Sub prime mortgage!

charliepink_2

We bought our house around 4 yrs ago with the Right to Buy scheme being council tenants. A financial advisor came to our home and found us a mortgage with a sub prime company. I didnt think anything of it at the time as i had a CCJ of £97. My partners credit rating was very high. All the paperwork was then done by the solicitor but through the post so nothing was explained to us properly. (i know shouldnt of been so naive but we had reasons for buying the house) we have since found out our home is not registered on the land registry, we could of had things done by the council like a new roof and central heating and there is a clause in the mortgage where as we cannot move for 5 yrs. Nothing was explained to us. Anyone have any advice? Thanks.

somethingcorporate

Did you not read any of the paper work that you signed?

kingstreet

At the time of the application, how old was the CCJ and had it been satisfied?

When you say you cannot move for five years, are you talking about having to repay the Council discount within five years of buying, or there's an early repayment penalty if you move the mortgage in the first five years?

You need to look at the suitability letter you received at the time which explains why that mortgage proved the most suitable one for your needs back then. It is possible you were badly advised if you've ended up with a high-rated sub-prime product if you may have been accepted on a prime or near-prime rate.