Glad to hear it got sorted, Liane.

Cat

Hi Andrew

Thanks for all the advice. Just to give you some feedback.................. we finally got a mortgage with a company called Advantage. We looked at a few others but they would not execpt our 5% builders deposit and then others would but not on an apartment.... it was a nightmare but we got there in the end.

Thank you to everyone for the advice.

Liane

8% ??? you must be joking...................GAMC charge MUCH higher than that..............!!!!

I speak from past experience and as I have said before................they are an arroganrt company to deal with.............they had to pay me £50 goodwill gesture twice because of their errors and bad practices.........................do not touch them !!!!


furthermore , they report incorrectly to the likes of experian.........................very bad !!!

Hi Liane

If you haven't had a result

One option for a broker to use is "Cascading"

GMAC and Accord do this for example

They credit check your application and then find where it fits within their criteria and products

Starting with Good clear history right through to Lots of problems (CCJs,Arrears etc)

The good clean maybe a 5.3% rate all the way upto 8%

This avoids lots of searches on credit file.

Good Luck


andrewbrydon at hotmale.com (IFA Broker)

Linford

Every lender has it's share of customers who think they are appalling and another bunch who are it's greatest fans.

I've arranged over 3000 mortgages in the last 18 years, I suspect that I have heard at least once that every bank and building society is the worst ever, I have also probably lost potential customers to every lender becuase they are so loyal.

So, while I appreciate your position and don't deny that you've had a bad experience with them, I am better placed to consider them objectively.

So, if 2 lenders have the same product, I would recommend the one with the better customer experience, since that would reflect on me. If the lender with a bad customer experience has a fantastic product then it becomes a customer decision - "This is a great product with X, this is the second best with Y, but the process with X is likely to be lengthy and stressful, how do you feel about that?"

The customer is then armed with the facts. If they have to move in 3 weeks they may opt for customer service over product. If they are moving in 4 months, they may take the option to take the pain to get the best deal.

Adrian

Adrian,

I am sorry but you are TOTALLY ill-informed...................I have experience of one of theses...........GMAC........they are a horrible, arrogant NASTY company to deal with.....................DO NOT ADVISE ANYBODY TO GO WIITH THEM..............the day I left them them was the best ever !!!!


AGAIN, I SPEAK FROM FACTS !!!!!!!!!!!!!!!!!!!!!!

Your list of lenders - I have run a search and pulled off the lenders who I'm sure could cope, with First National as the dearest, but the one that I am most certain of - the others I am less sure of, but would be optimistic about

Chelsea (possibly)
Accord (Part of Yorkshire S/Soc)
GMAC
Mortgages Plc
Platform (part of Britannia)
Edeus
Advantage
First National

The full range of rates is between about 5% and 6.85%, however I haven't looked at this in any great depth since I am not your adviser. As most of these lenders are in the 'broker only' category, whichever broker you choose you should check has access to them all. You would also need to check the fee structures on each as this will vary too, so it won't be just a rate based decision.

All those lenders are reputable, most are owned by another larger organisation which I have noted on two, I think Mortgages Plc are owned by Merrill Lynch... off the top of my head I can't remember the others.

Hope that's helpful. If you want me to help further please give me a call.

Adrian

Yup!

My own IFA was an absolute godsend when it came to sorting out our mortgage - and we too were declined by three lenders before settling with Northern Rock (who have been impressive so far). Our problem was the fact that we are self-employed. We have a mortgage that isn't available in NR branches and it's a good one, too.

If you are anywhere vaguely in the Blackpool area, I can recommend an IFA.

Cat

simple advice, again based upon FACTS............go to if possible a recommended reputable long standing mortgage broker and you will see they have access to products NOT available to the general public....................we got a great deal at a fixed rate with a high street lender through the broker and the decision was supplied within 24 hours..................i.e NOT IN PRINCIPLE, BUT DEFINITE !!!!!


Beware of these in princilple offers..........they are worh NOTHING...................................

I agree with Cat

- there is no need to play one of against another, since they are only offering you what is available in the general market, so it's either available or it's not. There is no 'mark up' on rates recommended by a broker that they can haggle down on.

Or, putting it another way, if I recommended a product to you, it would exactly the same as you could get by visiting the building society yourself.

The advantage of using a mortgage broker is that you get unbiased advice between the products of different lenders - you'll never find the Abbey saying 'here's our rates, but actually Halifax are cheaper than us'.

Also, the brokers know which lenders are working to good service standards. There are some lenders who have special relationships with the broker market and offer products to brokers that aren't available in the branches and there are some lenders who only deal with brokers.

When you choose your broker, meet with him, you'll either trust him or you won't. Ideally he won't charge a brokerage fee. Ideally he's have access to a lot of lenders and affiliations to none. However, if you don't trust him, don't use him.

Adrian

Hi Liane

Can I just say that it would indeed be a good idea to see an IFA. Although I am not sure that playing one off against another would be wise; I do feel that there is a relationship of trust between you and your advisor. Maybe a local friend or acquaintance could recommend an IFA who could then search for the best deal for you.

Good luck.

Cat

Hi All

Thank you all for your advise, well except the little bit of abuse from Mr Bank Manager, all I will say is that you are unawre of the circumstances behind the defualts and therefore I advise you not to take this tone with future comments as some may find this upsetting!!

Onwards and upwards..........thank you for the advice.......... I forgot to mention yesterday but I also have some debt which is fully under control and when we sell our 2nd car this will all be paid off (next month). Although we have to exchange offers by the end of the month, Our property will not be completed until June and therefore once we start paying our mortgage we will have none or very very little outgoings apart from all the bills associated with buying and living in a new home. Should we still mention this debt but assure that it will be paid off by completeion of the mortagge??

Another thing I was wondering is do any of you have experience with new builds as I am not sure whether we will have to pay anything now or when we catually hand over contract when the build is complete?? Any info woukd be great!

Thanks again all, keep the advice coming.......even you Mr Bank Manager as some of the stuff you said is actually really helpful to me and also if I keep reading your advice then I will prepare myself for the worst and then anything over that would be a bonus!! :-)

Many Thanks once again

Liane

p.s. any one got any names of more suitable mortgage lenders??

excellent......I like the way you have smudged the bank manager guy.................he is so "text book".................banks only like the "safe" risk and then when things get ratty, they still blame everybody but themselves.......................if you care to look at halifax's credit rating report you will see they have over 20 CCJ'S AGAINST THEM !!!!!!!!!!!!!
, so can THEY still get credit, of course they can.............!!!


it is CURRENT and forward affordability that is important, NOT the past !!!!!


cheers


ps.................come on mr bank manager, let's see your interdsting comments to this one then !!!!

The above is a huge overreaction - don't worry.

Bad credit does not carry the stigma that it used to. The rates quoted above are available, but anyone with access to the whole market would struggle to find a need for them - I can get much lower than that for people on the verge of repossession or in IVA's. A couple of defaults is just 'one of those things'. Better not to have them, but worse things happen.

Based on what you said you should qualify for mainstream rates, or nearly mainstream at any rate. Certainly I'm not thinking any worse than the low 6% range and I maybe even able to get you below 5% on a 2 year deal with no overhanging penalties.

By all means give me a call. I am independent and I don't charge fees.

Adrian

Hi Liane,

1st things 1st, kick your partner in the nuts, hard! £23k p/a and defaults for only £800! Pratt! Get him out of the bloody pub and use a bit of your deposit money to get that cleared off tomorow!

You will need to get your mortgage from an Indipendant Finacial Advisor (IFA) or a 'mortgage shop' as you have limited time. You will pay over the top interest for sure, 8 to 11 % i would guess so you will need to budget for this. An IFA will be able to get you a 100% mortgage deal so you may not even need your deposit anyway. I strongly advise you see at least 2 IFAs to see what they can do. IFAs should not charge a fee to see you, they are all self-employed and get a commission from the deals they do. If you see 2, you may be able to play them off against each other!!

Once you have a mortgage offer PLEASE read it carefully, do NOT tie yourselves up for a long term deal, 2 - 3 years is ok. After that deal is finished and assuming your partner's credit rating has improved you will easily be able to switch to a main-streem lender at a MUCH better rate. If you wish to try a mortgage company direct try The London Motgage company, I have seen them give customers of mine mortgages that most other lenders will refuse! ( http://www.l-m-c.co.uk/ ).

Finally, remember this loan is the biggest commitment you will ever make financialy and should be treated as such, you may have to wait for the 52inch HD Plasma TV etc but, you will own your own home and this is the best investment you will ever make!

I also strongly suggest that you look after ALL finances, your partner has proven his innability!!

Best of luck, I hope this helps!

Cheers!