Hi everyone!

I'm new here, very glad i've found this site!

Just asking you all for help and advise. I am a homeowner with an equity of the house. Me and my husband are on full time employment. We are desperate to remortgage the house to consolidate some of our debts and to use the extra amount for home improvements. Our credit rating is very poor. We have a CCJ last year. This resulted from the Conservatory we took from a certain company who promised us to pay the first year of the finance, as part of the deal, but then this company went bankrupt. They were not able to pay us the remaining 8 months of the full one year until we get arrears from the finance company. They sold the debt to another company and filed a CCJ to us. We wanted to pay this CCJ as part of the debt consolidation.

It is just frustrating because its been a few months now since we applied for remortgage of different companies but our application was not successful. We know our credit rating is not very good that's why we are trying to remortgage to pay and consolidate our debts and build a fresh start. We are not bad creditors. All we want is the chance to get our debts paid and have a peace of mind. We don't know what finance company to apply to. It seems that we are not lucky enough in finding one. Please advise!!! Your valuable opinion and advise is very much appreciated.

Thank you very much!!!

Hi...there are a lot of unanswered questions here and if you could answer them it may help.

Value of house

Mortgage amount

Total amount needed

Amount of CCJ and when registered

Any other defaults or missed payments.

Total income

Existing lender.

These answers will narrow down the advice.

Hi Ian,

Thanks for your reply. Sorry for these informations not being mentioned.

Value of the house....120-125,000

Mortgage amount....76,000

Amount needed....30,000

CCJ.....12,000 and registered in December

No missed payments on the mortgage

My income....25-30,000 before tax (Annual, including overtime)

My husband 13-15,000 before tax (annual)

Hope I have answered the questions.

Thanks.....

Kind regards,

cristina

P.S.

Our existing lender is Halifax.

Thanks...

cristina

Hi...sorry it has taken me some time, but a busy afternoon.

With a CCJ there are limited products especially as it is so recent. A lot will depend on the loan to value available and this will depend on your house price. Total borrowing is 106,000 and dependent on house value the rates will be different and the lenders available will only be accessed via a broker, so find a fees free one to keep costs down. The lenders will either be First National or I Group. both part of GE Money. Rates will not be cheap though between 7.5% and 9.14% I'm afraid but the advice you will be given will be based on so much more than the basics you have given me, so shop around locally for a broker and see what they say and pop back on.

Hi Ian,

Thanks for your advise. I will get back to you.

Thanks again for taking the time.

cristina

Hi Ian,

Sorry to bother you. I spoke to First National, everything seems alright apart from the fee I am going to pay which is £395.00 before they are going to start the work. This is not refundable. I am not quiet sure about this fee knowing that I can't afford to loose this amount if things won't get through. I have been to a few lenders already and it is just frustrating that my applications were declined. That's why I am just quiet concerned about this because I don't know how reliable would things be. Please advise.

Thanks....

cristina

Hi...what is the 395 for, is it a valuation fee or a broker fee? The broker fee is paid on completion and the val is paid up front.

If it is the val fee then that will have to be paid, I would question any other upfront fee.

Hi Ian.....what she said is the £395.00 is the admin fee because they don't charge brokers fee. That's all you will be paying. I think there is no other fees. What just bothers me is why do we have to pay it first rather than on completion. I don't know.....still a bit puzzled....thanks again....

cristina