re-mortgage advice-newbie

polestarbaby

Dear All

I am currently with Redstone and have a interest only mortgage purchased through Crystal home loans. In June i will be free from my ERC. Originally my mortgage was with Amber Home loans and was bought by Redstone PLC.Obviously i am weary with having a prime mortgage and wish to get a fixed repayment mortgage,however i have had an IVA for a few years and was wondering if this will have an effect if i approach the high street? Also recently my payments have gone up nearly £20 p/month.

The reason for having a interest only mortgage was to stop a reposession order about 18 months ago from HSBC,i have roughly about 15% equity in my property. This post has been made because Crystal has been in contact with me to discuss about getting a new re-mortgage and because i have used them before they won't charge anymore broker fees's.

I will reply to any questions.. Many thanks

homer_j_3

If you have 12 months clean mortgage payments and you have/are conducting the IVA ok then there may be options open to you.

I would ask them for a list of lenders that they research as I believe from my quick search on google and what you have said, they only deal with non high street lenders.

I would find a good fee free broker who has access to every lender that a broker can access.

polestarbaby

Thanks for your reply, I will ask what lenders they use. As stated before they are now fee free to me becuase i have used them in the past.
I'm expecting a call from them today actually. As for the 12 months payment history! yep, i never missed any.
I may try the tactic of having talked to another broker and see what happens. I don't suppose you know of any of these fee free any lender brokers do you?

Many thanks in your interest.

polestarbaby

Dear all

Here's what my broker came up with for my re-mortgage offer from first national.
Now. Before i release these details i must point out i have a debt management program in force and moving from a interest only mortgage at %7.49 to a fixed repayment for 3 years at %7.19. The amount is for £91865 which include the main fees,Valuation at £345,Arrangement fee(from First National) at £935 and solicitor fees at £600.
My broker pointed out that they now do deal with High street lenders but on this occasion i was a too bigger risk but in a few years time i should be able to secure one. I am quite happy to get back on a repayment mortgage and see the interest fall slightly,i hope someone in the know is going to comment that i'm heading the right way and sorting my credit rating out and getting back my financial stabilty.
I did think the fee's were OTT and the broker did mention that considering the markets situation they couldn't get an even lower % rate. What do you think?

Conrad

Lower rates might be possible with Beacon, Amber, C & G and BM Solutions.

A lot of packagers and brokers I come accross do not deal with all lenders although they will assure you they do.

First Nat is the lazy choice for a broker typically.

Note if you use the Brokers nominated Solicitors they will typically add - in a few hundred pounds as a commision to them (in addition to the normal mortgage commission). Use your own Solicitors - about £200 - 300 all in.

Keep shopping around, I get told all the time a case cant be done by anyone but F Nat or Future, and then sure enough I tend to find a better lender.

Beacon in particular can be quite competetive

Geoff13_2

I thought Beacon were max 80% LTV now?

polestarbaby

Yes Beacon are 80% as i found outfrom my broker. I couldve gone with them if i decided to lower my re-mortgage wich the broker never mentioned and he agreed they are competetive. Anyhows to finish this thread off, it wasn't First National i actually offered my in the post it was one called Future Ltd,but on the phone it was First National even the interest rate was different too so basically he lied to me. In all this fuss me and my future spouse has decided on buying her council house at a discount,selling mine investing the profit fronm mine into hers and then selling the ex-council house and eventually move to Oz in around 4 years time because we agreed that this government(whoever it is) wants us to be debt slaves and tax us like never before,take away our freedom,privacy and make a mockery of our justice system.

Good Luck all