Sub-prime remortgage - existing lender?

SteveKent_2

Hi all

My current fixed-rate mortgage with Abbey (4.49%) runs out in July, and I want to start looking at how I can best shift onto another product.

The problem is that the debts I accumulated from my 20's have recently meant that I've had to enter into a debt management plan with my various creditors, and as a result there are 4 or 5 non-secured defaults on my credit file.

I've been very careful to keep my mortgage payments going during this time so none of these have been missed.

My thinking is that the best first step is to write to Abbey seeing what remortgage deal they can offer, and then look at a broker who knows the sub-prime market inside-out.

Any thoughts or recommendations?

Thanks
Steve

andyauk

Hi you could try https://www.whoslending.co.uk they are part of payplan and have helped me recently.

herbiesjp

I think your best bet, is ask Abbey what deals they will offer you, as if you are just looking for a product switch (and no extra borrowing) they will not normally credit score you. And you stay with a prime high street lender

If you look at sub prime, the rates will definitely be higher, and so I'm guessing will not be as cost effective for you as the high street rate

Dan_Collins_2

SteveKent wrote: »

Hi all

My current fixed-rate mortgage with Abbey (4.49%) runs out in July, and I want to start looking at how I can best shift onto another product.

The problem is that the debts I accumulated from my 20's have recently meant that I've had to enter into a debt management plan with my various creditors, and as a result there are 4 or 5 non-secured defaults on my credit file.

I've been very careful to keep my mortgage payments going during this time so none of these have been missed.

My thinking is that the best first step is to write to Abbey seeing what remortgage deal they can offer, and then look at a broker who knows the sub-prime market inside-out.

Any thoughts or recommendations?

Thanks
Steve

Call abbey asap, you will not beat an Abbey rate if you are sub prime. You will be better offer taking whatever they offer you. Call them ASAP dont write, its 2008! They will do it all over the phone and will not want salary info etc, its just an admin task.

UK007BullDog

Stay with Abbey and take their best deal.

You are now subprime and Abbey cannot be beat. Other high street lenders will not lend to you. And subprime rates are many times higher.

Bluerover

Have the same problem as OP, but decided to stay with my high street lender got offered a good deal and just waiting for paperwork to go through but have taken 4 years off the term as well now down to 9 years. Fixed my rate for 2 years enough time to get myself sorted and back to a stronger position.

Did not want to go sub prime.

SteveKent_2

Many thanks all.

Should I disclose my default notices to Abbey up-front or simply wait for them to come back to me with an offer (assuming they'll make an offer!)?

Thanks again - very useful.
Steve

UK007BullDog

let sleeping lions sleep ........

Dan_Collins_2

What defaults????