Harbour (broker) and First National (mortgages)

hsgamboy

London & Country have recently offered me a First National (part of GE Money) mortgage via Harbour Homeloan (Broker) and just wanted know what your views are?

Due to one recent CC default & one CCJ - this appears not to be a very bad deal considering my poor credit record

The deal is 7.39% fixed for 3 years, no overpayment allowed and its not portable. I also have to pay £950 arrangement fee.

My currently lender (Halifax Bank) understandably refused to lend me the extra money I need to buy the new house. I am tied with them for 3 more years @6.99 - initially a 5 years tracker (variable) rate. I enjoyed a low interest rate for two years 1.24 above BOE and the remaining 3 years is 1.24 BOE.

Considering that its only a 0.4% difference - is this a good deal?

Has any one dealt with First National? Are they easy bunch of people to deal with?

I intend to keep my head down and pay my mortgage repayments and clear the default and settle the CCJ and hopefully at the end of the 3 year period remortgage on a better deal.

Thanks

alexandlee

Without knowing the numbers, i'm sure no broker i here is going to comment

L&C are a whole of market, non fee charging broker.
Their advisors who look at sub prime cases will be experienced individuals, and will have been with the firm well over a year.

merlinthehappypig

Not sure if I have understood your post correctly, but you make no mention of any penalty to pay to the Halifax if you end the mortgage during the tie-in period. I'd check that out before making any decisions.

homer_j_3

First National are the lender. GE Money are the Parent Company, which FN is a brand of.

Harbour is a brand of FN which I believe is used through packagers.

What do you need the additional money for? How much more do you need?

There will be the exit fees and remortgaing may not be the best solution.