Naughty with Credit Card debt but it had to be done

WASHER

I'm not asking for the lenders name to shop you, for goodness sake, I have better things to do with my time, and quite frankly I wouldn't stoop so low, I asked because if it is really self cert high street mortgage, I for one as many others would be interested in knowing who it was, simple, no malice what so ever.

It's ok, I'll ask one of IFAs on the mortgage board to tell me who does self cert high street mortgages at 3.99% fixed for 2 years, I'm just interested as my husband was self employed a little while back (before credit crunch) and no high street would touch us, we had to use a sub prime lender.

NPowerUser

WASHER wrote: »

I'm not asking for the lenders name to shop you, for goodness sake, I have better things to do with my time, and quite frankly I wouldn't stoop so low, I asked because if it is really self cert high street mortgage, I for one as many others would be interested in knowing who it was, simple, no malice what so ever.

It's ok, I'll ask one of IFAs on the mortgage board to tell me who does self cert high street mortgages at 3.99% fixed for 2 years, I'm just interested as my husband was self employed a little while back (before credit crunch) and no high street would touch us, we had to use a sub prime lender.

Sorry but perhaps you can undertand when some people have left less than pleasant comments, it makes one more guarded. Never my intention to tar you with the same brush.

Let me know how you get on with your question on the other board, if no luck, come back to me in due course.

I had to pay an arrangement fee to the high street lender, which was simply added to the total mortgage. It still worked out cheaper doing this then taking the next best mortgage rate on offer, well it was at the time last October and rates do change all the time. Another reason for the hurry was not only the stamp duty holiday ending but I think the offer may have been limited to 60days, something like that, before we would have to be reassessed based on what was out there at the time.

I was turned down by my own bank, it really was "computer says no" due to the part time nature of my self employed income, even with my promise to work more hours. I was gutted, never having gone overdrawn with them, paid off my old mortgage years earlier by overpaying each month with them, I felt let down.

I asked at my one of my local estate agents when I was looking for a new home about getting a new mortgae and thankfully they put me in touch with an IFA.

I was indeed stunned that he said he could "fast track it" I guess my credit rating was just about OK, I had managed to get credit cards with my own bank, American Express by putting any figure down greater than £20K in terms of my income and a capital one credit card late last summer. The small LTV (25%) probably helped also.

Wrong of me I know, but I always intended using cards to help out so to speak with moving. Do I shaft American Express, no as they had always been good with me and I always paid them off in full in each month even though i had blagged my s/e income in the application. Capital One APR was stupidly high so that was out, even though they keep reducing the APR every 6 months so my own bank, whom had refused me a mortage that was going to bear the brunt of my borrowing on cards to do up and make safe my new home.

The nature of my s/e income would always make it hard for me to borrow in the future so did I ever want another mortage or loan in the future, no I decided?
Greedy banks with unjustified bonuses, greedy politicians, our law makers, claiming 10s of thousands for non existant homes/mortgages, if there was plenty more where that came from, no harm in me doing my bit. Good enough for them then good enough for me.

Money is tight, I never realised that council tax band E was so blooming expensive having moved from a band B at my old address. I have paid all of the coming years council tax as I always hate paying it each month. Get it out of the way.

When the fixed rate ends I think it will be right to move from a detached bungalow to a 2 bed semi perhaps, mortage free. That's 2 years away so a lot can happen in the meantime.

As I said, if you have trouble finding a deal come back to me but a face to face meeting with an IFA or better still several IFA's should be the way forward for you WASHER.

Enjoy the hazy sunshine.

hullight

So you can afford a full years band E council tax in one go, yet you can't afford to pay the interest on your debts? Nice one.

NPowerUser

hullight wrote: »

So you can afford a full years band E council tax in one go, yet you can't afford to pay the interest on your debts? Nice one.

That's right. Its my bit of saving unecessary credit card interest when not paying it helps me move. Treat it as a 0% loan if you like.

In the statement I sent them I am claiming that I am paying the council tax each month when in reality I have paid it one hit. That was paid out of savings.
It gives me that added cushion to help save for that all important move in 2 years time. Makes me feel better when £170 a month isn't coming off your net income, even though it has dented the old cash pile.

Also the reason why I put down the minimum I earn from being s/e and they accepted my offer without as much as a whimper.

All part of the plan.

HouseHuntr

WASHER wrote: »

Why won't you answer the question which I believe has been asked at least 3 times, who is the high street lender?

.

Typical TROLL behaviour not to mention company names for obvious reasons.
Why this troll is still being fed is astounding !

NPowerUser

HouseHuntr wrote: »

Typical TROLL behaviour not to mention company names for obvious reasons.
Why this troll is still being fed is astounding !

I have already stated why I would not name the High Street lender.

I suspect if you feel angry that I may abused the trust of my credit card company/bank then please don't. Far more nasty things are happening in the world. If you feel a bit miffed, then be miffed at the system, I am merely trying to take advantage of it.

If you read through the thread, I have clearly stated my actions will damage my short term borrowing ability, which is why nobody should follow my lead but burying your head in the sand pretending things like this don't happen all the time is silly.

Money has never been that important to me. Whether I earn £20 a day or £200 it matters not. Its about enjoying life and making the most of what little money we earn whilst we are alive.

CannyJock

NPowerUser wrote: »

Makes me feel better when £170 a month isn't coming off your net income, even though it has dented the old cash pile.

Council tax installments by DD don't charge any interest so it's effectively interest free for the 10 months, isn't it?

Does that mean you're really saying that you get a warm feeling not earning interest on your money in your savings account over the course of the year?

mufc689908

I agree with the op

I have taken great pleasure in writing off 1000s owed to credit card sharks.

NPowerUser

CannyJock wrote: »

Council tax installments by DD don't charge any interest so it's effectively interest free for the 10 months, isn't it?

Does that mean you're really saying that you get a warm feeling not earning interest on your money in your savings account over the course of the year?

I think I can live with the pennies lost in interest on £170 a month. Its a debt I would have to pay regardless during the year. I just want a clear run at getting some cash together over the next 12 months.

NPowerUser

mufc689908 wrote: »

I agree with the op

I have taken great pleasure in writing off 1000s owed to credit card sharks.

I will get plenty of interest written off but I expect to have to repay the debt (current balance) in time.