Cheshire Mortgage Corporation, now Together Finance

dogmorfmucion · 11 October 2016 at 10:25AM

Hi all.

My partner and I are in the process of buying a property. We knew from the get go that we would be looking at sub-prime lenders. We've had an offer from Together (previously Cheshire Mortgage Corporation) which is a high rate of interest but payments are manageable. Our plan is to take this mortgage for 12-18 months at which point we should be able to remortgage to a high street lender. We are planning halifax.

Anyway. I'm not really looking for advise about whether that's a good idea or not, we have done an extortionate amount of research and everything is well within budget.

What I'm looking for is any positive experiences with Cheshire Mortgage Corporation. All I can find online is horror stories (obviously) but my understanding seems to be that these horror stories are from individuals who have taken a mortgage with CMC, been unable to keep up with the payments and then struggled to manage the debt.

Does anyone have a mortgage with CMC that they haven't had any issues with?

Since rebranding to Together I also understand that their policies are now much more stringently monitored and what and how they can offer is much more regulated.

ACG · 11 October 2016 at 11:16AM

I have placed a couple of Mortgages with Together. I used to joke that you need a pulse to get a Mortgage with them and they would basically accept anyone due to the rates they charge.

However, the last 6 months or so their rates have come down a fair bit (from circa 10% to around 6-7%). They are what they are, they will never be the lender of choice and so will never be the cheapest but assuming you keep up your repayments there is no reason to have an issue with them or them with you. They are regulated so they have rules and regulations to follow like any lender.

Thrugelmir · 11 October 2016 at 11:22AM

Mortgage lending is a highly regulated activity. There are no cowboys in the industry. Vast majority of people have no issues with their mortgage lender. So remain silent. The internet as you say reflects those whose experience fails to meet expectations. There's two sides to every story though. So one has to be careful not to be overly influenced with what one reads.

You've obviously done your homework and have a plan going forward which many people don't. Providing you stick to the contractual arrangement that you enter. No reason why you should encounter any issues.

David_White · 11 October 2016 at 11:42AM

I'm not really a fan of Chesire/Together however they can be a necessary evil depending on the type of purchase.

I hope for your sake your broker has exhausted all other options before using them as a last chance saloon though.

Thrugelmir · 11 October 2016 at 11:57AM

David_White wrote: »

I'm not really a fan of Chesire/Together however they can be a necessary evil depending on the type of purchase.

I hope for your sake your broker has exhausted all other options before using them as a last chance saloon though.

I've known people agree a pact with the devil if it helps them obtain what they desire. Horses for courses as they say.

amnblog · 11 October 2016 at 10:00PM

Not managing the debt is a problem for a borrower with any lender; clearly more worrying on higher interest rates.

The upshot is that this services an area of the market that you fall into in which there is little choice.

It's a take it or leave it situation.

dogmorfmucion · 12 October 2016 at 10:29AM

Thanks for the responses. It's provided the reassurance I was looking for. Together will serve a purpose for us for a short period of time and as long as we keep up our end of the deal there should be no issues. I think the online stories had just put a bit of doubt in my mind that it was going to be a catastrophe and we were going to get screwed over no matter what. Even though I know that's not true!

Much appreciate the responses.

Thrugelmir · 12 October 2016 at 10:34AM

Do relay your personal experience in order that others can benefit. Whether it be good, bad or indifferent.

dogmorfmucion · 12 October 2016 at 10:44AM

I will. Our planned moving date is 28 October so once we've started payments to Together and everything is set up I'll make a post about how it has all gone.

dogmorfmucion · 30 September 2017 at 9:32PM

Hi all,

I thought I would update this as I intended to but never did!

So, we got our mortgage with Together but it was a bit of a protracted process to get there. I assume because of our circumstances they just wanted as much detail as possible before making a decision, which is understandable. So, we ended up moving on the 2nd December last year (just as a side we got married on 10th December last year so it was a pretty damn hectic few weeks!).

I have found Together to be absolutely fine. We are paying a higher rate but we always knew that. We have kept up with our payments and had absolutely no problems with them whatsoever.

We have been in the house for 10 months now. In that time my credit score has drastically recovered and we are actually in the process of remortgaging with Halifax. If successful then our rate will reduce significantly and so will our payments.

I suppose my thought is that without Together we would never have got a mortgage with a high street lender or be in a position now to look at high street lenders. Yes, their rates are high but they were the only ones who would consider our circumstances. As a result of keeping up with payments it's been well worth it.

I'll update again how the remortgage goes but hopefully all smooth. It's amazing how much less stressful this remortgage process seems rather than the initial mortgage process.

robatwork · 1 October 2017 at 10:54AM

I'm always shocked when someone who says they will update a thread actually comes back and does it. Pretty rare.

Glad to see things are coming together (ho ho) for you.

Cheshire Mortgage Corporation, now Together Finance

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