Ask the Specialist

Capital Fortune are asked to help clients on a daily basis, whether it be with a new purchase, remortgage, buy to let or something more unusual. We typically help clients with non-standard, unusual or complex situations and have created this section to allow you to ask our team of specialists any question you may have. Feel free to browse the list of questions and responses. Please note we provide information only in response to the questions posed and not advice. If you do seek advice then feel free to speak to one of our Advisers by calling 0207 710 0400 or send us an enquiry online and one of our Advisers will call you back.

Interest Only To Repayment with Defaults

on 18 April 2016.

I am currently on an interest only mortgage due to redundancy 6 years ago. When I wanted to go back onto repayment we were told we didn't qualify, so been stuck on interest only.

I have Credit card debt of £60k and a secured loan of 35k. There are 11 defaults, no CCJs never arrears on mortgage or utilities. I've used the loan to partially full and final settle some of the credit cards so there is £25k remaining. My existing mortgage is £136000 and the house is valued at £320000 joint income of £54000 ages 49 and 53.can we get a repayment mortgage for 170k to consolidate mortgage and loan debt over 15 years. 

Ask the Specialist response:

Thanks for your enquiry. 

We do successfully assist clients that have had historic adverse credit, however, have improved their credit history over a time period. Despite having a number of defaults registered against you, if you have successfully administered your credit card debt, secured loan and any defaults you have been paying for the last twelve months we may be able to help.

The rate would be dependant on the rest of your circumstances and how historic the defaults were. 

If you wish to obtain an indication on whether we are able to assist you, given your specific circumstances, I'd recommend speaking to one of our Advisers on 02077100400 or send us an enquiry online and one of our Advisers will call you back.

Capital Fortune