If I gain a suspended possession order against me, will I be able to remortgage? If yes, how long after?

-- Michelle Tilney (michelle.tilney@laurelpubco.com), July 24, 2001

Answers

You must declare it - chances are they will know anyway - to any lender you try to remortgage with.

Chances are normal lenders will turn you down - some without even considering you further. Others may consider how long ago it was, and allow you to comment on the circumstances. If you do manage to remortgage it will probably be at a premium because you'll be seen as a higher risk.

If your bad times are now behind you, best thing to do would be to get the SPO removed or not put on in the first place. In fact, if you can avoid it at all, do so. Otherwise, accept you're stuck for a while and make the best of it.

-- (bluemoon@mcfc.co.uk), July 26, 2001.

Yes, you can - and I'd suggest you try Bristol and West. They have mortgage plans specifically aimed at people with credit problems - you pay a small amount above the odds for a few years, but if you operate the mortgage properly then they will move the interest rate to their "ordinary" rates.

I remortgaged with them a while back as I was sick and tired of the Halif*x (hard to believe, I know). B&W were very helpful - I was completely up-front about my difficulties and they allowed me to remortgage without a problem.

When I was chatting with the lady at B&W she said that what they look for is honesty - if you're up-front with them they'll help you, but if you try to conceal your credit history then they're less likely to help.

Hope that helps

-- Chris (chrsh@hotmail.com), July 28, 2001.

You will be ok if you have sufficient equity and that you can demonstrate that your credit problems are under control or will be after the remortgage.Your whole circumstance will be taken ito considereration and the rate offered wil reflect the over veiw.You can get some very decent rates now,however if there are repo orders no income proof etc etc you will have to suffer a higher rate for 12 months when you can get a better deal,however watch the redemption penalties

-- roger watts (rwatts.homeloans@virgin.net), August 01, 2001.

Have you got one already?

In one case i am familiar with - the judge allowed the building soc to have a suspended possession order but on condition that they did not inform credit agencies !! This was written on the order ! I don't think they went for a re-mortgage, but their credit rating remained intact.

-- jude (jude.adegbe@lineone.net), August 01, 2001.