subprime mortgage

smnb08

we have just been declined a mortgage with accord due to a late mortgage payment.
i do have a broker who is looking at other lenders for us but thought whilst we are waiting that you guys might be able to help.
we have had one missed mortgage payment from december 07 which we pay extra each month for but also have paid the mortgage late a couple of times earlier on in the year.
i have 1 ccj for £350 from last year and also a few defaults for small amounts.
my partner has no ccjs but also has a couple of defaults for small amounts.
our income is 32k and we are looking to borrow 95k which would give us an ltv of between 75%-80% depending on the valuation.
this would leave us with no debts just the mortgage to pay.
we are currently with kensington and our fixed rate ended last month and we are now on a rate of 10.9%
my question is are we likely to get a better rate with another lender consindering our credit past and the way things are with subprime mortgages at present??
any thoughts would be great thanks.

happybroker

you should get a better rate than 10.9% but it's not gonna be a low one I'm afraid, the lenders fees aren't all that exciting either unfortunately.

Your broker shouldn't have any problem sourcing a deal for you, some lenders will consider payments made within 30 days of being due as late rather than missed which from your previous posts I think is you if I'm not mistaken. The same lenders will also ignore defaults and allow 1 ccj in the last year aswell as one missed payment up to 80% ltv.

Qual123

if you can keep the LTV below 75% look at BM Solutions, they have a sub prime range starting at 7.79%

Toughluck

If the CCJ is satisfied and <£1000 unsatisfied defaults or £3000 satisfied defaults Chelsea prime would do this.

smnb08

thank you guys for your help you have put my mind at rest a bit!
do you know if any of these lenders will allow you to add the fees and valuation cost to the mortgage.
i know the valuations are not that much but we really dont have any spare cash at the moment and had to borrow the money for the valuation with accord.

Toughluck

If the survey was recent you may be able to get that re-tyed at a fee of about £35-£50 as long as the surveyor is on a lenders panel. arrangement fees are "generally" added anyway so don't worry about that one.

If i am honest Accord will only allow CCJ's up to £500 and must satisfied within 6 months of registration so if that wasn't the case you'd have never got Accord prime deal in the first place. Also there should be no defaults in the last 3 years with Accord.

Wutang_2

see a free independent adviser and change that font!!

smnb08

i wasnt trying to get a prime deal with accord it was a cedit repair mortgage and they do allow defaults the problem was the late mortgage payment.

smnb08

wutang what do you mean?were you even talking to me?