Remortgage

peterjohnson007

Any of you been in same boat as me?
in past 12 months i have 1 missed mortgage payment and 3 missed secure loan payments, this shows up on my credit file.
are my remortgage options limited, ive been offered a 90ltv with beacon homeloans but have to pay 4 grand in all fees, broker fees and setting up costs.
any1 know of anythin else i can do?
im currently with future mortgages

Mr_helpful

Find a fees free broker at least you save those fees .

MortgageMamma

Yes agree with Helpful - don't pay a broker fee there are plenty of fee's free brokers who can do an equally good job - there is one saving

Secondly, you are going to end up on an adverse product unfortunately because of the missed payments

Are you looking to consolidate the secured loan when you remrotgage? are you tied into your existing mortgage with future?

peterjohnson007

MortgageMamma wrote: »

Yes agree with Helpful - don't pay a broker fee there are plenty of fee's free brokers who can do an equally good job - there is one saving

Secondly, you are going to end up on an adverse product unfortunately because of the missed payments

Are you looking to consolidate the secured loan when you remrotgage? are you tied into your existing mortgage with future?

my deal with future runs out 18th may 07, so no redemption charges there, i have 1 quote with beacon homeloans 90% ltv missed payments ok etc, intrest rate 6.95 mixing the future mortgage and 16000 secured loan to one payment, only thing is we thought valuation would come back 120000 but was 10 k short so we would end up with no cash at end of remortgage, is it a good idea to take out a 25000 secured loan pay off 16000 loan and have cash left over to pay other creditors whom are hassling me and then in 6 mths time say remortgage both the future and loan? or can i postpone the secured loan and just switch my mortgage?
which is best you think?

MortgageMamma

Peter following you PM telling me who the brokerage was dealing with your application I just wanted to show you and others on the site their IDD. This is a document which details their market access, the level of advice you will receive, how they make their money and what to do if you need to complain. I am putting it there for the other brokers to scrutinise, but my point is, you should not have to pay a 4k fee's for the level of service they are saying they will provide

MortgageMamma

Combined Initial Disclosure Document (CIDD)

Crystal Clear Home Loans, Building 3, Furze Court, Wickham Rd, Fareham, Hampshire, PO16 7SH

1. The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.

2. Whose products do we offer?

Insurance

We offer products from a range of insurers.

We only offer products from a limited number of insurers for Home Insurance, Life Assurance or Payment Protection Insurance Cover. Ask us for a list of the insurers we offer insurance from.

We only offer products from a single insurer.

Mortgages

We offer mortgages from the whole market.

We only offer mortgages from a limited number of lenders.Ask us for a list of the lenders we offer mortgages from.

We only offer mortgages from a single lender.

3. Which service will we provide you with?

Insurance

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us for Home Insurance, Life Assurance or Payment Protection Insurance Cover. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

Mortgages

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

4. What will you have to pay us for our services?

Insurance

A fee for Home Insurance, Life Assurance or Payment Protection Insurance Benefit Cover.

No fee for Home Insurance, Life Assurance or Payment Protection Insurance Benefit Cover.

Mortgages

No fee. We will be paid by commission from the lender/company.

A fee ranging £295.00-£500.00, to cover the survey on your home. A fee of up to 5%, which can be added to your loan, is deducted at the completion stage of your mortgage. For example, on a mortgage of £100,000, 1% would equate to a fee of £1,000, 2% would equate to a fee of £2,000, 3% would equate to a fee of £3,000, 4% would equate to £4,000 and 5% would equate to £5,000. Our average fee is 1.9% which equates to £1,900. We will also be paid commission from the lender/company.

You will receive a key facts illustration when considering a particular mortgage, which will tell you about any fees relating to it.
Refund of fees

If we charge you a fee, and your mortgage does not go ahead, you will receive:

A full refund if the lender/company rejects your application.

A refund of if your application falls through.

A refund of the survey fee if an application is cancelled prior to the survey being instructed.

No refund if you decide not to proceed.

5. Who regulates us?

Crystal Clear Home Loans, Building 3, Furze Court, Wickham Rd, Fareham, Hampshire, PO16 7SH are authorised and regulated by the Financial Services Authority.Our FSA Register Number is 311992. Our permitted business is advising on and arranging mortgages, and arranging Insurance. You can check this on the FSA’s register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234
6. What to do if you have a complaint?
If you wish to register a complaint, please contact us:
...In writing Write to: Crystal Clear Home Loans Complaints, Building 3, Furze Court, Wickham Rd, Fareham, Hampshire, PO16 7SH
...By phone Telephone: 0870 950 1590
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
7. Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Insurance

Insurance advising and arranging is covered for 100% of the first £2,000 and 90% of the remainder of the claim, without any upper limit.

Mortgages

Mortgage advising and arranging is covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000

Further information about compensation scheme arrangements is available from the FSCS.

JoeK_3

peterjohnson007 wrote: »

my deal with future runs out 18th may 07, so no redemption charges there, i have 1 quote with beacon homeloans 90% ltv missed payments ok etc, intrest rate 6.95 mixing the future mortgage and 16000 secured loan to one payment, only thing is we thought valuation would come back 120000 but was 10 k short so we would end up with no cash at end of remortgage, is it a good idea to take out a 25000 secured loan pay off 16000 loan and have cash left over to pay other creditors whom are hassling me and then in 6 mths time say remortgage both the future and loan? or can i postpone the secured loan and just switch my mortgage?
which is best you think?

Peter, you need to go and see the Citizens Advice Bureau.

You need to see a debt management person to help you to overcome your present situation.

Do not remortgage, as it's only a short term fix and you might end up loosing your home.

Take advice and do it now!!!

JoeK

alexandlee

why would anyone want to use Crystal Clear Home Loans if they charge those size fees.!!!!

peter - do as mr helpful says and find a fee free broker. Your rate will also depend on when in the last 12 months you missed the mortgage payment.

MortgageMamma

Good point Joe

But if his interest is frozen, or he enters a payment arrangement or goes into an IVA, then his credit will be affected for a very long time

A remortgage would consolidate, reduce the payments and help repair his credit rating

crystal clear mortgages only have access to 11 lenders yet claim to be whole of market. Misleading or what?

MortgageMamma

alexandlee wrote: »

why would anyone want to use Crystal Clear Home Loans if they charge those size fees.!!!!

peter - do as mr helpful says and find a fee free broker. Your rate will also depend on when in the last 12 months you missed the mortgage payment.

I know they are horrendous, I'd be truly embarassed if I was one of their brokers charging fee's like that to peiple in debt

JoeK_3

MortgageMamma wrote: »

Good point Joe

But if his interest is frozen, or he enters a payment arrangement or goes into an IVA, then his credit will be affected for a very long time

A remortgage would consolidate, reduce the payments and help repair his credit rating

crystal clear mortgages only have access to 11 lenders yet claim to be whole of market. Misleading or what?

Sorry MortgageMamma I don't agree.

Please ask the OP the full extent of his, mortgage amount, finances, loans both secured and unsecured, credit card debts etc. and you will get my point.

Please go ahead and ask.

JoeK