AWD Moneyextra

wot_a_life

Just wondered if anyone had heared of these or had any experience with them?

They have just offered me a re-mortgage of £168,000 interest only with Scarborough Specialist Mortgages

Re-payments will be 24 payments of £949.19 (£190) cheaper than we are paying SMPL at the moment then 276 payments of £1,195.64

Any advice would be greatly recieved

herbiesjp

Are you still being treated as a sub prime client?

What kind of adverse credit have you had?

luckyfool

Are you comparing like with like on the payments. Is your current mortgage interest only as well? what fees are you paying to set it up?

Without knowing your circumstances in more detail it's impossible to say whether this is a good deal for you, or even the right one.

I have no experience of AWD and can't comment, though having taken a glance at their web-site I can at least say they don't charge a broker fee.

wot_a_life

Wot is a sub prime client?

Hubby has 4 ccj's amounting to £4,000, he is also self employed

We were 1st time buyers 2 years ago, but because of the high interest rates, we are trying to get a lower deal. This offer is a light 2 year tracker? (BBR 0.99% THEN BBR 2.74% 80% LTV whatever that means???

wot_a_life

The fees are £995.00 which will be included into the loan and yes, our current mortgage is interest only.

We would be paying back £3.09 for every pound borrowed, a comparison of £8.6%

homer_j_3

http://www.moneyextra.com/callback/mortgage?WT.svl=1

This is them I think.

Never had any dealings, they seem to be free but state they are independent, which isn't the true meaning of independent. A bit misleading if you ask me...

homer_j_3

when were ccj's registered and are they satisfied now or are they still ongoing.

The product description means that you have at least 20% of your house value with no debt on it OR your debt equates to 80% or less on the the value of your property.

BBR Tracker = Bank of England Base Rate Tracker. You haven't said whether its +0.99% or -0.99% but it will track at .99% either above or below the Bank of England Rate. So if interest rates go up, so do yours and if they go down, so do yours.

The 2.74% I am assuming is what the rate reverts to once you have enjoyed the benefit of the .99% +/- bank base rate.

herbiesjp

A sub prime client is one with advserse history i.e. CCJs

What is the property value and what is your husbands income (his net profit)? How long has he been self employed?

DO you have any income to take into account?

As homer says, when were the CCJs registered and have they been cleared - if so when?

wot_a_life

Right, The ccj's in hubbys name were entered at the begining of this year so they are still running, have just sent off for a credit report to find out exactly how much each one is for.

Hubby earns around £30,000, I earn approximately £8,000 per annum.

The variable rate is 0.99% above the england base rate, currently 5.75% for 2 years, to give a current rate payable of 6.74% which will not go below a floor of 4.00%

Whatever that means??????

The property is valued at approximately £210,000

17Dave

i am worried that you keep saying "whatever that means" you should be talking to your adviser - or rather they should be explaining the deal to you.

The "floor" of 4% means that if the Bank of England rate falls a lot you will never pay less than 4%.

Are you tied in beyond the 2 years? If so how long are you committed to paying 8.49% (or whatever) after the 2 year deal?

wot_a_life

I know 17Dave!! Can you tell I don't know what I'm doing?

No, not tied beyond the 2 years, it seems like a good deal, but I'm nervous about applying because of the debt, sounds daft because I've already got a mortgage but I need to find the right one and not get myself messed up into anything that we can't afford!!

Was thinking that IF we went for this mortgage, for maybe the 2 years, then re-mortgaged again when the ccj's have either been satisfied or are older? That way, our monthly re-payments are reduced which will take the strain off our outgoings in a big way