why is the lender asking for this info?

ginvzt

I am sure it is longer than that - they say it takes 6 years to clear your file after bankruptcy!!!!

JayZed

No - the "Account information" section shows 12 months payment history with the traffic-light symbols, but after that there is a "summary of payment history" going back up to 36 months. This will say "In the last 36 months of account activity, the number of status 1-2 is X andthe number of status 3+ is X." So your arrears will show up on that until 3 years after they were cleared.

There's also a "Repossession information" section which records CML record information about home repossessions - but I think that this only records actual repossessions, not repossession proceedings that have been started then stopped.

smnb08

thanks for that i always wondered what the hell them numbers meant lol!!

smnb08

when your account is subject to litigation proceeding is that the stage before reposession or just another word for it??

Conrad

Why are you remortgaging?

Kensington have been known to offer clients a deal to stay. Dont ask your broker this - ask Ken direct if you have not already done so.

Have you totaled up the following before deciding if its worth remortgageing'

1) Interim interest - this is the interest your current and new lender will charge when the deal completes and can be as much as another months payment (if your broker denies this, get her to put it in writing to you)

2) New leders fees (probably added to the mortgage - but you still pay them back when you sell or remortgage later)

3) Any others fees such as broker fee, legals, valuation, and so on

A decent broker will have tried high street lenders first - its surprising how these are often accepted even where there has been adverse history.

Remember - brokers earn a great deal more for selling sub prime mortgages such as that of Beacon

Very best of luck

smnb08

i am remortgaging because my fixed rate finished with kensington in june and i am on an interest rate of 10.9.
i dont think kensington would consider giving me a new deal as ive not been the best at paying.

dunstonh

i dont think kensington would consider giving me a new deal as ive not been the best at paying.

The offering of a deal is not put through another credit score or application. It is important to find out what they offer you before you decide to remortage. The broker should do this otherwise there is no way to tell what they can find is better than what you can get. This would leave the broker open to a potential complaint about a mis-sold mortgage.

smnb08

so are you saying that it is worth asking kensington if they could offer me something better than im on now?
i though this would be out of the question to the point they would laugh there heads off at me!
i have quite a bit of adverse credit and kensington no longer do sub prime.

dunstonh

You still need to ask. If you dont ask you dont get.

From the broker point of view, it increases their risk significantly if they dont find out as they are meant to give you best advice (not including tied agents who dont). If best advice is stay put then that is what they should tell you.

smnb08

smnb08 wrote: »

when your account is subject to litigation proceeding is that the stage before reposession or just another word for it??

any advice on this??