Sub prime mortgage still or not???

Conrad

Tracewhy wrote: »

Try Dave Always trust your instinct. Something I think I should follow myself more often :rotfl:

OP - let us know the outcome would you. Some brokers imply most cases are doable even though I know they are not and I've been at this 20 years and know every trick in the book. There's only a handful of low rate high st lenders anyway, and they are not wanting anything but clean cases, perhaps with minor minor adverse credit in the past.

I'll pretty much bet this case cannot be done. No lender in the world wants any risk (unless they are higher rate chargers).

Don't be talked into buying new life assurance as your old one will have better claims definitions if it is with a reputable provider. Remember brokers on here mainly want to sell you insurance.

Dave_Ham

Conrad wrote: »

OP - let us know the outcome would you. Some brokers imply most cases are doable even though I know they are not and I've been at this 20 years and know every trick in the book. There's only a handful of low rate high st lenders anyway, and they are not wanting anything but clean cases, perhaps with minor minor adverse credit in the past.

I'll pretty much bet this case cannot be done. No lender in the world wants any risk (unless they are higher rate chargers).

Don't be talked into buying new life assurance as your old one will have better claims definitions if it is with a reputable provider. Remember brokers on here mainly want to sell you insurance.

I honestly do not understand you, and this is not me trying. I assume you sit bored in an office, working for someone else and just vent your hard done by story at passers by (on the forum)

OP - As I said this case will be tough, you will need a specialist and can be anyone who you can trust and find a solution with.

Forget the nonsense of being guaranteed doom and gloom, no broker out there (that is regulated and compliant) can get paid any other way than by a successful, completed mortgage.

Wh05apk

Dave_Ham wrote: »

I honestly do not understand you, and this is not me trying. I assume you sit bored in an office, working for someone else and just vent your hard done by story at passers by (on the forum)

OP - As I said this case will be tough, you will need a specialist and can be anyone who you can trust and find a solution with.

Forget the nonsense of being guaranteed doom and gloom, no broker out there (that is regulated and compliant) can get paid any other way than by a successful, completed mortgage.

Looking at this, I don't think the credit side is the issue, but simply the LTV, assuming a max of 85% for a remo IF the property values at £160k, that will allow a mortgage pf £134k, which will only clear 1/2 the debts, beacon I think are about 3% above libor, so the rate could be the same or higher, but I don't see too many problems in doing this with a high street lender, income seems just about there, even keeping some of the debt.

Dave_Ham

I agree ltv will be the biggest hurdle, although without more detail no-one (aside Conrad that is) can be more definitive.

I am not sure the 2009 Beacon will be on that rate, however if minimising outgoings is the prime directive then it may allow the OP to re-look at term and potentially consolidate some debt to make ongoing outgoings lower.

Not necessarily best long term option, but we do not all live in the long term..

All the best

Thrugelmir

flirtythirty76 wrote: »

The rental income from our other property isnt declared but has been paid direct in to my bank account for the past 3 years on the same date so would that be seen as my income or not???

Not your income per se. However you are complicit in tax evasion. So depending on the extent of the liability. You could be found liable to contribute.

The penalties mount up.

a. not filing an annual self declaration form (penalty will be imposed every year)
b. tax due
c. penalty of up to 100% of tax due for evasion
d. interest on amounts owed assessed from when they were originally due.

There is statute of limitations of 6 years. So after 8 years the evasion comes to light the HMRC can determine the assessment for years 7 & 8 for the amounts due. There is no right to appeal against the assessments.

flirtythirty76

Many thanks for all your constructive comments & I will update when I have news.