Hi,
When I originally got my interest-only mortgage, my credit score was over 800 and my credit rating was exemplary.
Since moving into my flat, I've had some serious issues with cards, loans and debts. I'm finally at the point now where all debts are with external collection agencies and this has allowed me to breathe easy. Total monthly outgoing debt payment is £100. I have something like £12k outstanding. I now have pretty bad credit, the score was something like 300 when I last checked.
I'm thinking about remortgaging to get off the interest-only hook. However, I'm not sure which is the best way to do this. My mortgage is 100% and as far as I understand, the only way to do this is to save up a big lump of money, perhaps 10 or 20k and then approach a lender with the money and ask for the remortgage. Unfortunately, due to bad credit and no lump sum, I think I'm a bit stuck.
I'd like to know any and all options.
Thanks,
Adam.
When I originally got my interest-only mortgage, my credit score was over 800 and my credit rating was exemplary.
Since moving into my flat, I've had some serious issues with cards, loans and debts. I'm finally at the point now where all debts are with external collection agencies and this has allowed me to breathe easy. Total monthly outgoing debt payment is £100. I have something like £12k outstanding. I now have pretty bad credit, the score was something like 300 when I last checked.
I'm thinking about remortgaging to get off the interest-only hook. However, I'm not sure which is the best way to do this. My mortgage is 100% and as far as I understand, the only way to do this is to save up a big lump of money, perhaps 10 or 20k and then approach a lender with the money and ask for the remortgage. Unfortunately, due to bad credit and no lump sum, I think I'm a bit stuck.
I'd like to know any and all options.
Thanks,
Adam.