Will I be sub prime for ever??

green1970

There's a couple of sub-prime lenders out there (Accord are one) who will switch you to a prime product at the end of your deal providing all your payments have been met in full and on time. If you perhaps went for a 'near-prime' 2 year fix with someone like them (they ignore any CCJs more than 2 years old so hopefully you would fit on near-prime), at least you'll be able to swap to a prime deal when that ends rather than have to look elsewhere when everything hasn't quite come off your credit file.

bathgatebuyer

I've asked this question myself! I went to GMAC a year ago and I'm on about 6.5% at the moment as I'd had 2 months mortgage arrears from when I was unemployed with my previous lender, RBoS whom I'd been with for 8 years (funny, they suddenly stopped being interested).

I have another year to go before I come off my fixed rate, and given half a chance, I'm desperate to get away from GMAC. I've not had any problems with them, but I'm paying more than I need to. I've had no missed payments in the past year since being with them, so hopefully I'll be able to get something 'prime' in a year's time. My own credit score is 541 (which is up from 435 this time last year) which means that I'm still 'very poor'. Who knows, I may get to 'poor' before the fixed term is out, but by then, I should have only about £1K of credit card debts remaining as my only credit commitment.

Burlesque_Babe

GMAC are a pain - when you deal ends, they don't offer new deals - 'brand new customers only' unfortunately. I was told the only way to get a new GMAC deal was to go to a financial advisor and if 'they were the best deal' then I would be welcome to stay with them. Other than that I would have been stuck with the appalling rate I was on.

I'm with First National now, part of GE Money. Still on the shadier side of mainstream, but I was happy with 5.44%. They do offer deals to existing customers but when I need to change again in 2010, I will be looking to go with a High St lender if possible.