Can these rates be better, existing customer ;poor credit

ferry

Think I know the answer already but need to run this past you lot to confirm before I commit.
Santander existing customer with poor recent credit history of missed payments on unsecured borrowing inc several defaults:
1. 1.49 fixed 2 years 999 fee
2. 1.79 fixed 2 years 0 fee
3. 1.79 fixed 3 years 0 fee


Fixed rate preferred due to uncertainty of Brexit and BOE response to the outcome.


Unlikely to be bettered I think and the 3 year deal looks best.




Any thoughts appreciated
Thank you

[Deleted User]

Without knowing your circumstances its impossible to say if you would qualify for any other better rates.
And without knowing the numbers icant see if its worthwhile paying a fee or not.

But they are very good rates on offer and as an existing customer you get to do execution only if you are happy making your own choices and dont have to worry about being declined anywhere.

If you are worried about brexit etc are they offering a decent 5year deal?

ACG

They are not bad rates. I am sub 65% LTV and had to stick with my current lender due to a change in circumstances (a kid and childcare), our rate is 1.6% with a £999 fee which was placed about 3 months ago.

So you may (or may not) be able to get better rates but we are talking slight margins. You have to weigh up whether or not it is worth the time.

ferry

Deleted_User wrote: »

Without knowing your circumstances its impossible to say if you would qualify for any other better rates.
And without knowing the numbers icant see if its worthwhile paying a fee or not.

But they are very good rates on offer and as an existing customer you get to do execution only if you are happy making your own choices and dont have to worry about being declined anywhere.

If you are worried about brexit etc are they offering a decent 5year deal?

Thank you.
Quick current financials : 118k left on mortgage over 18 years./ 1.69 fixed
House value £390k but seems LTV does not count for much these days when poor credit history comes into play.

Was also made redundant just over a year ago but fortunately kept up the mortgage but defaulted on all my unsecured debt had no choice now back in full time employment

The 5yr deals are 1.89 999 fee & 1.99 no fee.


There is a secured loan to on our property but was thinking in 2 or 3 years time all being well we could roll the secured lending into the mortgage for a similar rate?



Thank you for the ongoing advice .

[Deleted User]

ferry wrote: »

Thank you for the ongoing advice .

Just to stress a very important point. Nothing on here constitutes advice in any way :-)

But from a purely factual point of view, I think Santander's existing customer deals are currently some of the best in the market. With 12 month old defaults i cant see anyone giving you anywhere near what you can get with them.

As far which deal to choose. Unless you specifically want the lowest possible payment I cant see any benefit in paying a £999 fee to set it up as you would be unlikely to recoup the cost of the fee over the product term.

If you value longer term security then you know what the answer is. The 3 year on offer is a decent compromise to length and rate though.

You are lucky you are stuck with a competitive lender and not someone like Natwest or Halifax who shaft existing customers with higher rates than anywhere else

getmore4less

What size and rate is the secured loan.

You can't recover the fee on either of the deals over the fixed terms.