Have you heard of a company called 'Mortgage plc'?

Burnley_Lad

I was told today by my estate agent that our purchasers are going through a company called 'Mortgage plc'.

I'd never heard of this company, so I did a quick search on the internet, and found the following paragraph:

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Mortgages Plc are based in Scotland, the main reason I would recommend these is that they offer sub-prime mortgages which are aimed at people who do not have perfect credit, and for many of the products have competetive interest rates, this is an option good for those people who may find it hard getting a mortgage with High Street lenders, they also have self-cert schemes which allow you to state an income higher than you would normally e.g. good for people who are paid mostly by commission as all commission can be used and this is not normally the case. There product range is also good as they offer mortgages to suit all, Buy to Lets, First Time Buyers, Let to Buys, Right to Buys etc. And they have a good customer service team who won't keep you on hold all day

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Firstly, does this sound like our purchasers might have a problem getting a mortgage, or that they are self-employed and need a self-certified mortgage? I noticed when they came to view that he had a white van, which would suggest that he is self-employed.

Secondly, have you heard of this company? If you have, please tell me your thoughts on them!

homer_j_3

The company is an ok mortgage company. They are administered in Skipton which is close to you and they do look at subprime people but dont worry about it.

Sub prime can sound so bad in peoples eyes but it just means that they will lend to people who will not normally be considered by a bank. It is probably just a case of not being able to prove income but you shouldnt get too concerned about it really - they are not loan sharks or anything lol

I would just be concerned if a mortgage offer or agreement in principal is not provided shortly. You should still get your EA to continue viewings until you are satisfied that they are serious and are in a position to actually buy your property.

AndrewSmith

They are an excellent company with good service standards.

You have nothing to worry about I would think.

Andy

Burnley_Lad

thanks homer_j and AndrewSmith for your responses.

It's reassuring to know that they are known in the mortgage market.

Good point homer_j re. ensuring they've got an agreement in principal. We got an offer for the asking price within 2 weeks of it being on the market, which we naturally accepted. However, the estate agent didn't ask us if we wanted to keep on accepting viewings or not. I got a friend of mine to phone the estate agents posing as someone interested in viewing the property, and got the response 'there's a sale going through on it, we'll take your details in case it falls through'.

homer_j_3

no probs..just make sure that EA is working for you and not the buyer as you are paying them.

emmaHarris_2

It is interesting to see Homer J and Andrew advocating sub prime and indeed advising that they are based in Skipton so everything should be 'rosey in the garden'...

It may be worth a good read to first look at this thread to see how the sub prime market works and who is 'adminsitrating' your mortgage. We also point out to anyone embarking into the sub prime market lenders to be cautious if they have a last minute clause in the contract that.."they may sell or transfer your mortgage at anytime". Before signing...ask them what this means. You should also be interested in Andrews and Homer J's posts in this thread and compare to the comments above.

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

AndrewSmith

OK Emma,

Your statement above is both defamatory to me and libelous. WHat are you implying? No long statements now just a straight answer.

emmaHarris_2

AndrewSmith wrote:

OK Emma,

Your statement above is both defamatory to me and libelous. WHat are you implying? No long statements now just a straight answer.

What nonsense...ever heard of free speech...defamatory? Libellous?? How old are you? I am not implying anything just pointing out FACTS!! Let readers decide for themselves. Andrew, this site is about providing consumers with knowledge that they may not find elsewhere. They can of course agree or disagree with people’s opinions or indeed contradictions! We respect your opinions please respect others!

emmaHarris_2

AndrewSmith wrote:

They are an excellent company with good service standards.

You have nothing to worry about I would think.

Andy

Is this bit really true?

AndrewSmith

As I suspected,

Refusing to state from what standpoint or experience or qualification status you are making such comments.

If you cannot be open about who you are and your motive then 'we' shall ignore you completely.

emmaHarris_2

AndrewSmith wrote:

As I suspected,

Refusing to state from what standpoint or experience or qualification status you are making such comments.

If you cannot be open about who you are and your motive then 'we' shall ignore you completely.

I am a consumer Andrew. All other information has been provided on this thread. How much more do you need?

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