ReMortgage Help Please

aimingforadebtfreelife

Hi all,

I need some advice please about remortgaging - with the letter which came yesterday about the rate rise the alarm bells are starting to ring, another £20 a month is something I could do without. I am under a DMP myself - self agreed with my 3 creditiors and Ive got 1 CCJ. Has anyone got any good recommendations for companies they have had experience which were good and didnt charge the earth in fees for problem cases (some I see are charging £4-5k!!!) ??- I am on 8.64% now with GMAC on a £80k mortgage on interest only at £597 month. I need to get back to a repayment one.

Many thanks in advance

herbiesjp

aimingforadebtfreelife wrote:

Hi all,

I need some advice please about remortgaging - with the letter which came yesterday about the rate rise the alarm bells are starting to ring, another £20 a month is something I could do without. I am under a DMP myself - self agreed with my 3 creditiors and Ive got 1 CCJ. Has anyone got any good recommendations for companies they have had experience which were good and didnt charge the earth in fees for problem cases (some I see are charging £4-5k!!!) ??- I am on 8.64% now with GMAC on a £80k mortgage on interest only at £597 month. I need to get back to a repayment one.

Many thanks in advance

It will depend on your whole scenario i.e. income/debts/current value of the property etc etc. as well as the "poor" credit history.

Not all will charge high set up fees.

DO you have any penalties to leave Gmac?

Conrad

Good news is many new lenders are entering the sub - prime arena.

Some good deals with the likes of SALT (Derbyshire B S), Coventry BS, Scarbourogh BS, Amber (Skipton BS).

The high charging established sub - prime lenders have got real competition.

CARE: As a broker I find many others are lazy and dont try (often are'nt even aware of) new lenders. Most will give u the impression they are independant but so many I know simply ring thier favorite packager (a middle man specialising in sub prime cases with just a few lenders on thier panel) and dont fully research the market.

Rates start from about 5.5% depending on loan to value etc.

Many lenders charge a fee of about £700 plus valuation fee. I would avoid those charging high fees if possible and make sure the exact brokers fee is on the KFI and on the IDD (SIGN THE IDD SO HE CANT REPLACE THE IDD HE SHOWS YOU WITH A DIFFERENT ONE SHOWING A HIGHER FEE - AN OLD TRICK)

Good luck

aimingforadebtfreelife

Sounds like there is a way out!!!

Ive come to the end of a 2yr fixed with GMAC thats why Im feeling pinch now with the rate rises - theres no redemption penalty.

I have a £80k or so mortgage and the house is worth £135k. I have a £11k CCJ and other debts of £18k paid back via a self agreed DMP with my 3 creditors.

Are there any brokers that you can recommend who can search these new players on the market for the best deal??

Many thanks for your comments its starting to a lift a burden from me and my family.

Jason

raq

hi

I'm also with GMAc on interest only and when we signed up thought our apr was high, but according to our financial adviser it is good ( um.... ) . 6.35% . Definately gonna change over next september hopefully to a much better deal , we can then start living a little bit better.

No what you mean with the family though, we all have our off days more than our good days, but then just another day.

Keep your chin up mate.

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