Am I up the creek without a paddle !!!!!!!!

Charliefiggis

At the mo we have a 124k mortgage with a company through the mortgage provider.

We got into alot of debt. Still have about 20K with egg for which they put a charging order over the property. We are paying back £62 a month. Have CCj for about 25k which has been settled but is obvoiusly still on our file.

My worry is whether we will be able to get another mortgage deal when ours runns out towards the end of next year.

We both have fairly good jobs with a combined income of about 37k The only debt we know have is the £62 a month (at its highest is was about 53k).

Will we be able to get another deal anywhere. Does anyone have any experience of this?

Any help, suggestions would be appreciated.

I know our current deal is about a year from ending but this is seriously starting to grate with me.

_Andy_

What's the property worth?

Charliefiggis

About 145k, the mortgage will be 122k when its up for renewal.

Toughluck

It is possible with GE Money. Anything over 80% in the sub prime market goes to GE. and as the size of the CCJ is important I would suggest GE is the only lender that can help you. Rate isn't pretty so check what you are on and compared to what they can offer. Thinking out loud I think you'll be better off where yo are. Who is your current lender?

Charliefiggis

I honestly can't remember. Will let you know later. A specialist in bad credit done through the mortgage lender.

Can I ask who GE money are and what "Anything over 80% in the sub prime market goes to GE" means.

Thanks

Toughluck

Sorry about the terminology.

GE Money are a lender (have 2 brands called Igroup and First National). If you are going to borrow over 80% of your properties value and you have had bad or distressed debt in the past GE money currently are the only lender I know that will do this sort of deal.

samizdat

Charliefiggis wrote: »

Can I ask who GE money are and what "Anything over 80% in the sub prime market goes to GE" means.

Thanks

It means, if your loan to value ratio is greater than 80% and you are also "sub-prime", your best bet for a remortgage will be with GE Money. Note that I do not know whether this assertion is true or false but I do understand what it means.

Loan to value ratio is the ratio of your mortgage debt to the value of your property, in your case 122/145 or approx. 84%.

You are "sub-prime" by virtue of the fact that you have an impaired credit record.

GE Money are a subsidiary of General Electric, a very large American company.

_Andy_

I'd guess the charging order would be an issue though as I can't see them granting a deed of postponement.

Charliefiggis

Here come another stupid question

"granting a deed of postponement."

can you explain this please

dixie06

Hi there, don't mean to hijack you thread but......I'm facing a charging order can you tell me how and this has affected you and if you attempted to fight it? Mine is with HSBC for 14k bit worried they're gonna make me sell my house although its in joint names.

Also, i've got a terrible history and got a mortgage at the beginning of the year with GE money and their rate wasn't too bad and its not too bad at the end of the fixed rate period so they may be worth a go.

Charliefiggis

Charging order was done by Egg for 25K We were paying monthly through CCCS, but they told us to basically ignore threats and now we have this.

It was 2 years ago and so stressed at the time I don't remember exactly.

They sent us papers that would be lodged on the land registry file. The debt is in my name but I have a joint mortgage. They also sent the same papers to my partner. They told us to appeal if we wanted but we were not in a position to make a settlement. The solicitors that act for Egg take a standing order every month. Every 6 months they review and so far we have managed it increase slightly. At the mo it will take 30 years to pay off.

I think they do it because if you sell your house they will take whats owed as second priority after your mortgage company. I don't think they will make you sell unless they are really callous. Let me know if I can explain anything else and how it goes