Sub Prime Lender returns to UK market...

Graham_Devon

Sub Prime Lender returns to UK market...

....offering non subprime loans.

Cheered on by Hamish as some kind of victory call for HPI, even though the borrower still needs a 35% deposit and the whole sub prime culture relied on giving 100%+ mortgages.

ThrowingStonesAtYou

Graham_Devon wrote: »

Sub Prime Lender returns to UK market...

....offering non subprime loans.

Cheered on by Hamish as some kind of victory call for HPI, even though the borrower still needs a 35% deposit and the whole sub prime culture relied on giving 100%+ mortgages.

To be fair, I'm a bit confused by this statement:

"The lender, which is now owned by Investec, the South African bank, unveiled a two-year fixed-rate at 5.69 per cent deal available up to 65 per cent of a property's value for "prime" borrrowers with a chequered credit history, described by some as "near-prime". "

Surely a prime borrower with a crap credit history is a sub-prime borrower?

HAMISH_MCTAVISH

davilown wrote: »

Hardly a sub-prime lender though?
.

From the article.....:rolleyes:

One of the biggest "sub-prime" lenders returns after two years with deal aimed at the customers with a less than perfect credit history

nearlynew

You really are a very silly boy McTittish.

tommy75

nearlynew wrote: »

You really are a very silly boy McTittish.

I wish I had a pound for every time you said "McTittish" . Make that a krone actually.. :rolleyes:

edgey88

HOORAY .... this is good yes?

nembot

I'd put Hamish on ignore, if his posts weren't so hilarious

Tuscan

well i really hope some sub prime lending starts again in the next few years.

we currently have a (prime) nationwide mortgage thats been running 9yrs with a 100% payment record, never missed one. Our house is worth around 200k and our outstanding mortgage amount is around 80k so have a large equity that will increase even more over the next few years.

the bad news is we got into debt about 5yrs ago, our own fault and was just stupid. the long and short of it is that we are on a DMP and despite every effort one lender would not except any reduction and made a bid to get a charge on our house 2yrs ago, they failed and also got a ticking off in court for being unreasonable but at the same time the judge had no choice but to issue a CCJ..

we have never missed a payment on the dmp or ccj and have increased year on year and we even over pay the ccj (they continue to charge interest on this).

our plan is to sell up in the next yr or two and move out to the sticks as we now have a 2yr old daughter and want to give her a better life, we plan to settle all debts in full with part of the equity and then hoped to buy a cheaper home with a min of a 50% deposit as were we are going its far cheaper than were we life now.

from reading these forums it seems we have no chance of a mortgage with the ccj on my file despite the huge deposit and us clearing the debts on completion so we will have to sell up and rent in the new area until the CCJ is removed after 6yrs.

i only hope this is a glimmer of hope for us that just maybe there might be a lender in the next year or two who will look at us..

davilown

Tuscan wrote: »

well i really hope some sub prime lending starts again in the next few years.

we currently have a (prime) nationwide mortgage thats been running 9yrs with a 100% payment record, never missed one. Our house is worth around 200k and our outstanding mortgage amount is around 80k so have a large equity that will increase even more over the next few years.

the bad news is we got into debt about 5yrs ago, our own fault and was just stupid. the long and short of it is that we are on a DMP and despite every effort one lender would not except any reduction and made a bid to get a charge on our house 2yrs ago, they failed and also got a ticking off in court for being unreasonable but at the same time the judge had no choice but to issue a CCJ..

we have never missed a payment on the dmp or ccj and have increased year on year and we even over pay the ccj (they continue to charge interest on this).

our plan is to sell up in the next yr or two and move out to the sticks as we now have a 2yr old daughter and want to give her a better life, we plan to settle all debts in full with part of the equity and then hoped to buy a cheaper home with a min of a 50% deposit as were we are going its far cheaper than were we life now.

from reading these forums it seems we have no chance of a mortgage with the ccj on my file despite the huge deposit and us clearing the debts on completion so we will have to sell up and rent in the new area until the CCJ is removed after 6yrs.

i only hope this is a glimmer of hope for us that just maybe there might be a lender in the next year or two who will look at us..

I hope they look at you and see that, yes you made a mistake, but you took responsibility for it and sorted it out, unlike those who just ignore the problem till it gets to much.

I hope you find a mortgage that will help you, surely there must be someone who will like the look a 50%+ deposit, even your own bank manager perhaps?

Good luck when you do try it, let us know how you get on.

davilown

HAMISH_MCTAVISH wrote: »

From the article.....:rolleyes:

[/B]

My point exactly.