Hello,

I currently am trying to remortgage my appartment of which I have never done before, I have been living there for 7 years now. I fell behind on payment earlier this year but due to the Virgin One Account apparently being a flexible mortgage I had monmey in my other current account. Cutting a long story short they sent me to court to obtain my house if I could not get up to date by the time they got a court instruction. Over the length that it took for me to go to court I missed 6 payments and paid it all in full so I am back up to date. I am unhappy how they treated me and realised in some ways the Mortgage is not the same as traditional Mortgages. Due to the state of the market I am trying to Remortgage so that I can pay off any outstanding debt I have a total of £9'000 and also put myself and appartment in a better position that I will be a bale to afford. I have just obtained my credit score and realised that there are some things I could have done better ion hindsight but my score was 399 out of 1000 ! With no knowledge of the market and what I can do to obtain money from my property to put myself in a better situation I feel stuck and at a loss. 1 of my friends send it will be impossible for me to Remortgage with my current credit score and he works as an Estate Agent. Bottom line is I desperately would like to Remortgage from £98,000 to £118,000 or £128,000 whilst my appartment is worth £165,000.

Do you have any ideas where I should start or the cheapest and best ways thay I can obtain the money I require to get everything straight before things get worse especially with the current market issues ? Any help to help me create the funds required would be greatly appreciated as Im at a loss only at trying to put things straight ?????

Thanks

Firstly, I think although the OneAccount is flexible, you still need to have told them you were not paying on certain dates so that this could be agreed first! Also, I dont think your credit score is your problem - its what is on your report (eg missed mortgage payments). It depends on your income - eg 3.5X income means you would need to be earning £34k ish. There are adverse lensders out there but if you have had 6 missed mortgage payments in the last year, there will hardly be any one out there who can help. I imagine your 'friend' uses a panel and you would need to speak to fully independent adviser as access to Igroup etc will give you a chance - as long as you dont mind the silly rates out there at the moment. If you don't have to raise this £20k then it would be an idea to stay on their SVR and see how things go over the next few months.

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LukeT

Thanks Luke for some good advice,

The thing is I really do need to raise some immediate money the cheapest and safest way possible rather than waiting 3+ months. What would you suggest would be the best place to start with trust as I feel compelled to do something over the next week to improve my all round situation ?

If you are certain that you need to obtain this money as soon as possible, you will have to obtain advice from an Independetn Mortgage Advisor - try and find one via a recommendation as there are number of advisors out there and some are good and some are bad.

Due to the missed payments, as Luke said, if anyone will be prepared to help you then the rates would be high, and there may be high arrangement fees on it.

This may sound silly but it is always a first port of call - if you are now up to date with Virgin and there is no threat of courst action, try talking to them to see if they are prepared to help - you may be surprised.

With regards to your credit record - obtain the latest one available from Experian and take this to an advisor as this will give them the best indication of how you stand and what the options are - the score is not a guide, it is as Luke said, what it contains - so obtain a copy and see what it says!

Cheers!