GE-Money

Mr_Flash

Any experiences of GE Money for a mortgage. We have been knocked back with other lenders due to our credit score and our financial adviser is recommending them.

Not much information on there site

kingstreet

I'd use GE Money for cases with adverse credit problems, but only if I really had to. If you have no adverse credit but need a non-scoring lender, or old problems I'd look towards Aldermore if it was me.

GMS

Is there a reason for you failing credit score? Any adverse credit such as defaults, missed payments or CCJ's? If so when and how much?

If your broker is recommending GE there must be a reason for it. Look at your Suitability Letter to see why they have been chosen.

gailmadras

What is a suitability letter and should everyone applying for a mortgage receive one of these?

kingstreet

gailmadras wrote: »

What is a suitability letter and should everyone applying for a mortgage receive one of these?

If you take advice from an intermediary, the suitability letter explains why the product recommended best suits your agreed needs and why another other more suitable product wasn't selected instead.

Such a letter may read as follows;-

In recommending the XXX fix until XXX, I have taken into account factors relevant to your current circumstances and any key issues that you have advised us are important to you at this time.

You have had an offer accepted to purchase a house at a price of £x;
You have a 25% gifted deposit from your grandparents and would like a two year fixed rate mortgage of £y with no repayment overhang, for 75% of the purchase price;
Your mother is to apply jointly with you to increase your borrowing power
You are prepared to accept an arrangement fee of upto £1,000 to achieve lower payments through a better mortgage rate;
You would feel comfortable with monthly payments around £500;
You would like the option to add any fees to the loan and you understand the implications in doing so – payment of interest until such times as they are repaid;
You are looking for a speedy conclusion to the purchase.

The following key issues summarise the reasons for recommending the mortgage detailed in the attached Key Facts Illustration (KFI):-

XXX offered a number of products with different fee and rate options and you have chosen the one with the most competitive combination of rate and fee for your circumstances;
Although other lenders offered more competitive rates they are unable to accept the application due to XXX buy to let portfolio of properties and mortgages.