mortgage interest rates

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during hard times and falling behind with mortgage payments we were forced to take out another mortgage with ge money at a very high interest rate 6.27 %.my question is that we have been making payments of 1167 per month on a 170,000 euro mortgage,and have no missed a payment in three years,but my own credit history is bad,would any bank give us a mortgage,as this high payment and high intrest rate is putting us under pressure,i make 2300 gross per month and my wife makes 1600 a month,her hours are being cut from this month,and we are going to run into trouble soon
 
When you say you "have no missed a payment in three years,but my own credit history is bad" do you mean your credit history BEFORE you got the GE mortgage is bad, or have there been other issues in the last three years?

I see that you haven't missed a payment to GE in three years, but have they always been paid exactly on time, with no need to present a Direct Debit twice for example?

Have you any other loans?

What's the value of the home?
 
before i got the mortgage with ge money credit history was bad,and during the last three years i had a company that wound up and my credit rating now is very bad,but the mortgage was always kept up to date
 
Unless your overall credit history had been perfect since you got the mortgage with GE, I'm afraid no other lender will take you on.

It might be worth approaching GE with a request to reduce the interest rate. Show them the reasons why you will be unable to make the repayments shortly if they don't help.
 
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