Hi all
Got a bit of an issue with my mortgage rate. For the last 4 years I have had it on a fixed rate (2 x 2yrs) and now it is due to expire bumping me back to the Standard Variable Rate and pushing up the monthly payments, which is going to push me over my already stretched budget.
I have had some credit problems in the last 2 years which have resulted in a few defaults - by virtue of the fact that, like most people, I have been caught out by certain things, cost of living rising without pay etc etc, plus having a small child in childcare while myself and my partner work.
Anyway, the mortgage company are indicating they won't allow a renewed fixed rate due to my credit score - despite the fact my record with the mortgage company has been 100% and it's been other debts which have been rescheduled / arranged to allow continued mortgage payments.
As a result, the new payment is going to cost me more and subsequently create more problems.
Does anyone have any tips or suggestions on what can be done? I very much doubt re-mortgaging with a new company is a realistic option due to the afore mentioned credit score.
Many thanks
Got a bit of an issue with my mortgage rate. For the last 4 years I have had it on a fixed rate (2 x 2yrs) and now it is due to expire bumping me back to the Standard Variable Rate and pushing up the monthly payments, which is going to push me over my already stretched budget.
I have had some credit problems in the last 2 years which have resulted in a few defaults - by virtue of the fact that, like most people, I have been caught out by certain things, cost of living rising without pay etc etc, plus having a small child in childcare while myself and my partner work.
Anyway, the mortgage company are indicating they won't allow a renewed fixed rate due to my credit score - despite the fact my record with the mortgage company has been 100% and it's been other debts which have been rescheduled / arranged to allow continued mortgage payments.
As a result, the new payment is going to cost me more and subsequently create more problems.
Does anyone have any tips or suggestions on what can be done? I very much doubt re-mortgaging with a new company is a realistic option due to the afore mentioned credit score.
Many thanks