Royce_2

thanks for your advice i am going to approach a few mortage consultants/advisor's and see what they say. Do you think i should take out a bit more when i remortage and pay off my secured loan and other debt, and be back to having the one big monthly payment?