GE Money

billybear1

So, I am looking at a GE money which are a poor credit mortgage provider and I can see that they have a selected panel. Would that mean a company like the Mortgage Advice Bureau who are a whole of the market provider would not have access?

BB

GMS

What is the poor credit and from when?

How have you found GE?

Be careful of sourcing your own mortgage, especially the 'specialist prime' lenders.

billybear1

Thank you for the swift reply GMS!

I have seen the lender through Money.co.uk and am aware I will need to go through an adviser.

There is a history of defaults (6) totaling 2.5k with one (phone) of under £50 under 2 years old, the rest are and this is holding off other sub prime lenders looking at the situation until then, so I am advised. Although we have been offered a 25% deposit with Precise, it's just that's 5% over what we have!

BB

GMS

Sorry, when were the defaults and for how much?

Is it a £50 one under 2 years old and the rest older?

billybear1

As stated there are a few, yes the £50 one is under 2 years the rest are older, there are others ranging between 2 and 4 years all around £200 and one for a larger amount of £1400.

Thank you once again for the swift reply.

GMS

You need to speak to a broker. Comparison sites are potentially dangerous.

A broker can speak to a lender directly and see what can be done.

Get copies of your credit search from Experian, Equifax and Call Credit. Go for the £2 statutory reports rather than the free trials which can be difficult to cancel. Give these to a broker and see where you can go

billybear1

Thanks once again GMS!

As stated, I have used a broker but GE Money has not come up with them (maybe they said no, or maybe because of the panel)! I have been told I have an AIP with someone I believe is precise for 25% but that is just too rich. Apparently things will change when the lowest comes over 2 years.

What I was eluding to and as a broker you may know, can a whole of the market broker still not have access to GE Money who disregard this default as it's under £250 and some companies not have access?

GMS

Ask the broker if they have access to GE.

If all over 2 years old aside from £50 then should be doable. Although lenders can decline for any reason

billybear1

Thank you, I will. Do you know if there are any specialist bad credit advisers and how many companies roughly will look at bad credit? 20% deposit still seems a large sum and so would expect someone to offer us something.

Steviek_2

Think carefully about GE money. They told me they were not taking anymore new mortgage business on but its probably like the rest of the nonsense I have been through with them. I was placed with them by London & Country recommended from this site. I have 1 default which is due to be satisfied in March this year apart from that no bad credit or debt. They have been very very unhelpful to me throughout the 4 years I have been with them starting with the fact I asked for the 15th of the month as the repayment date being paid on that day it took over 6 months and fees to get that resolved as they persisted in taking the payment on the 1st of the month. Despite the fixed rate ending last June and not missing a single payment or anything like that they pointblank refuse to offer me any other product. I wanted to take my husband off the mortgage refused even though he was willing to sign it. Wanted to increase the term as there are only 5 years left the repayments are £2100 per month (I am 46 and with a £45k income plus bonuses) refused. They are completely unhelpful and I cant wait to get away from them

billybear1

Thank you for the feedback. Unfortunately I am stuck between the devil and the deep blue on this one with my credit history.