Can anyone offer some advice?

Conrad

No, in my opinion, if it were me I'd secure it, but regulators and Governments are far removed from the effects of thier dictats and do not understand the real world, hence we end up with bad outcomes for clients.

The regulators advice would be that you consult your unsecured loan provisers and come to an arrangement to pay less, but this again shows appauling lack of insight as the regulator has'nt taken into account the fact this could adversly affect your credit rating meaning future mortgages cost you more.

argghhhhhhhhhhhhhhhhhhhhhhhhh!!!!!!

Lodge

Conrad wrote: »

No, in my opinion, if it were me I'd secure it, but regulators and Governments are far removed from the effects of thier dictats and do not understand the real world, hence we end up with bad outcomes for clients.

The regulators advice would be that you consult your unsecured loan provisers and come to an arrangement to pay less, but this again shows appauling lack of insight as the regulator has'nt taken into account the fact this could adversly affect your credit rating meaning future mortgages cost you more.

argghhhhhhhhhhhhhhhhhhhhhhhhh!!!!!!

Who said life was easy eh!!

logan-mick

please contact CCCS. they will sort out your unsecured debt making the payments smaller and the term longer. it will affect your credit but if you say it's already bad then so be it. at least your house will be safe and your monthly outgoings will be less.

please please please phone the CCCS, they saved my life.

Lodge

Conrad wrote: »

Lodge, I think Nat West could well decline your application, largely due to the FSA's 'responsible lending' initiatives. Thier compliance team will deem your home will be put at greater risk of repo by securing more debt, hence it wont meet 'responsible lending' rules.

You might argue it is more responsible and beneficial but that will not be relevant as there isnt a clause in the rules that accomodates the view you have about unsecured lending.

You might find an alternative lender willing to remo the lot but they again have to ensure you pass this new 'responsible lending' test and the overall rate might be high

Note that lenders like C & G now do adverse credit mortgages - a good broker will try all the options not just the usual sub prime sources.

Just to keep you updated I applied for the new mortgage yesterday and today I received the mortgage pack in the post with a covering letter saying the following:

"I am delighted we are prepared to further consider your mortgage application. This agreement is valid for 28 days etc etc"

There are forms for me to sign and send back etc etc.

Do you think at this stage there has been a credit search OR will this only take place when I sign and return the forms?

Thanks in advance.

D.

Conrad

Lodge, I would have expected them to have done a search already, but with large organisations there's no telling for sure.

Get those forms in quick!

Lodge

Not heard back now - it's been a week!!

If you get turned down do they contact you or do you just hear nothing??

Help!!

Daz1

I would expect them to have at least written to you if you had been declined. Sometimes no news is good news

Lodge

How long does it usually take once you have filled in and returned an application?

Tiddler_2

If you have done your mortgage with Nat West or another member of the RBS group, i would expect to hear nothing for 2 - 3 weeks, I understand they have some severe backlogs

haziec

Lodge wrote: »

How long does it usually take once you have filled in and returned an application?

why don't you call their customer service department and ask about the progress, the number is on the application pack.

Their information which my friend got says 7 days, so you should have heard by now Lodge.
Good luck!