Sub Prime lenders

SparkySimon

Homer, from an advisor's point of view would I be helpfull if I got an Experian report and took it along to my advisor? Or maybe advisor's do this without our knowing?

It just worries me that if an advisor tries various lenders on a customers behalf are you leaving footprints all over a customers credit report?

Regards,Simon

herbiesjp

The more information an adviser has to hand the easier it is for them to place the mortgage with the correct lending criteria based on your situation - give them a copy of the report and it will help definitely

HelpWhereIcan

Shame that such an important subject had to be championed by such an ill informed bunch. I got the impression that their 'research' was being conducted in these pages.

ie. let's blast out an ill informed, 5th hand anecdote as fact and see if it is dis-proved.

Sub prime customers do need more protection and more info on certain aspects of debt management and enforcement, but to blame all the problems that people face on securitisation is a red-herring.

Securitisation does have implications for mortgage customers (prime and sub prime), but they are not as drastic as implied, and tend to be more administrative than anything else

eg. a LIBOR rate will change every 3 months anyway and although the margin will remain the same on securitisation, any changes to the rate may appear to be down to the new 'owner' if the way LIBOR mortgages work have not been explained properly in the first place.

I did find what saversam's husband had to say about court processes very interesting and feel that he should be encouraged to create his own sticky aimed at people in trouble.

Having said that, I am so glad that the demands of the business have meant I have had no time to contribute here since the arrival of certain parties.

homer_j_3

SparkySimon wrote:

Homer, from an advisor's point of view would I be helpfull if I got an Experian report and took it along to my advisor? Or maybe advisor's do this without our knowing?

It just worries me that if an advisor tries various lenders on a customers behalf are you leaving footprints all over a customers credit report?

Regards,Simon

It always helps to have the credit file to hand but if you do not, just be sure you know exactly when you have missed payments or had defaults.

You will more likely be placed more easily if you have the correct onformation so the advisor can match lending criteria to your needs. If you are afraid of being declined several times, wait a week and get your report if not already in hand.

Securitisation does have implications for mortgage customers (prime and sub prime), but they are not as drastic as implied, and tend to be more administrative than anything else

eg. a LIBOR rate will change every 3 months anyway and although the margin will remain the same on securitisation, any changes to the rate may appear to be down to the new 'owner' if the way LIBOR mortgages work have not been explained properly in the first place.

This is spot on and I believe that the examples being provided were extremist and because of the 90 day libor being dependent on markets and not a committee of humans like the BOE, it is and was always going to be a gamble.

Thank you for explaining and backing up my point.

Joe_Bloggs

I tried to read a paper on mortgage securitization. I liked the pictures. I got confused when it mentioned trans-ideosyncratic shock as a risk to a lender. I think this refered to the borrower paying back the money and finding a better lender with lower rates and a better reputation. I am almost certainly wrong.
J_B.

tbroughton

Dear Emma

I have just posted my comments on the uk mortgage forum, and advised me to add comment to your comments to sub prime lenders, I do agree with your self, and I live near to HmL, and I used to work within the HML group some years ago, basically today I was just scruitinising for info for the solicitor and barrister, and found that many of these people who are with my mortgage company, are having similar problems, I would also from my experience like to state that not all financial advisers adhere to the rules and regulations, but I will copy in my info.

Today I was looking for info on Redstone Mortgages, this does not suprise me, I remortgaged with amber aug 2004, my mortgage was transfered to Redstone on 24th Aug 04, I have nothing but problems with them, there told me my first payment was due in sept, then sent me a letter 15 days later and put me in arrears, Just to anyone out there, I am currently pursuing to take Redstone to Court, currently have a barrister reading over the documents, I too have had interest rates go up when libor rate goes down, there is discrepencies in all their interest rates, charges, and if you want to redeem your mortgage, this is where it certainly gets interesting, I have had 4 diffrent redemption figures with in the space of one month, these guys do not know what they are doing, they are making a complete mess, I would certainly advise anybody who can to get rid,
I am striving with all the evidence I have to get these guys struck off, I have reported to the FSA and ombusman, they do not correspond to your complaints properly, they have admitted making mistakes to me, also I will add another thought to anyone with these guys,
The industry became regulated from 31st oct 2004, my mortgage company at the time sold my mort to redstone, these guys were not regulated to do bussiness untill the 19th april 2005, I have reported redstone to the ombusman and they are currently writing to them, I am currently in court again with redstone they are taking me to court yet again for more money to try and make me pay more mortgage, every time I go to court, the judge throws this out, because I take documents to prove there are discrepencies, there fore I am going to ask the judge to postpone this hearing again due to discrepencies, and pending that I am now going to take them to court, and sue their backsides, enough is enough, I will not even speak to redstone advisers, they do not know what they are doing they give you wrong info, and they are nasty, threatening and abusive, if you step out of line , through no fault of your own, but there fault, and the best bit they think they can get away with it, and their representatives solicitors are just as bad, wragg and co.
If anybody has any valuble info on redstone or are experiencing similar problems, then please get in touch with me, on email tbroughton24@hotmail.com
As the more people the better, so that as described by my local judge these people should not be operating, and are loan sharks, as a matter of coincedence, I know HML I live near to there operations, and I have had a few solicitors who would not take my case on due to matter of conflict, because Redstone and HML operate in my town.