Sub Prime lenders

emmaHarris_2

I think Andrews Advice here....supports some of what is said when it comes to getting advice from IFA's or Brokers of any kind in regard to sub prime lending also:

http://forums.moneysavingexpert.com/showthread.html?t=186924

Don’t be tempted by the offer of a large mortgage, the broker who is giving it to you wont care if you are repossessed once he has been paid his commission.

emmaHarris_2

Interesting response from Homer J and Andrew in regard to advice being provided in respect of sub prime lending to a visitor here:

http://forums.moneysavingexpert.com/showthread.html?t=177067

No wonder they do not support this thread and it goes against what they say here!! Bread & butter comes to mind!

emmaHarris_2

I group are owned by GE Money Lending. I would assume that you have had a visit from someone like 'The Money Group' or similar? The probably recommended a GEM3 mortgage with iGroup. I know this as I used to work for a specialist broker who used iGroup.

My advice is to contact a mainstream mortgage broker who can look at a range of products from high street lenders with whom your criteria may fit.

If you have been approached and visited by a specialist broker firm, they usually do not have access to the High Street lenders thus will recommend you to 'Adverse Lenders' making your situation out to be worse than it actually is.

This is the whole reason I left that particular company.

Also with iGroup watch out for the redemption period which used to be 6 month's interest within the first 4 years!!!!

Hope this helps

Andy

Now this is what we do agree with you Andrew. This is good advice. Well done!!

emmaHarris_2

As I said before Sassafras,

Make sure that you don't fall foul of the iGroup '6 months interest in the first 4 years' redemption penalty.

Also, as iGroup are a lender that are usually only available via specialist brokers / packaging houses please make sure that there is no arrangement or broker fee hidden in there somewhere.

I still feel that you may be better using a high street lender if you have been offered products from them. Just find a broker that will not charge you a large/any fee.

Also iGroup are somewhat reknowned for trying to get you to borrow more money and top up your mortgage from time to time.

Please think very carefully about it, as I said I have a number of years experience dealing with them so I speak from an informed standpoint.

Andy

Again this is brilliant advice.

emmaHarris_2

For more good advice on this go too:

http://forums.moneysavingexpert.com/showthread.html?t=144642

AndrewSmith

emmaHarris wrote:

As I said before Sassafras,

Make sure that you don't fall foul of the iGroup '6 months interest in the first 4 years' redemption penalty.

Also, as iGroup are a lender that are usually only available via specialist brokers / packaging houses please make sure that there is no arrangement or broker fee hidden in there somewhere.

I still feel that you may be better using a high street lender if you have been offered products from them. Just find a broker that will not charge you a large/any fee.

Also iGroup are somewhat reknowned for trying to get you to borrow more money and top up your mortgage from time to time.

Please think very carefully about it, as I said I have a number of years experience dealing with them so I speak from an informed standpoint.

Andy

Again this is brilliant advice.

Wow Emma,

Carry on like that and I could actually warm to you

emmaHarris_2

Andrew, its very nice of you say that. I did say we are friendly, open and honest. Where credit is due it should be given. We think the advice here is excellent. It is warning consumers against pitfalls and dangers that they may otherwise not find elsewhere. Stop fighting me! We are supporters of providing consumers with a high level of information and if needed sharing some background on the 'lenders' status and true intentions. That is all we are doing. Now we see your background it is becoming more apparent that you do agree with us and it is dissapointing that your not supporting or debating what we have said to date.

AndrewSmith

Emma,

I fully support what you are saying it's just that I cannot allow you to make a direct attack on me personally.

When I sit with a client I without exception always attempt prime lenders first. I have a duty of care to do so and, with the new FSA rules and compliance guidelines, it is almost impossible legally not to do so.

There are some lenders though such as Mortgages PLC for example that deal in both prime and sub-prime business, and can at times be very competetive with rates for prime business.

Every client I sit with has the choice of which lender they prefer, as I always offer them a choice where possible.

I have 12 years in the industry without a single complaint, a record anyone would be proud of, thus I am very defensive of my own position.

Andy

CheeseOnToast

Emma also looks fit in her avatar so maybe some extra points there Andrew?

emmaHarris_2

AndrewSmith wrote:

Emma,

I fully support what you are saying it's just that I cannot allow you to make a direct attack on me personally.

When I sit with a client I without exception always attempt prime lenders first. I have a duty of care to do so and, with the new FSA rules and compliance guidelines, it is almost impossible legally not to do so.

There are some lenders though such as Mortgages PLC for example that deal in both prime and sub-prime business, and can at times be very competetive with rates for prime business.

Every client I sit with has the choice of which lender they prefer, as I always offer them a choice where possible.

I have 12 years in the industry without a single complaint, a record anyone would be proud of, thus I am very defensive of my own position.

Andy

We have the utmost respect for your above comments and you personally. We also realise that there those who operate in both sub prime and prime markets.

There is information however that sub prime lenders (and dare I say it IFA's/Brokers etc) do not wish to provide to potential borrowers as it would have a negative effect on commercial opportunities, examples, as I described earlier in this threads.

If you search the Internet or indeed view the 'lenders' or brokers web sites we firmly believe, when considering all the facts and business modules used that it becomes misleading for the potential and yes sometimes acceptable ignorance of the borrower. Otherwise, they would not go to extreme lengths of disguising the processes.

One example is: "I will place you with Lender X for these reasons..." People do not tell them..." You will only stay with them for 2 weeks and you will be 'administered only' by 'company' (I hate to use the word 'lender' in some instances) 'Z' and everything we have said about all the services we provide....goes out of the window!