adverse credit

peterjohnson007

ive noticed that some lenders class 4 secured lending missed payments within last 12 months as medium pirime and others as light, why is this?

also ive noticed that the maximum ltv adverse credit can get is 90% in my case while in cases of heavy adverse the max is about 80% is this the general rule?

homer_j_3

I personally do not think there is a general rule but of course it makes sense that the higher the risk a client is the more of a safety net they want in terms of equity.

Each lender will clasify the risk ratings differently, hence why you may be medium with one lender, near prime with others...

peterjohnson007

should i be finding it extremely difficult to find a lender that will help me?
ive been looking for what seems like forever, looks like that the only people that can seem to help seem to want to charge me 4 grand for the pleasure!
ive spoke to different people, some independant brokers whom on looking at my application first off say that they can help me definatley but when they delve deeper into my case they seem to not be able to help me afterall. ive currently got a broker investigating my case and he said he will speak to my current lender, future, to see what they could offer me but really how long does it take to speak to a lender surely not more than 5 days???
ive already missed the cut off point in which to remortgage b4 my current deal ends its 3 yr term so im deffo gonna see a hike in my current rate are these companies that say they can remortgage 4 you in 2 weeks any good or are they just touting for business?

homer_j_3

peter - I class Future in the same league as Kensington in terms of they are last chance saloon for people. There are very few lenders that will look at you if you have got in trouble with another adverse lender.

You will pay heavily for these products both in terms of fees and brokers wanting to take a fee because of the work involved (Although the commission alone should make it worthwhile). You will no doubt pay a fee for these people who promise fast remortgages.

I cant comment on how good or bad it is as I am not party to all the information but it is not looking good.

peterjohnson007

homer_j wrote: »

peter - I class Future in the same league as Kensington in terms of they are last chance saloon for people. There are very few lenders that will look at you if you have got in trouble with another adverse lender.

You will pay heavily for these products both in terms of fees and brokers wanting to take a fee because of the work involved (Although the commission alone should make it worthwhile). You will no doubt pay a fee for these people who promise fast remortgages.

I cant comment on how good or bad it is as I am not party to all the information but it is not looking good.

just as i thought!!!
i dont see why brokers ive spoken too promise me the earth upon application but then proceed to let me down time after time. im trying so hard to secure me and my family a cheaper deal than what we have atm on our flat but so far to no avail! im seriously thinking of letting them reposess the flat and we move in with family untill things have settled down then just rent somewhere!
i really dont know what else to do, im stressed to the max and POOR to the max all beacuse i wanted to become a homeowner 3 years ago i wish i hadnt now! i should have done what my brother did and go on council list got a 3 bed house that he pays rent on which is something silly like 50 quid a week, he to me seems to have everything that i want out of life, lots of time to spend with his kids n wife whereas i am either at work all the time just trying to make ends meet

homer_j_3

Yes if the mortgage is becoming a burden then you need to sell and get out - reposession wouldnt be good for your record but if you could sell and rent until you are in a financially better position and able to properly afford property ownership.

There is no shame in renting nor is there any shame in trying to do whats right for your family.

peterjohnson007

anyone else experienced similer problems to mine?
what did you do?
sell and get out or stay and make things good again?

peterjohnson007

from what ive been offered so far the very best is from a broker called The mortgage lender (TML) they have said i could have a 2 year fixed rate remortgage for 90% of my prop value at 6.3 percent. the repayments i could easily afford as it would pay back my secured loan also, the fees are about 2,500 so i would be left with 2,500 ish for myself.
now the only thing i dont like about this is that i wanted to pay my family back what i owe them, pay my unsecured borrowing off and have this amount left over for my family. should i stop wanting more and more and just be happy some1 has agreed to lend me the mortgage money?
BTW the lender is rooftop, are they any good?

homer_j_3

The interest rate seems good to say the issues you have had with Future.

Without knowing your full circumstances, its difficult to say whether it is worth going for it. Are there saving to be had on the monthly payment?

peterjohnson007

the monthly payment with future now is 591 a month, this is repayment, also on my secured loan its 250 a month. i was quoted a payment of 530 a month on intrest only by rooftop. so alone the savings per month are big, big enough to probably pay back my family a chunk of what we owe each month, same with my unsecured debts (credit cards), so this is probably the option i will choose. just that ive been promised alot of things by some people, mortgage advisors, but they havent been able to come up with what they have promised, like this bloke who i spoke to last week its taken him over 5 days to ring a lender up to find out if they can help!!! this is why i think mortgage advisors(not all just ones ive dealt with or people whom i know have dealt with) aint all that they are cracked up to be. in my opinion they want to help you but they take on too much work with other clients that they forget about you.

homer_j_3

I suggest that you try and find a broker who can fully assess your case and ensure that you do not go down the wrong route.

The savings you are quoting are not like for like so you would probably save money by going on interest only with your lender.

You seem to have been speaking to a lot of people that leads to the scenario that you are in - confused even further. Try and find a broker who you can trust and listen to - (it may be that what they tell you is not what you want to hear). If you start going to loads of brokers and the credit check you loads, you will not only get a worse credit rating but you will have too much info and not know what is correct.

If you go with a broker who tells you what you want to hear - is that really helping your cause if the reality may be something completely different? As this seems to be the case with what you have said