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  • #1

    Re-mortgage with defaults.

    Hi All,

    Brief outline of my situation:

    For full details you can check my diary on the unenforcibility forum. (Snudgerchops).

    Mortgage provider Santander.

    Resident since 2007.

    Never been in arrears.

    Not on a fixed rate (this worries me as i'm sure interest rates will rise).

    2 Defaults on my credit file dating back to late 2009.

    1 AP marker on my credit file - (Thank's Barclaycard).

    Just wondering if anyone has been in a similar situation? In a perfect world with a good credit file you would shop around, sadly I don't think I will have that luxury.

    So the question really is - would my current mortgage provider be prepared to switch me to a fixed rate given my credit file? Or would they just let me suffer on a variable rate if interest rates do rise?

    Any advice greatly received.

    Thanks

    Snudgerchops.
    Tags: advice, arrears, barclaycard, budget, capital, credit, customers, defaults, details, eco, inflation, interest, interest rates, life, luxury, money, mortgage, profits, rate, rates, repaying, rise, santander, switch, world
  • #2
    Re: Re-mortgage with defaults.

    my mother is with santander, shes in a worse position than you, they have in the past, offered her another fixed rate, without checking her credit file.

    So fingers crossed you should be ok by staying with the same lender.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: Re-mortgage with defaults.

      Originally posted by SXGuy View Post
      my mother is with santander, shes in a worse position than you, they have in the past, offered her another fixed rate, without checking her credit file.

      So fingers crossed you should be ok by staying with the same lender.
      Thank's - fingers crossed as you say.

      Comment

      • #4
        Re: Re-mortgage with defaults.

        shouldn't be a problem , they will normally only re credit check it if you want a further advance.

        I know if you came to me I can't think of any lender that would take you on. I only know of one lender that will look at someone with defaults and they want you to be clean for at least 3 years.

        Comment

        • #5
          Re: Re-mortgage with defaults.

          [QUOTE=mgfboy;165000]shouldn't be a problem , they will normally only re credit check it if you want a further advance.


          Thank's mgfboy. Makes me feel a little more confident.

          I did call them about six months ago asking about a new fixed rate, but they told me I was on the best rate they had at the moment, even though that was a variable rate.

          Thanks Again.

          Comment

          • #6
            Re: Re-mortgage with defaults.

            Mgfboy-

            Sorry meant to ask, do you think I should approach them again now or do you think I should wait a while?

            Should also have said that I won't be looking for an advance.

            Thanks

            Comment

            • #7
              Re: Re-mortgage with defaults.

              Surely as things are economically at present you're best staying with the variable rate. It's when things improve, and the economy starts to show true signs of growth again that interest rates will change. There's a budget next week, why not wait and see what that brings before doing something which may just lose you a lot of money.

              I always think they're in it to make as much money as possie, so would they offer that rate to their customers if they thought it was going to reduce profits?

              Comment

              • #8
                Re: Re-mortgage with defaults.

                Originally posted by BBoo View Post
                I always think they're in it to make as much money as possie, so would they offer that rate to their customers if they thought it was going to reduce profits?

                Good advice.

                Comment

                • #9
                  Re: Re-mortgage with defaults.

                  Also consider where you are in the mortgage life, for example, if you have a few years left to run, variable rate wouldnt make much difference what it was as you would be repaying more capital than interest towards the end. So even if it went up loads you wouldnt see that much of a difference.

                  I think BBoo makes a good point though, wait for the budget then decide. Personally, i cant see interest rates rising at the moment, its inflation we should all be worried about right now.
                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                  Comment

                  • #10
                    Re: Re-mortgage with defaults.

                    Originally posted by SXGuy View Post
                    Also consider where you are in the mortgage life, for example, if you have a few years left to run, variable rate wouldnt make much difference what it was as you would be repaying more capital than interest towards the end. So even if it went up loads you wouldnt see that much of a difference.

                    I think BBoo makes a good point though, wait for the budget then decide. Personally, i cant see interest rates rising at the moment, its inflation we should all be worried about right now.
                    Thank's SXGuy - 20 years and 6 months left to run...

                    Comment

                    • #11
                      Re: Re-mortgage with defaults.

                      Originally posted by snudgerchops View Post
                      Thank's SXGuy - 20 years and 6 months left to run...
                      well in that case, ignore what i said LOL
                      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                      Comment

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