Advantage Mortgage Shock Offer

rrphyb

hi i got a letter too, offering 6900, gonna see if i can get 35000, as that will take it down to under 60%ltv, and reduce the mortgage down to £60k, as i reckon if they sell it on to another company, the most they will get for it will be £50k, so reducing it will net them a saving of £10k

cel3027

asked them to extend they said no have to pay council £5000 but still a great offer leaving 13300 off of my mortgage
and i sold my house on 19/6/10 only advertised 1 week with agents
in the hands of solicitors now need to complete by 10/09/10
should all be fine got 10 weeks well pleased will post back when completed

hannah_jane

Hi

I'm with advantage (have been since Sept 07) and I have not received an offer. I phoned them up to ask about this and they said I did not meet their criteria. Does anyone know the criteria for this offer? I haven't missed a payment and good credit history.

Thanks

brooky1967

Hi, I have just recieved my offer from Advantage to the tune of £39,400 to redeem my account with them. My current mortgage is 127k and the property is worth around 120k, so with this offer it puts me back in the black. Unfortunately I am not in a position to remortgage so i will be selling and starting again. They have only given me a 3 month window to settle so I will have to sell for around 105k or even 100k for a quick sale.
My question is to all those who have taken up this offer, did they grant you an extension after the deadline date, when I spoke to them they did (unofficially) indicate that they would.
What an unbelievable offer though which has got me out of the mire, because i was ready to move on, but was stuck in neg eq.

30579

Hi guys

Does anybody happen to have a contact number or name for the department dealing with these offers? I have tried to contact Advnatge but nobody appears to know anything about it!

Thanks in advance

bailey169

just had a letter of an offer of £54,000 off my mortgage if i redeem by 31 october,owe £198,000 on mortgage but have bad credit so may not be able to get another mortgage,my husband is self employed as well so even harder!

luckyfool

bailey169 wrote: »

just had a letter of an offer of £54,000 off my mortgage if i redeem by 31 october,owe £198,000 on mortgage but have bad credit so may not be able to get another mortgage,my husband is self employed as well so even harder!

Depends on how much your house is worth, what and how recent the bad credit is, and whether your husband actually declares any income to the tax man. Being self employed isn't a problem, having accounts showing no income is the problem.

There is scope to try to get the offer increased if necessary, e.g. if a mortgage could be had, but only for £125k then Advantage might consider upping the discount. Also, you should consider whether it is worth selling up and grabbing the discount now?

efesbaby

Hi Just had my letter, we were offered 6,000 for a mortgage of 137,000 and the house is currenlty only worth 125,000, spoke to our advisor who has said we need an offer of 30,000 for us to be considered for another mortgage, he had put in arequest for it, but seriously doubt they will give us that much, if they did i would be estatic and promised to take the advisor out for a meal lol

cel3027

hi all
my house is 5 weeks sold exchanging contracts on 27th august
completing 3rd sept wahhhooo
my initial offer was 18000 and to be completed by 10th september
i asked them to review again 2 weeks ago as i had memorandum of sale and everything to show sale going through as i knew this was close to deadline
they extended the time to end of october and upped there offer to 23000 so they do help you out if you have a sale going through its not do or die well chuffed

GMS

Advantage were a mortgage packager who became a lender. They were bought by Morgan Stanley.

One reason for them reducing your mortgage is the lack of securitisation in the market today. Advantage, like many other sub prime lenders generated mortgages and sold them on via the securitisation market. The market closed overnight, which caused Northern Rock to go in to meltdown. The mortgage left on the lenders books they became stuck with. As a result they will now essentially sell them on by giving incentives to clients to leave. This will put cash back on their balance sheets. With no sign of the securitisation market opening up as before any time soon they will take the hit on the loan and get back what they can.
By offering a 60% LTV exit they know there is a good chance of another mortgage being available to the client, and cash back to Advantage sooner.