Remortgage with bad credit and self employed

Anniek1969

Looking for a bit of advice about our mortgage. We currently owe £24000 and our property is worth around £70000. My husband is self employed earning around £13000 pa and we get around £7500pa in tax credits.

I have missed a couple of my mortgage payments in the last six months but have repayed almost all of it with only around £80 left to pay at the end of this month. We had a CCJ a couple of years ago which is also almost repayed.

We need major repairs to our house which are going to cost around £8000/£10000 so as our mortgage is quite small we are thinking about remortgaging for £40000 rather than take out a secured loan. The money left over from the work will pay off most of our debt.

It's been a long time since I have remortaged as I've been with Alliance & Leicester for about 12 years and always been happy with them but I don't think they would give us the remortgage due to our credit history.

Any help and advice would be great.

Thanks

Wutang_2

50% LTV is fine and income should be ok but the missed mortgage payments may mean you will have to wait until it has been 3 months with no missed payments.

In other words, there are remortgages out there which allow missed mortgage payments but most require that there have been none missed in the last 3 months...

once you get to this point you can do this

Anniek1969

Thanks Wutang, I missed a couple of payments in Dec/Jan but have paid it since Feb with extra to repay the amount outstanding. Should have paid £212 each month but have paid £300.

Wutang_2

I would get on to an independent (and free) adviser and get them to source it. Get a copy of your credit file from Experian for free too. If GE Money or Beacon crop up be aware that they are not great and an agreement-in-principle is only a maybe-agreed-in-principle!

Anniek1969

Thanks, will get on to it tomorrow.