remorgage/ccj

joejoe_4

im glad i found this site,reluctant to seek(genuine) advice on the high st.i have an endowment morgage,although unbeknown to the lender i stopped paying the insurance endowment afew years ago.i have a ccj (water bill) on my credit file.im reluctant to contact my lender to change type of morgage, because of the endowment and credit file. i have amorgage of 30k house value 120k,i would like to get upto 10k loan for home improvements.seek advice where best to goto.

Robert_Sterling_3

You should be making provision for repaying your £30,000 mortgage in due course but you appear not to be doing so.  For some reason you have a CCJ in relation to your water bills.  It is not a good time to seek to borrow an additional £10,000.   Where will the extra money come from to pay off this additional £10,000 loan.

joejoe_4

Thanks for the reply.
apoligies for the topic being brief.
im actually in a good paying job,the additional costs of having to pay a higher morgage would be ok.
the ccj,was a massive blunder on my behalf,simply an oversight due to my working lifestyle.
i dont have any credit outstanding.
the loan would be for home improvements,to enable me to take advantage of the current house market and sell the property asap.
my reluctance on where to seek advice on the high st, is my lack of knowledge of morgages and my current predicament.
this eye opening website, has only confirmed my dilemma.

Robert_Sterling_3

If you have lots of equity in your home and a good paying job then you should be able to get a loan.
I assume that you paid your water bill eventually.

dunstonh

if you are unwilling to convert to repayment at this stage, at least start an ISA and put money into that each month to a higher value of what you paid in the endowment.

Otherwise it is the type of thing people keep putting off until its too late. I know of someone who has recently who has lost their house because they took out an interest only mortgage with only term assurance and couldnt raise the capital. They were told to sell up or else...