Mortgage help pls

greyskies

Hi

I want to take a further advance to consolidate some loans I have. I am currently with nationwide. Now the LTV ratio, according to them is 67%. But because I don't have a good credit score they won't lend me the money. Even though I pass there affordability calculators. Their guy recommended someone like nemo, who I had never heard of, have googled them since but was wondering if anyone had heard of other places like nemo that I could also look at?
Also do brokers look at these other types if lender if I went to one or do they only look at high street lenders?

Thanks

GS

_Andy_

When you say "don't have a good credit score", exactly what do you mean? Adverse credit? What specifically are the issues with it?

Thrugelmir

greyskies wrote: »

Hi

I want to take a further advance to consolidate some loans I have.

Will be an issue for all the mainstream lenders in the current marketplace.

Don't leap into consolidating debt. See what you actions you can take do to help yourself first.Suggest you try the Debt Free Wannabe forum first for support and advice on tackling your issues.

greyskies

Late payments mostly and a lot of debt, which is what I want to try to pay off.

Thrugelmir

greyskies wrote: »

Late payments mostly and a lot of debt, which is what I want to try to pay off.

Start by analysing every penny you spend. Normally an eye opener in its self.

_Andy_

greyskies wrote: »

Late payments mostly and a lot of debt, which is what I want to try to pay off.

But you won't be paying it off, you'll just be shifting it to your home

ACG

If you can afford the repayments as it stands, it would make little financial sense to add it to the mortgage.
You might not feel it as much but it will take you longer to clear it and probably more in interest in the long run.

If paying it off each month is an issue, then it could be worth consolidating but its worth considering the pros and cons of each.

and looking at your monthly spend is definately an eye opener. We do financial breakdowns with all of our clients and according to all of my clients they seem to think at the end of each month they have a few hundred pound more than they actually do at the end of each month....ask them where this money is and they realise theyre mistaken.

originalmiscellany

What is a lot of debt? If it's 5k but you earn 90k a year, that 's different to 40k and you're on 20k a year...
However, it sounds like you would benefit from doing a SOA (Statement of affairs)
http://www.makesenseofcards.com/soacalchelp.html

then post on here to get a better understanding of you and your finances!

Dave_Ham

Get your credit reports from Experian and Equifax.

If you have no defaults or CCJ's and have not missed payments doubled up and have 2's and 3's this may be an issue..

Aside from that it is probably achievable.

Nemo would be on a 2nd charge basis and there is a much bigger rate coming along with it..

greyskies

Thanks, sorry its taken me a couple of days to get back to you.

I am managing to repay at the moment as I have a second job, however my partner has now left me and I can't carry on working evenings and day times as I have no one to have the kids. At the moment I am paying back over 1000 per month with some of the aprs @ 26%. If I consolidated It would bring the monthly figure down to about 250, which is easier for me. Its the only way I can see to keep the house.

Nemo would be on a 2nd charge basis and there is a much bigger rate coming along with it.. - Sorry what does this mean?

Thanks

Thrugelmir

greyskies wrote: »

Nemo would be on a 2nd charge basis and there is a much bigger rate coming along with it.. - Sorry what does this mean?

Thanks

Interest could be around the 10% mark.