Remortgage to pay off ccj's

Posted on 31 August 2012 by d lloyd

I have a morgage with nationwide building society ( a fixed term repayment which has ended and I am currently on the Nationwide BMR 3.99%) My property is worth £130,000 I have £20,000 left to pay with 11 years remaining on the morgage. I have two unsecured loans with Nationwide which total just over £11,000 but due to having no income from December to April 2012 I have been unable to pay my monthly payments.  I now have two CCJ's against me from Nationwide they have now placed these depts against my property and have now placed their name onto my freehoald home deeds, I am now paying these loans back at £20 a month I have also repayed my outstanding overdraft debt of £600 with Nationwide and a outstanding £700 council tax debt. I now have secured a short term commission and I now need to know if I can remorgage with my lender or another lender for the sum of £35,000 to pay off the outstanding ccj's debt with Nationwide. Can I do this with Nationwide on my home deeds or with ccj against my home?  My income has been low over the last year while my annual turnover was around £12k to £15k prior to this. My current commission will start in Sep 2012 and end in November 2012 fee £5,000.

Hi D Lloyd

I do not think you will find any body willing to lend to you at this moment in time. Your credit record will prevent most lenders and your lack of a stable income will put off the one or two who may have considered you at such a low loan to value.

I think you should concentrate on making your monthly mortgage repayments and paying back the loans. The CCJs will stay on your file for 6 years regardless of whether you clear them or not until the econmic climate improves you will find it very difficult to get any credit.

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