Help I am trying to remortgage as a sole customer

Jed_3

Please help, I am trying not to get ripped off. I have a very limited time to remortgage my house after a court order a couple of weeks ago where I have managed to buy my ex out of his half of the house and now have to come up with a viable mortgage to take it over in my sole name.

Unfortunately I was not the wage earner and my ex decided not to pay the mortgage for 11 months leaving a nasty black mark against me. Now trying to get a mortgage is a nightmare.

I have tried my current lender, my bank and other High Street lenders all to no avail.

I am determined to keep the house and provide stability for my daughter who is about to take GCSE mocks!

I have gone back to work now to provide an income. ( a minor problem solved)!!

It is a mine field, I have two qutoes from sub prime lenders with horrid fees attached.

Company one:

9.3 % fixed 2 years interest only
Arrangement fee £1995.00
Broker fee £995.00
Valuation fee £615.00
+++++

Comapny two
9.4% fixed 2 years interest only
Arrangement fee £1,295.00
Broker fee £1,950.00
++++

I need to get a good deal to be able to afford the mortgage and I am very worrried about the small print.

Can anyone recommend a decent company without the awful fees that can patiently explain this all to me? I only have until 17th January to show the court this is possible or else the house will have to be sold!

Please help!

Many thanks

poppy10_2

Jed wrote: »

9.3 % fixed 2 years interest only

Ouch! Sounds painful :eek:

Can you give us some idea of the sums involved - how much is the property worth, and how much mortgage do you need? And what is your maximum monthly payment limit?

Jed_3

Hi
Yes, no problem. Property value is £425,000. Mortgage needed is £183,000. I can really only afford about £1,200 a month as a max. Less would be better as this would enable life with food, water and utilities. Term is 19 years.

I only want to stay for a short while with such a high payback, all I need to do is show I can pay the mortgage! so 18 months of regular good payments should do this then I could return to a normal High Street lender. I would also probably downsize at this point once my daughter is in the clear of exams.

Thanks

IveSeenTheLight

Jed wrote: »

Hi
Yes, no problem. Property value is £425,000. Mortgage needed is £183,000. I can really only afford about £1,200 a month as a max. Less would be better as this would enable life with food, water and utilities. Term is 19 years.

I only want to stay for a short while with such a high payback, all I need to do is show I can pay the mortgage! so 18 months of regular good payments should do this then I could return to a normal High Street lender. I would also probably downsize at this point once my daughter is in the clear of exams.

Thanks

Have you been to an IFA and they could not sort you out a mortgage?

poppy10_2

Jed wrote: »

Hi
Yes, no problem. Property value is £425,000. Mortgage needed is £183,000.

With such a low loan-to-value requirement, you should easily be able to get a much better deal than you have found. I would definitely recommend contacting an IFA for specialist advice, as your situation is rather complicated and we wouldn't be able to find you a specific deal without getting all your financial information which you shouldn't be posting on the internet .

silvercar

Unfortunately I was not the wage earner and my ex decided not to pay the mortgage for 11 months leaving a nasty black mark against me. Now trying to get a mortgage is a nightmare.

This is your problem, mortgage arrears mean you are seen as very high risk.

Jed_3

Have been to IFA locally and they cannot do any better than above! Fees are just as bad! I know a mortgage is possible with the loan to value requirement and I have two quotes as above. However, 9.3/9.4% is nasty, let alone the fees from broker/lender/arrangement!

Who else could I try!! The quotes I have are for Northern Rock and GE Money!

Conrad

Jed, I find some FAs ignore the new breed of sub prime offering that is the Building Societies. It is these that can offer more competetive rates subject to application.

They incude;

SALT - Debyshire BS, but beware they lend just 3.5 x income from memory although you may be able to self cert (not have to prove the stated income level).

COVENTRY

SKIPTON AMBER

SCARBOROUGH

IPSWICH

CHELSEA

Good luck, and remember to check how long you are tied in for.

NOTE RE BROKER FEES - just tell them you wont pay over £200. You should find many that will accept this as the commisions are generous.