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  • FIRST POST
    • ferry
    • By ferry 18th Mar 17, 11:37 AM
    • 1,561Posts
    • 245Thanks
    ferry
    3.99 fixed a good rate for adverse history?
    • #1
    • 18th Mar 17, 11:37 AM
    3.99 fixed a good rate for adverse history? 18th Mar 17 at 11:37 AM
    We are currently with Santander and on their SVR of 4.45 but have had arrears with them under 2 years old and are now cleared .
    Online we have been offered a fixed existing customer deal of 3.99 fixed for 2 years.
    My heart says to accept this at 3.99 and review matters at the end of the two years but not sure how that compares with other adverse rates out there?
    Can anyone please help us with some advice before we commit for two years.

    I also assume there will be the fees attached if we decided to sign up elsewhere if that was possible which could make the 3.99 even more attractive?

    Thanks as usual for any advice

    F x
    Everything takes me 3 hours to post cos I'm using a BlackBerry Playbook
Page 1
    • obay
    • By obay 18th Mar 17, 1:31 PM
    • 296 Posts
    • 182 Thanks
    obay
    • #2
    • 18th Mar 17, 1:31 PM
    • #2
    • 18th Mar 17, 1:31 PM
    Can you try places like Halifax first? Before jumping on the adverse mortgage lender, try somewhere else!
    1/12/16 - £152,599.00
    • Dandytf
    • By Dandytf 18th Mar 17, 1:53 PM
    • 481 Posts
    • 258 Thanks
    Dandytf
    • #3
    • 18th Mar 17, 1:53 PM
    • #3
    • 18th Mar 17, 1:53 PM
    3.99 is not a bad or extremely high rate at all.

    I'm currently in last few months 5% 5 yr fixed Natwide.

    You have a valid offer from your existing provider lower rate than previous.

    If you move mortgage elsewhere you might run into fees etc.

    I can't make a decision for anyone else though I find your existing offer acceptable.
    sc dmp 2012 13k

    Jan 2017 7380 paid. 50% ish...
    • ferry
    • By ferry 18th Mar 17, 6:03 PM
    • 1,561 Posts
    • 245 Thanks
    ferry
    • #4
    • 18th Mar 17, 6:03 PM
    • #4
    • 18th Mar 17, 6:03 PM
    Thanks guys, just wanted to check in with you lot before we commit for two years.

    Why does it cost more to live in general when you have/ had financial issues? Everything credit related costs so much more when you're in the worst financial position!
    Sorry just a rant!

    F x
    Everything takes me 3 hours to post cos I'm using a BlackBerry Playbook
    • csgohan4
    • By csgohan4 18th Mar 17, 6:06 PM
    • 3,142 Posts
    • 1,976 Thanks
    csgohan4
    • #5
    • 18th Mar 17, 6:06 PM
    • #5
    • 18th Mar 17, 6:06 PM
    it's a matter of risk, someone who have had a perfect credit history is lower risk and therefore have access to better rates, call it a reward in some ways to being good with money in the past.


    Someone who has missed payments and CCJ's are higher risk and there is a chance for repossession in the future, hence why the rates are higher and rightly so, otherwise how it be fair for those who are lower risk subsidise the higher risk?
    • ACG
    • By ACG 18th Mar 17, 6:19 PM
    • 14,280 Posts
    • 7,072 Thanks
    ACG
    • #6
    • 18th Mar 17, 6:19 PM
    • #6
    • 18th Mar 17, 6:19 PM
    I can only assume your question is rhetorical. As csgohan says, if I had money to lend out would I prefer to lend it to someone who has paid everything back on time and in full or someone who hasnt...

    To be honest, I do a lot of adverse mortgages for people and those people in the main tend to have learnt from their mistakes and are actually quite switched on about paying their bills and the impact it will have if not.

    To answer your question, it depends on how everything appears on your credit report, but I suspect 3.99% will be there or there abouts. You would need a broker to look for alternatives as no high street lenders will take it on whilst you are still in arrears. That does not necessarily mean higher rates but it probably will do.
    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.
    • ferry
    • By ferry 18th Mar 17, 6:35 PM
    • 1,561 Posts
    • 245 Thanks
    ferry
    • #7
    • 18th Mar 17, 6:35 PM
    • #7
    • 18th Mar 17, 6:35 PM
    I can only assume your question is rhetorical. As csgohan says, if I had money to lend out would I prefer to lend it to someone who has paid everything back on time and in full or someone who hasnt...

    To be honest, I do a lot of adverse mortgages for people and those people in the main tend to have learnt from their mistakes and are actually quite switched on about paying their bills and the impact it will have if not.

    To answer your question, it depends on how everything appears on your credit report, but I suspect 3.99% will be there or there abouts. You would need a broker to look for alternatives as no high street lenders will take it on whilst you are still in arrears. That does not necessarily mean higher rates but it probably will do.
    Originally posted by ACG
    No longer in arrears,
    In a nutshell:
    Mortgage arrears (actually payment arrangements if that make any difference?) about 15 months ago, now cleared and no missed payments since.
    5 accounts in default ( 18 months plus) now paid off as partial settlements and closed on credit file.

    Does that change things?
    Everything takes me 3 hours to post cos I'm using a BlackBerry Playbook
    • ACG
    • By ACG 18th Mar 17, 6:48 PM
    • 14,280 Posts
    • 7,072 Thanks
    ACG
    • #8
    • 18th Mar 17, 6:48 PM
    • #8
    • 18th Mar 17, 6:48 PM
    How much is the property valued at?
    How much is the Mortgage amount?

    When were the defaults registered?

    When were the Mortgage arrears cleared in full?
    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.
    • ferry
    • By ferry 18th Mar 17, 7:36 PM
    • 1,561 Posts
    • 245 Thanks
    ferry
    • #9
    • 18th Mar 17, 7:36 PM
    • #9
    • 18th Mar 17, 7:36 PM
    How much is the property valued at?
    How much is the Mortgage amount?

    When were the defaults registered?

    When were the Mortgage arrears cleared in full?
    Originally posted by ACG
    Thanks again.
    420k value/ 129k outstanding mortgage so 30ish % LTV
    Defaults 1st registered about 18 months ago
    Mortgage arrears cleared in Jan 2016 - noted as 'AR' on credit report?

    Thanks for the ongoing advice
    Last edited by ferry; 18-03-2017 at 7:43 PM.
    Everything takes me 3 hours to post cos I'm using a BlackBerry Playbook
    • ACG
    • By ACG 18th Mar 17, 7:54 PM
    • 14,280 Posts
    • 7,072 Thanks
    ACG
    I need to know all of the information requested, but best case scenarion I can find is around 3.2%, but it comes with a £1500 fee so it might be worth seeing if that is better than the 3.99% after fees. If not then the 3.99% probably isnt a bad shout.

    I am off out now but will check back tomorrow...hangover permitting.
    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.
    • ferry
    • By ferry 18th Mar 17, 7:59 PM
    • 1,561 Posts
    • 245 Thanks
    ferry
    I need to know all of the information requested, but best case scenarion I can find is around 3.2%, but it comes with a £1500 fee so it might be worth seeing if that is better than the 3.99% after fees. If not then the 3.99% probably isnt a bad shout.

    I am off out now but will check back tomorrow...hangover permitting.
    Originally posted by ACG
    Thanks, really appreciate it . have a good night lol
    Everything takes me 3 hours to post cos I'm using a BlackBerry Playbook
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