Sub prime mortgages

PM22

Hi everyone, 

I’m reaching out for help today as I’m thinking of getting a sub prime mortgage. 

Long story short, my ex husband owns the flat I live in but I pay the mortgage. This is because I couldn’t get a mortgage. However, I now want to buy the flat and do some repairs. 

I have a meeting with Haysto tonight. Has anyone used them? They think I can borrow 110k over 25 years at 7.5%

What do you think? Payments would be £875 and affordable and I would keep paying off my DMP as well. 

Any words of advice or experience welcome! 

born_again

Have you approached any local mortgage brokers who might get a better deal?

Grumpelstiltskin

Your question would be better here.

Mortgages & endowments — MoneySavingExpert Forum

fatbelly

You're on a dmp? When did the defaults go on your file? You know that the whole entry drops off after 6 years?

I don't like the sound of that mortgage. How log is the rate fixed for?

enthusiasticsaver

When does the DMP finish? I would not get a sub prime mortgage especially at that rate. How will you fund the flat repairs? 

gwynlas

Please consult a whole of mrket broker before committing. It might be possible to get a mortgage with a dmp based on affordability. Once dmp ends you should be able to get a better rate as disposable income increased.

[Deleted User]

This broker claims to search over 12000 mortgage products. They do, however, charge a fee of up to £1499 which can be added to the mortgage. 

tigergambit

[Deleted User] said:

This broker claims to search over 12000 mortgage products. They do, however, charge a fee of up to £1499 which can be added to the mortgage. 

Way too expensive. My broker charged £450 and only once a product was accepted. I saved the payment in 3months of lower costs.

Shop around. Where in UK are you?

Tealmummy

when are your defaults due to drop off

i only ask as i was looking at mortgages through a broker with lenders such as kensington and pepper who were not a great fit for me

i went direct with YBS, no broker, due to complete next week- thats with 2 defaults and a couple of missed payments here and there.

[Deleted User]

tigergambit said:

[Deleted User] said:

This broker claims to search over 12000 mortgage products. They do, however, charge a fee of up to £1499 which can be added to the mortgage. 

Way too expensive. My broker charged £450 and only once a product was accepted. I saved the payment in 3months of lower costs.

Shop around. Where in UK are you?

I’m not the op!

PM22

I'm in West Sussex, 8 defaults all due to drop off in 2028....