Mortgage and debt advice please

[mismanagedmoney]

I have changed my name for this but canassure you I am not a troll just embarassed. Dh and I have always mis managed our money never look what we've got just spend it and look later. Have a lot of debt credit cards etc but both earn v good salaries.After sitting down last month and realising we needed to sort it out we have been to the bank today to ask for a remortgage, loads of equity in the house. They advised us about the right mortgage but didn't really discuss our chances of being offered the mortgage, we have applied for it and are waiting to hear. We are both v worried about it being refused on the basis of our credit rating, lots of late payments etc. Do you think they will give us an offer?

Has anyone been in a similar situation or is a mortgage advisor, financial bod?

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No it wasn't our usual lender which is the Abby we went to the Yorkshire as we went through the motgage wizars and they seemed to one of the best ones if you had late payments etc. No decision given as the lady was only authorised to agree up to £125000 and we want more! Wish we had stuck with the Abby now.

If you have plenty of equity and your salaries are up to it then I don't see why not. I suppose it depends on the % you're after. If you ask for 100% mortgage then they may not be so happy with that. If it's between 70 & 80%, i'm sure it'll be fine but then again that also depends on the level of other debts too. Sorry, not very helpful but they should given you an agreement in principle

We did this just before DD was born, took out a loan at the same rate as our mortgage against the equity in our house, we took it over a far shorter period than the mortgage as you pay less interest overall. My DP went back to uni and completely changed career so we needed the cash to pay for that.

FWIW we also had quite a bit of debt which built up from being skint students, I self financed myself through uni and have never recovered financially.

yingers74 I don't think we will be left with negative equity but God forbid we were we are not even considering moving for at least 10years if even then. By remortgaging we would be saving well over a £1000 a month on credit card debt. TBH I'm not sure at the moment with our last couple of months of late payment we would get another credit card with 0%.

We are in the same boat. We have loads of equity in the house but DH has a bad credit rating from a few years back. Our financial advisor seems to think that we should be ok because if we were to default on repayments the lender will effectively have a house worth £165K to take when the new mortgage will only be for £85K.
we are still waiting to hear though and I agree the waiting is a killer. we too have debts to repay and things to do in the house so the extra money would be great. I think if your current mortgage payments have not been late or any arrears then you might be ok.

Good luck

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On another note - why not see an independent financial advisor. They are independent in that they can search for the best deals not necessarily within the high street lenders. there are companies out there that will give mortgages to people who have bad credit who high street lenders can be more choosy of (not dodgy companies either) its just that the high street can be more selective of who they take. make sure the adviser is independent though. they usually dont charge either as they get commision for their work from the company that you go with. If you didn't take the adviser up on any offer they may charge you for their time.

Try here , here for previous threads on getting out of debt. Give us some numbers... how much is your house worth (as a best guess at the minimum), and how much mortgage do you want to secure on it?

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Twiglett that is true about IFA's but I think, by law, they now have to disclose the comissions they will be getting from the companys. They are salespeople, but that doesn't make them bad people

My dad has given us a lot of advice he is excellent with money and has said if the worse comes to the worst he will sort it out for us but obviously want to try and sort it ourselves. Right figures please please no preaching we already know it is a mess.
House worth 200000 conservative estimate
Current mortgage 100000
Second Charge 38000
Other debts 30000
We are asking to borrow 180000 which equates to 90% mortagage.
Dh salary 40000
Me 30000

we have been in severe debt......rang a debt company called debt free direct and they are total stars...really recommend them. their website is here I was very surprised at how easy it all was and how nice they staff were. the bloke i spoke to went through everything on the phone....they were very realistic with my budget, and its a huge weight off our shoulders now. they went through what would be the best way forward for us, practically and finacially, did the forms over the phone for me and then just sent them to me to check and sign. Easy! They arent a debt consolidation place either. it cant hurt to ring can it? As for the mortgage im sorry but i have no idea.

I see what you mean but as ours is a personal friend I don't see him like that. he is genuinely treid to save us money. can up with three deals that he thought fit our needs and let us choose which one we wanted to go with. When we told him our decision he didn't flinch or try to change our minds he just started the ball rolling.

just to clarify no CCJ's and no outstanding late payments, have missed mortgage payment twice but have paid it off within two months agreed with them with no problems.

dont see a prob with those figures at all mmm [smeil]

I mean

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They told us today they don't work on that basis anymore Twiglett as no one would be able to afford anything these days. Sorry to keep going on I am just so stressed about it. My lovely dad has just dent me this telling me not to worry.
''Never Battle
Never fight. Nothing is worth fighting for. Wisdom never fights, it waits patiently, speaks positively, releases easily, sees benefit in everything and envisions a future of abundance...knowing that all needs will be met at the right moment, in the right way. If you think life is a struggle you will always be struggling, If you think life is a breeze, your attitudes and actions will convey lightness and easiness. And that's what attracts everything you need, and much more. Make today a breeze not a battle.''

Thanks for that website Titania I still think as there is so much equity in our house that would be the best way forward. Anybody else got any thoughts?