Online Mortgage Advisor

sarahg4242

Anyone had dealings with Online Mortgage Advisor?

Background .... I'm looking to sort out my finances this year. Our fixed rate mortgage expires in June, Nationwide said I could look at securing a new rate from March onwards without paying an early redemption fee but I'm looking at ways to old outstanding debts which are causing me a great deal of stress. We have looked into a number of options but one we have not looked into is re-mortgaging. However, with old outstanding debts which we defaulted on 10 years ago its not something the likes of Nationwide will help with. Need the advice of a mortgage broker/financial advisor who have experience in re-mortgage for poor credit history and on searching I came across these guys.

Don't know anyone who has taken any mortgage or financial advise in 10 years so cannot recommend anyone to use hence the internet search.

Current outstanding balance is £48000, value around £155000, looking to borrow £85,000 to clear debts & existing mortgage.

Thanks

haras_nosirrah

Hi Sarah. With the outstanding debts check your credit file to see how long ago they defaulted - if more then 6 years you may well be considered clean credit.

I would definately get advice as without income etc it is hard to comment but the loan to value side of it looks doable subject to income and credit score.

sarahg4242

Thanks. It was 10 yrs ago, a time when we both got made redundant within days of each other.

Income ... he is on £22500 and I'm on £8500, that doesn't inc any overtime as its not guaranteed so don't think its wise fudging figures.

So my first job today is getting my credit score. At least that's a start 👍

haras_nosirrah

defaults drop off after 10 years so if they defaulted 10 years ago and nothing since then you may well not have an adverse score. Definately worth checking.

sarahg4242

According to the credit club on here my score is a pathetic 755 ☹ However, any re-mortgage would clear existing credit agreements so not sure if that would help in any way

[Deleted User]

Your credit scores are meaningless. Only the data is of relevance.

Have a look at your three files to see what issues there are, if any.

ACG

Ignore your score. The important bit is the green and red markers.
Defaults 10 years old I would not expect to be on your credit report, they would normally drop off after 6 years.

You should get your credit reports from equifax and experian - 30 day free trials or statutory reports for £2 will be fine.

That website as far as I am aware is not a broker themselves. They pass your details on to a broker.

amnblog

ACG wrote: »

That website as far as I am aware is not a broker themselves. They pass your details on to a broker.

Correct, the website says...

All advisors that we pass your details to are regulated and authorised by the FCA, so you can feel safe that if there’s a mortgage out there for you they’ll find it, and at the best rates!

They are selling your details. Advisers will typically by this data when they can find no other way to generate business as it is expensive.

A bit like going into a blank shop front and not knowing whether it leads to Harrods, Tesco's, or Poundland.

dunstonh

Don't know anyone who has taken any mortgage or financial advise in 10 years so cannot recommend anyone to use hence the internet search.

Most postcodes have plenty of local mortgage brokers and IFA firms (who have mortgage advisers in them). So, you shouldnt have any difficulty finding a local firm.