Cash offer for moving Mortgage away from Advantage....they're back!!!

Sallyy2

As some of you may be aware approx 9-12 months ago, Advantage sent letters to a select number of its Mortgage holders to offer them a cash incentive to either pay off or transfer their mortgage elsewhere.

We were one of the lucky one's to receive one of those letters and after some haggling were offered just short of 70k :eek: off our mortgage but sadly could not take them up on their offer due to the current mortgage situation and bad credit etc Needless to say we were absolutely gutted .

However, today (nearly a year on) we have received a letter offering just short of 50k to move our mortgage away from Advantage.

Hopefully this time we will be able to take advantage of this offer.

Has anyone else received one of these letters today?.....

preciousb

we have recieved this letter for the second time round as well. Again we have the same problem to find another mortgage lender.

Matt1982

What credit issues do you both have?

Sallyy2

Matt1982 wrote: »

What credit issues do you both have?

Both me and my husband have defaults - mine more current than his - his are over 3 years old.

We are also dealing with CCCS with agreed repayments with creditors.

We were days away from completing with Beacon 12 months ago but do to the way things were, Beacon eventually turned us down based on where our house was located (it is a new build on a site that they have not yet completed, with a retail park and factory close by).

We have a good all of the market financial advisor who is looking into this for us and is hoping that with the cash offer from Advantage we will be able to put the mortgage in just my husbands name.

Our current mortgage is £175k, house is worth approx £160k, Advantage are offering approx 47k (but I know that they will increase this - last year they increased 3 times, up to approx 66k).

CRAIGSVILLE

Sorry for hijacking the thread, but I have currantly a mortgage with DB Mortgages ( sub prime lender who don't do mortgages any more).
My credit file is now clean after defaults are off:T and my rate is 2.75% now after my fixed rate ended.
I will be looking for a fixed rate when the base rate begins to rise (possibly next year).
Does anyone think it would be a good idea to contact DB Mortgages and see if they would be able to reduce my mortgage if I went to another lender since they are possibly in the same boat as Advantage

Thanks

preciousb

Problem we have is that my mum is on sick at the moment. My dad's earnings are 20,000 ish so we are going to put my brother on the mortgage. Mum and dad have both got defaults and missed payments on their names.

brummiedevil

I have just received one of the letters offering me 10,500 off my redemption figure.

I have had a look around on the net and found blogs where people where able to get much more than the initial offer and am really interested in this.

Can anybody please advise me on how they got the figure increased as I know that I won't be able to get a mortgage to cover what I need based on my income.

Any advice would be really appreciated as it isn't often that a mortgage company offers to give you equity and if I can increase it then that would be great.:j

Sallyy2

brummiedevil wrote: »

I have just received one of the letters offering me 10,500 off my redemption figure.

I have had a look around on the net and found blogs where people where able to get much more than the initial offer and am really interested in this.

Can anybody please advise me on how they got the figure increased as I know that I won't be able to get a mortgage to cover what I need based on my income.

Any advice would be really appreciated as it isn't often that a mortgage company offers to give you equity and if I can increase it then that would be great.:j

Our experience of Advantage customer service was second to none! They are friendly, helpful have bent over bakckwards trying to help us.

Last year when we received our letter, we asked for increases 3 times...which they did, however they did ask for written confirmation from our mortgage advisor for further details of the amount that we were requesting and why ie that we needed 80%/70% etc to be able to remortgage which left us with a shortfall of "x" amount.

Not sure whether this has been the same for all posters though. Presumably if you are not using a MA, you could just request it yourself.

Good Luck

brummiedevil

Sallyy2 wrote: »

Our experience of Advantage customer service was second to none! They are friendly, helpful have bent over bakckwards trying to help us.

Last year when we received our letter, we asked for increases 3 times...which they did, however they did ask for written confirmation from our mortgage advisor for further details of the amount that we were requesting and why ie that we needed 80%/70% etc to be able to remortgage which left us with a shortfall of "x" amount.

Not sure whether this has been the same for all posters though. Presumably if you are not using a MA, you could just request it yourself.

Good Luck

Thank you for your advice. I have spoken to a mortgage advisor and then faxed everything across to Advantage who have upped their offer to £21,100. This is great news, however I am still short on what I need for a mortgage. I can probably move a little bit but not for the whole amount.

Can I ask what you did to get the third offer as they are telling me and my mortgage advisor that they can't increase the offer any higher and I am now unsure what to do.

Thanks in advance.

Thrugelmir

brummiedevil wrote: »

Thank you for your advice. I have spoken to a mortgage advisor and then faxed everything across to Advantage who have upped their offer to £21,100. This is great news, however I am still short on what I need for a mortgage. I can probably move a little bit but not for the whole amount.

Can I ask what you did to get the third offer as they are telling me and my mortgage advisor that they can't increase the offer any higher and I am now unsure what to do.

Thanks in advance.

Sit tight and continue to repay your mortgage as normal.

Don't be surprised if your mortgage is taken over by another lender at some point in time.

bailey169

just received offer of £54,000 off mortgage of £198,000 but dont think i can get another mortgage as have a lot of debt and husband is self employed.have phoned advantage who said to get broker to send a proposal for higher offer.