Lendgo - bad credit mortgages - anyone know about them?

BigC+WeeS · 1 October 2008 at 10:37PM

Just a question out of curiosity - I've seen this site advertising on Google... does anyone here know anything about them, as they seem to be claiming to be able to get even folk with poor credit ratings a good mortgage. Ther emuct be a catch somewhere surely if most people are struggling to get a good deal at the moment. Their website shows an example of a £200,000 mortgage "FROM" £789 a month. Now given my current NR deal is £168,000 at 5.49% fixed 5 years ago was costing £1059 a month - how on earth do they get those figures? Is it something llike a 40 or 50 year mortgage? Just doesn't seem possible to me

koexelek · 1 October 2008 at 10:49PM

BigC+WeeS wrote: »

Their website shows an example of a £200,000 mortgage "FROM" £789 a month.

that works out at 4.73%.

If they can do that for people with credit problems, I dread to think what they can offer a squeaky clean client :eek: :rolleyes:

SouthCoast · 1 October 2008 at 10:51PM

If it looks too good to be true.............

Toughluck · 2 October 2008 at 2:43PM

Its a pile of sh*t. It is a draw onto their enquiry line and you'll end up going to GE "crooks" Money.

BYALPHAINDIA · 3 October 2008 at 12:45AM

I agree, You get 'nowt for nowt' in this world.

There is a catch they will probably ask you to put a fair amount down for your deposit.

I knew of one company who used to take (backhanders) of about 3,000 to get you a mortgage not a legitimate one but a mortgage.

One broker had friends in different companies who would take a (backhander)

And these were people at high st banks etc.

So my answer is be careful, They may get you a mortgage but it would cost you money.

Best Of Luck.

koexelek · 3 October 2008 at 8:06AM

BYALPHAINDIA wrote: »

I agree, You get 'nowt for nowt' in this world.

There is a catch they will probably ask you to put a fair amount down for your deposit.

I knew of one company who used to take (backhanders) of about 3,000 to get you a mortgage not a legitimate one but a mortgage.

One broker had friends in different companies who would take a (backhander)

And these were people at high st banks etc.

So my answer is be careful, They may get you a mortgage but it would cost you money.

Best Of Luck.

Yes, I know brokers involved in these murky areas too.
The bit I could never get my head round is why a broker would risk prison for £3000 ?
Broker I know went to jail for six months for mortgage fraud.
He's now out again, doing exactly the same thing, but in someone elses' name :eek:

BigC+WeeS · 4 October 2008 at 12:29PM

Thanks for all your replies folks, I won't be touching with anyone else's bargepole, never mind my own!

Lendgo - bad credit mortgages - anyone know about them?

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