Lender stops Lending

celticdebt

My partner has a self cert mortgage with Advantage Innovative Lending. Their website has the following messsage:

"Important Information: Advantage has ceased all mortgage origination activity:
Q. Who is going to administer my mortgage now that Advantage has ceased trading?
A. The arrangements for administration of your mortgage have not changed. Morgan Stanley Bank International Limited trading as Advantage will continue to administer your mortgage and if you have any queries, please contact us on the usual telephone numbers."

She has receiveda letter from them stating that if she moves to a new lender before her current fixed rate (2year) interest only deal ends at the end of October she will not be charged redemption fees. Furthermore they will pay £6000 into her mortgage account reducing the balance to about £76K. Value of houise is maybe £115K.

The have put us in touch with an independant mortgage adviser who is looking for a new lender. She only earns £14k per year so won't get a remortgage on high st. We had wanted a joint mortgage in Nov (hoping both salaries would mean we could get a reasonable deal) but I have adverse credit history (discharged from a Protected Trust Dead (similar to IVA) One Year ago).

We both are in relativley secure jobs (Perm Civil Servants) and I earn about £26k per year.

Can anybody offer any advice on where to go from here? Mortage adviser advises to let him look for a lender who would lend to my partner a smaller amount which Advantage may accept to get rid of the debt.

She could just stay put and see Mortgage repayments half but wants to get something more stable and on repayments basis.

_Andy_

I doubt she will find a lender that will do it in just her income, given it is 5.42x income before you've even taken fees into account.

Johnny_Chaos

celticdebt wrote: »

My partner has a self cert mortgage with Advantage Innovative Lending. Their website has the following messsage:

"Important Information: Advantage has ceased all mortgage origination activity:
Q. Who is going to administer my mortgage now that Advantage has ceased trading?
A. The arrangements for administration of your mortgage have not changed. Morgan Stanley Bank International Limited trading as Advantage will continue to administer your mortgage and if you have any queries, please contact us on the usual telephone numbers."

She has receiveda letter from them stating that if she moves to a new lender before her current fixed rate (2year) interest only deal ends at the end of October she will not be charged redemption fees. Furthermore they will pay £6000 into her mortgage account reducing the balance to about £76K. Value of houise is maybe £115K.

The have put us in touch with an independant mortgage adviser who is looking for a new lender. She only earns £14k per year so won't get a remortgage on high st. We had wanted a joint mortgage in Nov (hoping both salaries would mean we could get a reasonable deal) but I have adverse credit history (discharged from a Protected Trust Dead (similar to IVA) One Year ago).

We both are in relativley secure jobs (Perm Civil Servants) and I earn about £26k per year.

Can anybody offer any advice on where to go from here? Mortage adviser advises to let him look for a lender who would lend to my partner a smaller amount which Advantage may accept to get rid of the debt.

She could just stay put and see Mortgage repayments half but wants to get something more stable and on repayments basis.

Seems like a gift horse from Advantage. Wish my mortgage broker would do the same.

Speak to a broker - see if they can help.

benjo

If you wife cant get a high street mortgage in her name only and she cant get a mortgage with you because of defaults - get back to Advantage and explain just what the problem is with her salary multiples, you never know, if they are that keen to loose your business they might increase their offer so that her salary multiples are more achievable, worth a punt, otherwise looks like you are stuck where you are for the time being.

koexelek

benjo wrote: »

If you wife cant get a high street mortgage in her name only and she cant get a mortgage with you because of defaults - get back to Advantage and explain just what the problem is with her salary multiples, you never know, if they are that keen to loose your business they might increase their offer so that her salary multiples are more achievable, worth a punt, otherwise looks like you are stuck where you are for the time being.

A year ago , I would have said that was a ridiculous suggestion......but in the current climate it is indeed worth asking.
They are obviously desperate to shift their mortgage book