igroup mortages/adverse credit

AndrewSmith

As I said before Sassafras,

Make sure that you don't fall foul of the iGroup '6 months interest in the first 4 years' redemption penalty.

Also, as iGroup are a lender that are usually only available via specialist brokers / packaging houses please make sure that there is no arrangement or broker fee hidden in there somewhere.

I still feel that you may be better using a high street lender if you have been offered products from them. Just find a broker that will not charge you a large/any fee.

Also iGroup are somewhat reknowned for trying to get you to borrow more money and top up your mortgage from time to time.

Please think very carefully about it, as I said I have a number of years experience dealing with them so I speak from an informed standpoint.

Andy

herbiesjp

Have to agree with Andrew.

Make sure you cover all areas with this first beofre commiting to I Group

Sassafras

Hi people - thanks for all your input. Much appreciated. As it happens one of the brokers I originally dealt with has come back with fab deal (and waived their original brokerage fee of £2K) with Northern Rock. Alls well that ends well. You just have to persevere with these things I guess and make sure you get a few alternatives to choose from.

luckyfool

As Andrew says Igroup are owned by GE Money and have in the past had some nasty 4 yr tie in periods. Their range now has only the 3 yr tie in, with a few 2 yr fixed rates as well without overhanging penalties.

Again best thing to do is check the small print but the rate you mentioned fixed for 3 yrs does seem very competitive. Obviously if Northern Rock are able to do the mortgage for you then grab that! To be honest they would not normally be a lender I would have looked at if there were any non trivial outstanding defaults as they generally operate a quite tight credit policy.

emmaHarris_2

for more good discussions regarding sub prime go here:

http://forums.moneysavingexpert.com/showthread.html?t=186002&page=10

sammyjammy

I had a mortgage with them, they charge large early redemption policies and large up front fees, try Abbey, I have 2 defaults and a CCJ and they gave me a mortgage, good luck

Sam