Worried and want a new Mortgage.

TRANSPORTER

Hi People, ok here goes, moved into a new home two years ago,(Baratts) any way we had a mortgage with Abbey National and were going to renew with them, but Baratts insisted that we used their onsite broker, we were against this as we were being treated like first time buyers with no experience, even though this was our fourth house. Bt we entertained them and he did his stuff, obviously I had to tell him that I was Currently and still am on DMP with the CCCS, due to a divorce.
We lost the offer from Abbey after he got involved and had to use an independent broker which we trusted as our business bank manager (HSBC) worked there, they managed to get us a mortgage albeit an interest only with Deutche Bank UK.
The offer we were given was for two years fixed interest only, repayment per month of £1017.
Now the two years are up and they have moved us to variable rate interest only, which at the moment is fine as the payments have halved to £530 per month, no other offer seemed t be available to us.
At the moment its fine but if the LIBOR rate goes up then the payments shoot back up which we dont want.
Now due to me being on a DMP have been for three years I assume that no high street lender would lend to us?????.
We have never missed a payment on a mortgage or on the DMP or anyother bills so we know what we can afford, (the Abbey offer was for £780 per month and at first they said we couldnt afford that, but we have managed to afford £1017 per month for the last two years)
So two Questions,
1 does anyone know if a high street lender would look at us on a nice fixed rate mortgage?
2 After talking to the CCCS they have given me the nmber for a company called Charcoal Mortages, who they say deal with other CCCS clients, has anyone any info on this company and would you deal with them?
Many thanks for any info we work hard to keep our home and will continue to do so until its ours.

TRANSPORTER

Wow is no one out there.

Wutang_2

TRANSPORTER wrote: »

Wow is no one out there.

LTV?

And have you been waiting for someone to say 'give Charcol a ring'?

Give Charcol a ring.

Hopejack

I honestly don't think in the current climate that a high st lender will mortgage you tbh.

Charcol I believe are a reputable broker - give them a call, it can't do any harm. I do think they can be pricey but it could be a deal can be struck where they take their fee from the product's commission? Again, you'd have to ask.

You also don't say how much equity you have in your property - if it's above 85% (possible with a recently purchased newbuild) with your current DMP you are going to be v hard pushed to get a decent deal - if you do get a deal it will be a high rate I would think - not a nice little number (are there many of those around anyway?)...

Sorry it's not more positive but I think giving Charcol a ring would be a great way to start....

Hopejack

Lol Wutang - crossed posts

Conrad

Charcoal employ people, some of whom won't have been doing the job that long, so they may tend to have a 'rule book / training' type mentality.

I would say no high st lender would accept you whilst a DMP is in place.
I would'nt be surprised if subprime lending returns in the next 2 years. At times like now many people cannot imagine such a return, but that's the history of human nature - when everything was booming most could'nt imagine a crash, and when it's dire most can't imagine anything else.

In other words it's likely to be a case of sitting tight for now.

dimbo61

Hi TRANSPORTER
If you are now paying £530 a month instead of £1017 I hope you are either overpaying or saving at least £500 each month for when rates do go up!
If you overpay/ save say 50/50 you are building up your savings to clear your debts more quickly and increasing the equity in your home
GOOD LUCK

TRANSPORTER

Damn right we are saving the extra that we are not paying, going into a seperate account and not being touched just incase.
will have to have a proper look around and also see if DB can offer a fixed rate, I mean they know that we are good payers, not that makes any difference nowadays.