My lender wants rid of me !

Commonsensesearcher

cells wrote: »

you can give it a try, might work since your join income is good for the 120k you owe

alternatively if you or your wifes parents have good credit histories and scores then it may be possible

sell the house to them, they can get a 5 year mortgage.

5 year fixed rate offset Mortgage

5.29% for 5 years
£600 Fee

on an IO for 120K that would be £530PM

but where ever you do, dont default or they will go after the folks :P

Who is this with? Any links?

Not being funny but with 'only' 15% equity (which is OP's perception rather than current mortgage valuation) and a recent bankruptcy then I'd be REALLY surprised to see this...

homer_j_3

its another example of "the man in the pub"

With bankruptcy 2 or 3 years ago, you are in subprime territory and you are right to be questioning a 5.29% deal.

Depending when in 2005 you were discharged - wait until its 3 clear years before you see an adviser as this may open up more opportunities but cannot see you getting a better rate from the limited information here.

loveandlight

Posted by EdInvestor

No offence meant to the OP, but how times have changed.

Only a few years ago going bankrupt was regarded as highly shameful, utterly to be avoided and was pretty rare because it ruined your reputation and financial profile for many years.

Maybe we do need a reality check, if people now think it's a minor routine procedure to be used when convenient. You can see that the lenders are coming round to that point of view.

I think you have been quick to misunderstand the point gforster was making. He made the point that his bankruptcy was the only blemish on his credit file meanng he did not have anything else negative on it. He wasn't making light of his bankruptcy status. I think your post was so judgmental it served no purpose whatsoever other than to try and make gforster feel bad about himself as a bankrupt. Bad things do happen to good people you know. Shame on you.

gforster

loveandlight wrote: »

I think you have been quick to misunderstand the point gforster was making. He made the point that his bankruptcy was the only blemish on his credit file meanng he did not have anything else negative on it. He wasn't making light of his bankruptcy status. I think your post was so judgmental it served no purpose whatsoever other than to try and make gforster feel bad about himself as a bankrupt. Bad things do happen to good people you know. Shame on you.

Thanks loveandlight, I'm glad someone could see where I was coming from !

gforster

homer_j wrote: »

its another example of "the man in the pub"

With bankruptcy 2 or 3 years ago, you are in subprime territory and you are right to be questioning a 5.29% deal.

Depending when in 2005 you were discharged - wait until its 3 clear years before you see an adviser as this may open up more opportunities but cannot see you getting a better rate from the limited information here.

Thanks I think that you are correct, I didn't really expect to get a better rate, I would normally have waited until the 3 year fixed rate was up but obviously the letter simply made me think.

3 clear years apparently does open up many more opportunities which would be November this year, however their kind and generous offer supposedly runs out in July this year (although I doubt they would refuse if I offered them an out then) and then £7k redemption penalty comes into force.

As for the 15% equity I appreciate what you all say about valuers undervaluing at the moment but you can only go on the actual sale price when predicting. We thought we had a lot more equity based on advertised prices on our street but the reality of what they sold for was much nearer 15% equity. Hope that clears up any confusion.

EdInvestor

loveandlight wrote: »

He made the point that his bankruptcy was the only blemish on his credit file..

Not so much a blemish as a carbuncle, wouldn't you say?

I think your post was so judgmental it served no purpose whatsoever other than to try and make gforster feel bad about himself as a bankrupt.

Obviously not, I made that quite clear in the opening sentence.

It's not my intention to criticise or discourage people from recognising mistakes, and dealing with debts etc . But the reality is that times have changed dramatically in the credit markets, and the sooner people realise this the better.What may have been regarded as a minor transgression a year ago, has now morphed into a major black mark.

You can make as many complaints about people being "judgmental" as you like, but it won;t cut any ice with the lenders in the current climate.I won't post any further comment on this thread, my purpose was simply to encourage people not to be complacent, but to pay attention to the wake-up call..