Hi
I have recently been enquiring about switching my mortgage, but have been experiencing some resistance from lenders. The reason being my bad credit history, i got into a bit of trouble five years ago through a break up and a mortgage with boI, THis was settled two years ago and the account cleared which was when i was placed on the credit bureau. ive had my mortgage now since feb 07 (132ke @ var 4.8% 32yrs irish nationwide) this has increased over time and is now 5.7%, i am aware i got away lite and my % rate could be alot higher. I also have a short term loan with the credit union ( 20ke @ 7% 5yrs ) this i had hoped to consoladate(crazy as it may seem) but my house was last valued @ 150k,I presumed that after a 15 months of good credit with my mortgage, id be able to go to a bigger bank and get a lower interest rate but so far EBS and First Active whom took all my details have yet to call, that was a good few weeks ago so i doubt if they will either. I contacted my mortgage provider ( Irish Nationwide ) thinking if i told them i was goin to switch to another lender if they didnt lower their rate, but they said the best they could do would be to put me on a fixed rate for five years @5.6% which is .1% lower than wot i have at the moment.
Any sugestions?Am i being too honest with the lenders telling them straight away About the credit bureau?Help!!
I have recently been enquiring about switching my mortgage, but have been experiencing some resistance from lenders. The reason being my bad credit history, i got into a bit of trouble five years ago through a break up and a mortgage with boI, THis was settled two years ago and the account cleared which was when i was placed on the credit bureau. ive had my mortgage now since feb 07 (132ke @ var 4.8% 32yrs irish nationwide) this has increased over time and is now 5.7%, i am aware i got away lite and my % rate could be alot higher. I also have a short term loan with the credit union ( 20ke @ 7% 5yrs ) this i had hoped to consoladate(crazy as it may seem) but my house was last valued @ 150k,I presumed that after a 15 months of good credit with my mortgage, id be able to go to a bigger bank and get a lower interest rate but so far EBS and First Active whom took all my details have yet to call, that was a good few weeks ago so i doubt if they will either. I contacted my mortgage provider ( Irish Nationwide ) thinking if i told them i was goin to switch to another lender if they didnt lower their rate, but they said the best they could do would be to put me on a fixed rate for five years @5.6% which is .1% lower than wot i have at the moment.
Any sugestions?Am i being too honest with the lenders telling them straight away About the credit bureau?Help!!
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