Remortgage Hell With Financial Advisor

lillymay1975_2

Og god what a hell of a day? i contacted a financial advisor i had used about 2 years ago, around 6 weeks ago for a new remortgage, due to ours ending after the 2 year deal on 01/01/2008, i have been waiting for weeks for them to get back to me with regards to offers etc. We have a bad record currently 5 month arrears with current mortgage GMAC i lost my job due to illness last year, basically were in hell of a mess, anyway got this girl phoning me for the advisor today asking fro nearly £300 for a valuation, which i may add i had asked if all charges could be added to the mortgage i was told no probs. So anyway i flipped i have been waiting for weeks for someone to get back to me, and they have been promising me the world for weeks, so i told them to shuve it where the sun don;t shine???? where the hell can i go now? can someone help we need around £89000 mortgage hose valued around 110000-120000 we are looking for a fixed deal, can someone help me i am so worried GMAC have kept off our backs due to this remortgage going through, so what can i tell them now?

Alias_Omega

Have you shopped around, most estate agents have a mortgage advisor in branch, and are more than happy to take on work from other people.

I would take a walk into town, pop into some of the large estate agents, and have a honest chat with them.

They will tell you what they think, take notes, and move onto the next shop / firm.

I found that pygote and crone had a legal and general chap in store, who was employed by legal and general, not the estate agent.

His time was free..and was more than happy to help us.

silvercar

You need a whole of market mortgage broker, preferably fee free, rather than a tied agent sat in an estate agent office!

Merlot

lillymay1975 wrote: »

Og god what a hell of a day? i contacted a financial advisor i had used about 2 years ago, around 6 weeks ago for a new remortgage, due to ours ending after the 2 year deal on 01/01/2008, i have been waiting for weeks for them to get back to me with regards to offers etc. We have a bad record currently 5 month arrears with current mortgage GMAC i lost my job due to illness last year, basically were in hell of a mess, anyway got this girl phoning me for the advisor today asking fro nearly £300 for a valuation, which i may add i had asked if all charges could be added to the mortgage i was told no probs. So anyway i flipped i have been waiting for weeks for someone to get back to me, and they have been promising me the world for weeks, so i told them to shuve it where the sun don;t shine???? where the hell can i go now? can someone help we need around £89000 mortgage hose valued around 110000-120000 we are looking for a fixed deal, can someone help me i am so worried GMAC have kept off our backs due to this remortgage going through, so what can i tell them now?

I was with GMAC a couple a years ago, my OH was self employed and considered a high risk, so only a selected few would lend to us, I am currently with the Abbey, a great fixed rate deal, I got it through Martin's recommendation London & County heres the link - I'm not sure they will be able to help you in your situation but nothing ventured nothing gainedLondon & Country,

lillymay1975_2

thanks all, just rang London & country but for adverse credit there is noone there till 9am tomorrow so i;ll try then thanks again, oh god were in a mess, i hate this.... we have had bad after bad happening to us, car accident last week, and i'm not well?

Merlot

lillymay1975 wrote: »

thanks all, just rang London & country but for adverse credit there is noone there till 9am tomorrow so i;ll try then thanks again, oh god were in a mess, i hate this.... we have had bad after bad happening to us, car accident last week, and i'm not well?

Please do try and call them tomorrow, they were fantastic with us and I can't recommend them highly enough, don't forget to mention that this site recommended them.

lillymay1975_2

thanks Merlot i will first thing ...

Alias_Omega

here, have a thanks, your first one..

it may cheer you up..

Leon_W

I'm going to be perfectly honest with you here, so don't shoot the messenger please.

If you are 5 months in arrears, and looking for £90k on a property worth £110 ,and you've lost your job, and trying to remortgage from sub-prime to sub-prime, then in todays climate, remortgaging is going to be practically impossible.

You need to speak to a broker URGENTLY, LIKE YESTERDAY ! because if it isn't doable then you have some very serious decisions to make, as GMAC (I usually find them fair) will not be patient forever.

You need to know NOW if a remortgage is possible because come January 1st 2008 your financial position could be SERIOUS. I would go as far as to say your position is serious now. If you fixed a rate 2 years ago ,then you are not going to get ANYWHERE near as good a rate today, so your monthly payments are going to go up considerably whether you remortgage or not.

Please take this "advice" in the spirit it is given. I believe you are going to have to take some really hard decisions, some that you thought you might not even be near taking. I would also ask that you speak to CAB as soon as possible.

Please keep us updated.

Regards
Leon

Dan_Collins_2

I agree with Leon, L&C will probably find you a mortgage but you really are going to pay for it. With your arrears and the LTV in this market I say 8% plus. I dont want to worry you as you obvioulsy know the position you are in. It may be better to talk to GMAC (Is your mortgage still with GMAC?). If you come to an arrangement to pay the arrears back that may offer you a scheme, they are a fair lender as long as your mortgage has not been sold on. Good luck and keep us informed, we will be here all the way if you need us!

geniejj

Dont like to be the bearer of bad news but also agree with leon.

Had a quick chat with our subprime specialist and the upshot was

Your are likely to need a 120K min val for 89K - max is going to be 75% with your arrears

If you have not made any payments in the last 3 months you will need to make 3 clear before getting a deal.

If L&C do find a mortgage lender prepared to do this please post on the board as I an trying to place some clients at the mo in similar circumstances.

I think the advice of talking to GMAC first is very good advice.