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Remortgage hell

2

Comments

  • ACG
    ACG Posts: 24,981 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    https://forums.moneysavingexpert.com/discussion/comment/81970760#Comment_81970760

    I think so.

    They clearly know about the DMP, so that bodes well. If you have made all the payments on time then it is going to show them what they want to see.

    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Samlou99
    Samlou99 Posts: 14 Forumite
    Sixth Anniversary 10 Posts Combo Breaker

    This is one of the most stressful processes of my life. Whats the time line on them making a decision? The solicitors are awaiting paperwork.

  • ACG
    ACG Posts: 24,981 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    edited 20 April at 5:26PM

    No idea, I have never used Cumberland. Its a question for your broker.

    You can start the legal work before you get an offer, but it comes with the risk.

    I wouldnt worry too much. As I said, there sounds like there will be a few options even if cumberland do not do it.

    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Samlou99
    Samlou99 Posts: 14 Forumite
    Sixth Anniversary 10 Posts Combo Breaker

    Thanks ACG for the reassurance i am such stress head and worry too much. Hopefully i will be back on here soon. With more news.

  • ACG
    ACG Posts: 24,981 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament

    I think most of our business is adverse.

    I think most of our work is reassuring people… Dont worry about it. I know how your feeling as I spend half my life speaking to people to our customers who feel the similar to how you feel.

    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Bonniepurple
    Bonniepurple Posts: 684 Forumite
    Part of the Furniture 500 Posts Name Dropper
    https://forums.moneysavingexpert.com/discussion/comment/81971096#Comment_81971096

    OT but thanks ACG. I’ve been quite worried as our mortgage deal is ending and things are somewhat different to how they were 5 years ago (although my income is sadly not!). I had a chat with my broker and he was really reassuring. It’s not ideal but it could be considerably worse.

  • Diaz09
    Diaz09 Posts: 57 Forumite
    10 Posts

    With 50% LTV and 40k inheritance, you're in a strong position - don't panic yet. Consider approaching specialist lenders who deal with adverse credit rather than mainstream ones your broker might be trying first. Also, if the defaults drop to under 4 years on your credit file, that could be making things trickier than the 4.5 years you mentioned, so double-check the exact dates showing.

  • Samlou99
    Samlou99 Posts: 14 Forumite
    Sixth Anniversary 10 Posts Combo Breaker

    Sadly Cumberland Building Society also gave a no. My Broker is now trying specialist lenders ans has promised it will.be sorted this week 🙏

  • ACG
    ACG Posts: 24,981 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament

    Did they give a reason?

    Would be interesting to know if it was outside of their criteria or just underwriters discretion.

    If criteria, specialist is probably the route to go. If discretion, then there might be cheaper options than specialist.

    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Samlou99
    Samlou99 Posts: 14 Forumite
    Sixth Anniversary 10 Posts Combo Breaker

    It must be the history of my dmp? My partner spoke with Mortgage advisor this morning. I would be interested to know why also.

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