GE Money Changing Their Minds

billybear1

Hi all,

We have found the house of our dreams at a VERY good price and had an AIP with GE at 25% and other options to try, these options have apparently tightened up (defaults satisfied and hit two years, totalling £2k all in all, satisfied) now we have gone to GE they appaently want 30% (doable at a stretch) with fees on top!

Do certain advisors have better access with GE or are they being rediculously picky at this time of month? What can I do as no one else will touch us even with a 30% deposit.

I am aware of the perils of GE Money, but we want to move out of my fiances mums house as we are due to get married soon. Any advice you have (other than avoid GE money) would be appreciated.

Our combined income is £32,000 PA not including bonus and overtime of £8000.

BB

Dave_Ham

Clearly I am late on this and you have had some "advice" around this.

I cannot believe GE Money are the best option at 30% Loan To Value, although recognise I am not party to full facts.

Give us a non-specific overview of your situation, including on who, how much and when the naughties were put on your credit file and may be able to give further information.

Yes, some brokers will inevitably have a higher level of influence than others...

The_J

75% is definitely possible with GE. How much are you looking to borrow?

billybear1

121,000 purchase price
90,750 mortgage
IR needs to be around 5.5
6 defaults one due to celebrate 2 year anniversary on the 3rd
all cleared in full


They are from
Next £112
Orange £47 (2 years on 3rd)
Orange £233
Vodafone £400
Barclays £1791
British Gas £200

The_J

All the other defaults are >2yrs?

Any commitments? Credit cards, loans, hire purchase?

What does IR mean sorry, it's Friday afternoon I'm acronymed out.

Dave_Ham

Assuming you are currently renting, how old are the others?

Sorry that may be a dim question.

Any late payment markers in last year or any of the defaults in the last year?

Are they all in joint names or across joint names or is one of you totally default free?

Do not know how far progressed you are, but cannot imagine GE Money is the best place for your mortgage.

Is the deposit progressively saved up, or has it been gifted to you?

Sorry for all of the questions, just like as much non-forum sensitive information as possible.

Would be interested in exactly what broker and GE Money are trying to charge you also?

Dave_Ham

I am taking a punt on IR being Interest Rate, although happy to be wrong

billybear1

IR = Interest Rate

Deposit is £20k gifted.
Living with parents.
One completely default free with excellent record.
Proof of saving around £1k a month for last year.
No issues since.
Asked another advisor who states GE are also only bet in their mind for it.

BB

Dave_Ham

From the information provided, I would not agree with the advice given.

Obviously I do not have full facts, but personally I deal almost exclusively with adverse credit applications (and worse than yours I promise) but hardly ever place with GE

This needs to end up with a Building Society who will manually underwrite your application based upon the present and the future and not the past (well 2 years +)

And the rate would be noticeably better than 5.5% and the expected big arrangement fees for all concerned.

billybear1

Does anyone know if my advisor isnt listed on the list that GE supply, does that mean he cannot go to them or has to go through another co or what?

Dave_Ham

Hi

Brokers go through "Networks" quite often when they are not directly authorised from the FSA and are appointed representatives of... and therefore most can use GE in one form or another.

In my experience, almost all brokers have access to GE although obviously not all use..