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Lendgo - bad credit mortgages - anyone know about them?
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# 1
BigC+WeeS
Old 01-10-2008, 10:37 PM
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Default Lendgo - bad credit mortgages - anyone know about them?

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
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# 2
koexelek
Old 01-10-2008, 10:49 PM
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Quote:
Originally Posted by BigC+WeeS View Post
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 :rolleyes:
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# 3
SouthCoast
Old 01-10-2008, 10:51 PM
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If it looks too good to be true.............
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# 4
Toughluck
Old 02-10-2008, 2:43 PM
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Its a pile of sh*t. It is a draw onto their enquiry line and you'll end up going to GE "crooks" Money.
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BYALPHAINDIA
Old 03-10-2008, 12:45 AM
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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.
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# 6
koexelek
Old 03-10-2008, 8:06 AM
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Quote:
Originally Posted by BYALPHAINDIA View Post
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
I am a Mortgage adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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# 7
BigC+WeeS
Old 04-10-2008, 12:29 PM
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Thanks for all your replies folks, I won't be touching with anyone else's bargepole, never mind my own!
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