new mortgage deal needed and on a dmp

RedRobin_3

Hello everyone,

The advice that i have read on this site and forums has been priceless. Keep up the great work!

I need some advive regarding obtaining a new mortgae deal whilst being on a dmp thru Payplan. Our current deak with Northern Rock comes to an end in May of this year. I have started to make enquiries as regard to a new deal but the interest rates currentlu offered by Northern Rock are poor compared to other lenders.

I'm very concerned that due to being on a dmp this will further damage the chances of getting a good deal with another mortgae lender. I have contaced the mortgae brokers as recommended by Martin on this site and they are due to ring me back. Here's hoping!!


Any advive will be gratfully received!

rayday2

I think you will now be classed as sub prime, if you search for sub prime deals you will see that the Northern Rock is probably not too bad.

But you don't know unless you try, so no harm giving it a go!

compulsivespender79

That's a bit freaky redrobin, I was just about to post a very similar question!!
I don't have a mortgage yet, and am on a DMP, so does anyone know how that affects the deals lenders will offer you? I've never had a mortgage, and therefore haven't p*ss*d any mortgage lenders off!!
If anyone can answer our questions we'd be most grateful!!!

Oh, and my OH practically has got a credit record - never had credit in his life apart from his mobile phone contract!!

rayday2

It will still effect him if you have debts so probably again if you can get a mortgage it will good chance be with sub prime unless you leave it a while longer.

It is very hard at the moment to even get standard mortgages through there is zero confidence in money market without bad debt coming into it.

But if you are willing to pay you will get a mortgage but a few % higher than high street.

DonnyMick

Hi - try Whos lending: http://www.whoslending.co.uk/ they are a free broker and whole of market so will get the best deal for you and no upfront fees...

Nessa56

Hiya

Try http://www.londonandcounty.co.uk/ Martin mentions them from time to time and i found them very helpful

Good luck


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rayday2

Having posted what I did last week since then I have spoken with Chelsea Building Society, who obviously only do there own products but take on sub prime.

I have been offered but only at application stage 6.34% for two years, after then if I don't miss any payments I will be classed as an oridinary customer and they ignore my credit history.

I did go through an independant financial advisor last year and it was terrible the sub prime lenders were chucking hefty fees on, and frankly quite scared I think the best rate I got offered was about 7.49% all on LIBOR rated mortgages - LIBOR is not good, and at the moment is I belive is still going up unaffected by the Bank Of England rates. LIBOR is where all the banks go to borrow money and as Northern Rock saw, borrowing money for banks is expensive hence the problem they had!