Advantage Mortgage Shock Offer

luckyfool

I suspect the projected loan to value of your mortgage will play a part. A "sub prime" mortgage with an ltv of 80% will be worth alot less being sold on with one of 50 or 60%. Hence the higher ltv cases will probably be offered bigger discounts to leave. Equally they will probably NEED bigger discounts as well to a) be able to get another deal (due to the ltv), and b) to make it worth their while, especially if needing to go down the sub prime route again as new rates may not be very attractive.

Iwishiwasrich

Hi everyone I got my offer from Advantage yesterday - mine was not as much as some of the offers on this forum (12'300) but before reading all of the comments I was just going to bin the letter! I thought it was a scam. I think I will have to try and haggle with them you know what they say 'god loves a tryer'!

zedsdead_2

Hi guys.

Has anyone tried negotiating an even larger discount from Advantage?

I have just had an application for a mortgage rejected by Abbey @ 85% LTV and am concerned that even with satisfied defaults I may be unable to take advantage of the offer as I cannot secure any lending.

The climate is difficult right now for everyone but imagine how it is for those emerging from DMPs (me) etc.

Any help? My advisor is on the ball but i'm concerned I may never be able to get a deal in the time given unless I can get around 60% LTV. I could still try see if Advantage will improve their offer. Any ideas?

shino74

My broker has informed me that as the valuation came back on the house less than required for 70% LTV for remortgage with RBS, then he was going back to Advantage to ask them to make up the required amount of shortfall. he was confident that they will offer to release more. Will keep you up to date as soon as I hear more.

zedsdead wrote: »

Hi guys.

Has anyone tried negotiating an even larger discount from Advantage?

I have just had an application for a mortgage rejected by Abbey @ 85% LTV and am concerned that even with satisfied defaults I may be unable to take advantage of the offer as I cannot secure any lending.

The climate is difficult right now for everyone but imagine how it is for those emerging from DMPs (me) etc.

Any help? My advisor is on the ball but i'm concerned I may never be able to get a deal in the time given unless I can get around 60% LTV. I could still try see if Advantage will improve their offer. Any ideas?

JEM27T

Hi, I have haggled for a better offer but now reading this thread Im thinking I maybe should have asked for more. But my advice to you is to definitely haggle, I said without a lower settlement I wouldnt be able to find anyone to move to.

I was offered £8500 to move but asked for £15000 which they said OK to. Would an independent adviser be able to negotiate on my behalf does anyone know?

I still need to try get another mortgage though, no arrears but previous bad credit rating hence why I was with them to begin with. My house is worth approx 100k and Id now need a mortgage for £70k. Also if anyone knows the best people to try for a new mortgage in these circumstances it would be very useful!

Iwishiwasrich

I contacted Advantage and they said under no circumstances would the offer be improved - I pushed my luck and they put me through to the head office. The person I spoke with said that if I wrote in stating why I needed the offer improving i.e. negative equity etc they would review the offer and maybe increase it. I am not sure if I would have to back this up by providing valuations but I am going to write a letter and see where I get.

For those that have had their offers increased please share you tactics. Did you have to write in?

zedsdead_2

shino74 wrote: »

My broker has informed me that as the valuation came back on the house less than required for 70% LTV for remortgage with RBS, then he was going back to Advantage to ask them to make up the required amount of shortfall. he was confident that they will offer to release more. Will keep you up to date as soon as I hear more.

Shino. What news do you have? My broker called me yesterday after I told him to cool off for a few days. I really don't want to put in another application chop chop in case it affects my rating. He was basically begging me to give him the go haead to negotiate as he thinks it can happen.
Truth is, with 85-90% LTV you will get nada in new loans but at around 75-80LTV banks will wave some of your poor history(not all I'm told)

shino74

Zed,
Had a call this morning from Advantage raising their offer to £25000, an increase of £3300. All down now to my broker who I must admit I have total confidence in!!!! Woohoo even cheaper Mortgage now.

zedsdead_2

Ok chaps, here't the deal.

Got a call from Advantage saying get yourself an AIP then get back to us with that and we can take a look see about thier offer. Tried getting a mortgage but the lenders are not playing ball. Been turned down twice already by banks for a new loan even though all defaults are satisfied and am worried about the footprint on credit file. Still Advantage is waiting fo the go ahead and it looks like they could cut further.:mad:

shino74

Zed,
Have you tried using Advantages offer of the free broker? Thats exactly what I did and we seem only a few steps away from remortgaging with RBS. Just awaiting him to get back to us now after the improved offer from Advantage.
Steve

zedsdead wrote: »

Ok chaps, here't the deal.

Got a call from Advantage saying get yourself an AIP then get back to us with that and we can take a look see about thier offer. Tried getting a mortgage but the lenders are not playing ball. Been turned down twice already by banks for a new loan even though all defaults are satisfied and am worried about the footprint on credit file. Still Advantage is waiting fo the go ahead and it looks like they could cut further.:mad: