Re-Mortgage - Bad credit history

feisty1

koexelek wrote: »

Which is completely insane and irrational I don't want to cast allegations, but I am wondering if the broker has not made the OP aware this is an option, in order than he can sign up a sub prime remortgage with Platform instead ?

Presuming the adviser completed a Fact Find to allow them to make a recommendation, they're probably more privvy to information than what is posted on a public forum

koexelek

feisty1 wrote: »

Presuming the adviser completed a Fact Find to allow them to make a recommendation, they're probably more privvy to information than what is posted on a public forum

The only viable reason I could think of for switching from Woolwich to Platform if it was not forced would be if the OP needed to borrow more money.
I'd certainly like to see the suitability letter where the adviser advises the borrower to remortgage elsewhere so that they can pay a higher rate

herbiesjp

Fesity - we are coming from the same angle here, I am not having a dig.

I think we are all agreed that the best thing to do is speak to Woolwich and see what they can offer, if anything better than the follow-on rate.

The follow-on rate may not be their SVR but a BoE tracker so in the current climate that wins hands down.

Not to mention all the other fees associated with moving to Platform on a higher rate!

getmore4less

grayclose31 wrote: »

Yes a re-mortgage. Current lender is the Woolwich/Barclays. I have an outstanding bank charge claim against Baclays for 8k.

I have not asked them yet as i was relying on my advisor.

Currently on standard rate.

Why do you want/need to remortgage? this will help clarify your options

I would have thought that the current Barclays deal is pretty good as it is why change?

feisty1

herbiesjp wrote: »

Fesity - we are coming from the same angle here, I am not having a dig. I think we are all agreed that the best thing to do is speak to Woolwich and see what they can offer, if anything better than the follow-on rate. The follow-on rate may not be their SVR but a BoE tracker so in the current climate that wins hands down. Not to mention all the other fees associated with moving to Platform on a higher rate!

I think we have "selective" information here!!;)

herbiesjp

Fesity - Confused

But let's wait for the OP to come back

feisty1

Generally, if one had arrears on a mortgage they would also have additional credit problems ie defaults late payments etc.........With most people the mortgage is the last liability they default on as they realise the implications, therefore they default on what they see as lesser importance first..........all of this is added to the assessment of risk by a current lender when considering whether they want to retain clients on new deals.........

herbiesjp

In agreement with your generally

But the follow-on rate is part of their current deal, so they should be allowed to roll onto that.

feisty1

that was never in dispute! where are you reading i suggested this?

koexelek

herbiesjp wrote: »

In agreement with your generally

But the follow-on rate is part of their current deal, so they should be allowed to roll onto that.

Exactly, the point we are all making is why would anyone want to go on a 7% plus deal, if they can go on the Woolwich svr

We need the OP to get back on here and explain