my current mortgage deal with kensington mortgaes comes to an end in august the interest rate will then jump from 6.5% to 7.5% + 1.5%,although i could still just about manage the higher monthly payment im looking for advice on what options i may have to reduce my monthly payments,

i have not missed a mortgage payment in the last 3 years,my credit rating is not up to scratch.

house value £110,000 joint income of £24,000 approx

i have had 2 ccj which av been cleared over 5 Years ago,my poor credit rating comes from bank charges

i have no credit cards,loans,no credit what so ever,any advice please

Hi chalkie...you don't say how much the mortgage is but your credit status wouldn't be frowned upon if it is just an overdraft problem. Lenders like Abbey are your best bet for fair scores, but as you are with Kensington and have obviously used a broker before, I would go down that route again to check the whole market and save you time.

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Regards

Ian

hi Ian

my current mortgage is £60,000 house value is approx £110,000,joint income £24,000/£26,000

thanks chalkie

Hi chalkie....you are in a good position loan to value wise and dependent on credit score your options should be ok. The lower the LTV the better chance of being accepted with a less than perfect history.

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Regards

Ian

hi Ian

thanks for the advice,i was looking at the post office deals at the moment im only looking to raise £10,000 against house value of £110,000 and my current mortgage is only £60,000,

its just my credit rating thats worry me and any fees that may be payable,like i said i have no outstanding loans or credit cards

thanks

chalkie

hi ian

just had a phone call from a broker,he said because my credit score was not as bad i thought he could get me a remortgage with a high street lender,

he rang me back 2 hours later saying he had a agreement in place with the abbey

remortgage over 22yr fixed for 3yr at 5.88%

admin fee £999 broker fee £295

whats the abbey like

Hi Chalkie....Abbey have the best free val and legals rates at the moment and are generally good lenders even though they have a bit of a backlog. My only concern is the fee of 295 that the broker is charging?? There are lots of fees free brokers out there and it's a nice earner to make 295 from a phone call plus the 245 lender commission. I gave you the advice for the Abbey deal for free and I would prefer you to go direct than pay the fee.

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Regards

Ian

hi Ian

just looked through an email sent to me from the broker who got me the deal at abbey,

it read broker fees payable on completion £2,595,i rang the broker who informed me that these fees where the average price for a broker to set up a mortgage

Infinite Mortgage Solutions Limited
4 Turnberry House 4400
Parkway
Whiteley
Fareham
Hampshire
PO15 7FJ

Hi Chalkie,

I am a mortgage broker too and if that is just the broker fee you are royally ripped off. There are alot of brokers who don't charge fees. I do charge a fee but if it was a straight remortgage to a high street lender my fee would be £195.00. If i were you i would try someone else!

Hi chalkie...just picked myself up off the floor!!! Now who in their right mind would ever pay that sort of money to have someone arrange their mortgage??? You know what to do :)

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Regards

Ian

hi all

thanks for the advice,

thats all it said on the report broker fees£2599 payable on completion to IM mortgage solutions,plus abbey would also pay them £295 on completion.told the brokers in no uncerten terms to sling his hook.

been on abbey web site an filled a mortgage in principle form out an see how it goes