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Subprime mortgages
shandypants
Posts: 58 Forumite
Ive just been turned down but Nationwide for a mortgage due to my credit rating being poor (my husbands is excellent) and it would be a joint mortgage. Jointly we earn £54,000 pa. Now I have finished paying my DMP we wish to move but obviously the stumbling block is my rating. I was paying over £1000 per month to a DMP company so now this is surplus a month.
I would like to know if I should consider a subprime mortgage?
TIA
I would like to know if I should consider a subprime mortgage?
TIA
DMP Mutual Support Thread No: 367
LBM 31.12.09 Total: £[STRIKE]36226.80
DEBT FREE - MARCH 2014
]
LBM 31.12.09 Total: £[STRIKE]36226.80
DEBT FREE - MARCH 2014
]0
Comments
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Well done for clearing your DMP. Now you've the next step to go through which is demonstrate continued financial responsibility. Save or pay down your existing mortgage for a period of time.0
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I dont think nationwide were ever going to accept this so soon after completing a DMP.
I would speak to a broker, one high street lender declining you does not mean they all will but making applications on a whim is not the way to go about finding out who will accept you.
It might result in you needing a non high street lender, it might result in you needing a sub prime lender but at this stage without knowing much more it might still be possible to get high street rates/lenders.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Obtain all three versions of your credit file and go through factfinding with an independent broker. They will be best-placed to guide you through current and future options.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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50 Reasons to use an Independent Mortgage Broker #16
https://forums.moneysavingexpert.com/discussion/5109933I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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