anyone help pleeze ..... !!!! NEAR PRIME MORTGAGE HELL .!!!!

jake44 · 9th June 2008, 11:19

Hi

Hope I can get some help from this site ............ We are with redstone mortgages at a rate of 8.45% for an interest only mortgage. I thought I had cracked a new mortgage deal through a broker but was HORRIFIED

to find out that the deal was through beacon home loans. When the paperwork came through guess who the direct debit is payable to .

The fees for a 6.3% discounted deal are £2000 plus we pay our own legal and survey fees !!! to stay with the same lender !!!! I don't think so....

Are there any other near prime mortagage lenders left . I ran my own credit report . Any defaults were in 2003 . We have 2 ccj registered . One for £200 which I will have to inform the courts that the account was paid up to date last year. The other one is for £227 registered against us last year. On the whole it doesn't look that bad. So I am hoping to get a decent mortgage rate and NOT with redstone........

Bona · 9th June 2008, 20:34

Try Charcol on line

jake44 · 18th June 2008, 11:20

Hi Bona

phoned charcol and they were fab. They are in agreement that I will clear the outstanding CCJ ( under £200 ) and have the other CCJ marked as cleared before I apply for a remortgage. I have to give them a ring back in August which is plenty of time as we have till beginning of October. It will look better when they do a credit search but they said they could def find a remortgage for us. Hopefully a few months down the line there might be more deals available..........

Bona · 18th June 2008, 12:15

I have been told they are helpfull

MortgageTalk · 18th June 2008, 12:45

Hi Jake. Apart from the 2 CCJs mentioned, do you have any other adverse credit? Please also confirm the value (realistic) of your property and your current outstanding balance. I take it you are waiting until October to re-mortgage as your current mortgage scheme has a redemption penalty until this date? I am surprised your mortgage adviser did not recommend you clear this CCJs earlier as there are several near prime lenders whom will accept one cleared CCJ in the p[ast 12 months. Hope this helps.

jake44 · 18th June 2008, 16:27

Hi Mortgagetalk

Our house is valued approx £190000 , mortgage at present £121500
Our penalty is £6000 if we redeem before October. We have a few defaults on our credit file some are satisfied, 2 or three fall off in 2003

That leaves two outstanding but we have an arrangement where they are being paid off monthly . So the only thing that looks bad on our file are the defaults. The way the mortgage market is going I don't know if another high street lender would look at ??

MortgageTalk · 18th June 2008, 16:46

Hi Jake

If you clear the latest CCJ then I cannot see a problem with it. Are the defaults on your mortgage or other commitments? Have you defaulted, paid late or not met your mortgage payments? If so when (month/year)and how many, and what is the current situation? If you have made all your mortgage payments, what are the defaults? Again, when, how many and how much. Who is your current lender?

MortgageTalk.

jake44 · 18th June 2008, 17:07

Hi Mortgagetalk

2 Defaults are for bank charges (2003)

One Default clydesdale bank amount £7000 default in 2003 balance now £4000. ( loan) have an arrangement to pay them monthly.

2nd default with clydesdale for mastercard not sure on balance left . Again default was in 2003.

Our mortgage was with amber home loans , then they securitized it and we now pay Redstone. Their administration system is dire.

As per credit file they have us as missing payments sept 2007 , dec 2007 and may 2008............ I have asked them to correct this and they have refused . I agree the payment for may was 5 days late but never missed as the credit report shows. I have yearly statement that shows all monthly payments made . It is so aggrivating as it looks so bad on the credit file.................

We are paying 8.45% interest only !!!

MortgageTalk · 18th June 2008, 17:29

Jake

Thanks for prompt reply. I am just on my way out to see a client and will respond tomorrow.

Strangely, due to a fault on the office phones this morning, I had time to kill and visited a few web sites and found this one. I am happy to use my experience and knowledge of the market to provide generic mortgage advice. I suppose I should provide a disclaimer at the end of all my posts?

MortgageTalk

Please note I am commenting on posts in general and not providing individual mortgage advice or recommendation, which would require precise details of your circumstances.

tiglet · 18th June 2008, 17:33

Hi mortgage talk

You can do this on a permanent basis by adding it to your signature through your user CP.

manchester1 · 18th June 2008, 17:36

Hi JAKE44, You will probably find that the lender you end up with ,will poss charge nr enough the same rate plus fees on top ,any chance of staying where you are till end of year reason is that you will then only have 1 arrear in the last 12mnts (may 080 makes a diff to the rates)

Manc1

MortgageTalk · 18th June 2008, 17:44

Hi Tiglet

Thanks for that advice. Being a 'newby' I have not had a lot of time to explore the site and do not want to break any Forum rules and regulations. However, I had no idea I could use my experience and knowledge to help others in such an easy way. I will make sure I use future tea breaks to good use. However, it will have to be generic advice as I am regulated by the Financial Services Authority, and as anyone would expect, I can only provide individual advice and recommendation once I have full individual details. Hence, my idea of a disclaimer. Does this make sense to you?

MortgageTalk

tiglet · 18th June 2008, 17:50

It certainly does - lots of people on here come from different backgrounds and have different things to offer.

These threads may help you too: "How do I...?" A Dummies' Guide to this Forum

Forum rules. Please read these before posting

Hope these help and welcome to the site!

Bona · 18th June 2008, 23:20

Hi mortgage talk
was pleased to read your posts on this thread there are a lot of people who I think would benifit buy your advice without you breaking any rules I only can suggest Charcol who i had a personal link with ( not any more employee left ) who seem to be understanding I now they place with sub prime lenders but these companys are a fact of life and a long as people understand then they wll be fine I knowwe hear what a shower they all are but there are people who use them dont have aproblem and are fine they just dont seem to have any compasion for those who through no fault of there own hit problems

MortgageTalk · 19th June 2008, 11:22

Hi Bona

I will certainly do my best to provide up to date generic mortgage related advice in these difficult times. Charcoal are a well established group and even though they are going through a period of internal instability, you should have no hesitation recommending them - but best to check if they are taking a procuration fee from the lender or taking the proc. fee and charging a brokerage fee.

Sub-prime has been an important sector in the mortgage market for the past decade - however, it just got a lot tougher both for sub-prime borrowers and for brokers trying to place this business.

MortgageTalk

MortgageTalk · 19th June 2008, 11:52

Hi Jake

I take it your ‘arrangements’ with Clydesdale are actually IVAs? If so, have you maintained payments and what is the balance of your Mastercard? Are you saying your credit file shows a mortgage default for 09/2007 and 12/2007, when in fact these payments were made? If so, you can contact Experian/Equifax and request these errors be removed.

To sum up! If you deal with the CCJs (as discussed in previous post) and obtain certificate of settlement, correct credit file, maintain IVAs and, based on the limited available personal information and accepting affordability, I believe you should be able to obtain a Near Prime rate in October.

MortgageTalk

jake44 · 19th June 2008, 12:16

Hi Mortgagetalk

The arrangement is not an IVA. It was arranged through our local citizens advice bureau who wrote to them with an agreed monthly figure.

I tried to get redstone to remove the so called missed payments on our experian file. They said they couldn't. Would I need to send experian some form of proof that the payment was made ie bank statements or mortgage statement ? I feel that it is very misleading at the moment as it looks as if the payments were missed instead of a few days late !! think redstone have been a bit quick of the mark...........

manchester1 · 19th June 2008, 12:29

JAKE , The big hurdle with these missed payments and the CRA (credit ref agencies ) is that they will not listen to us normal people , but act on the info provided by redstone , so you will be bashing your head against a brick wall, because redstone will not budge ( i know its a vicious circle ), hence my question in my earlier posts , can you stay put and keep your head above water for the next 8-12 mnths ,because that will help your case and obtain a mortgage with a decent lender.You do not want to end up out of the frying pan into the fire

Manc1

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