Find me a mortgage

factory_Man

The mortgage payments were not missed just paid late. That mortgage has been now redeemed, and I just have the bridge. The defaults are in the last 18 months. The commercial mortgage is with Interbay Funding a) they don't allow second charges b) The redemtion in the first 5 years of the mortgage is the interest payable between the redemtion and the end of the 5 years. I've just been rejected by one company only on the grounds that I have not had the bridge for 6 months, bearing in mind the bridge is only for 6 months, and I did have it from July 08 but when I sold the old house on the plot and moved into the new build the charge changed from the whole plot to just on the new plot. What a mess.

_Andy_

'Late' payments will still be recorded as missed, assuming they weren't paid in the calendar month they were due.

happybroker

_Andy_ wrote: »

'Late' payments will still be recorded as missed, assuming they weren't paid in the calendar month they were due.

....that depends who you go to.

The defaults will cause an issue on the highstreet but Platform Funding ignore all defaults and any arrears over 12 months old, which from what you posted about the bridge coming into place in July 2008 would fit, oh and they will lend on new builds.

It's a shame your broker doesn't appear to have picked up on this, you would need to pass a credit score and be able to prove your income but the rates are about the same as Beacon. Not all brokers have access to this, perhaps that's why it's not been put to them.

factory_Man

Any suggestions on a broker for Platform Funding?, it's begining to appear that my broker is from the same litter as RBS

Conrad

Most brokers use Platform, but Platform are very fussy so ensure the broker has a very full discussion with them prior to putting in an application.

MBS are Melton Building Society. I think a broker will stand a better chance than you yourself going direct as there are many traps and pitfalls a lay person wont be aware of.

happybroker

using a broker for MBS is a fine idea but you need to be borrowing less than 75% and also be mortgaging a property that lies within a 30 mile radius of their head office which is in Melton Mowbray.

The frontline staff at Platform that we have to speak to are generally pretty poor and ill informed but this, as a rule, is the brokers problem and if the broker has a good relationship with the BDM issues are normally quite quickly overcome but Conrad makes a fair point.

EDIT---just noticed that if you do live within 30 miles of Melton Mowbray (a long shot I know!!) then using a broker will get you a fixed rate some 0.9% cheaper than going direct!! How's that for dual pricing!