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  • FIRST POST
    • dogmorfmucion
    • By dogmorfmucion 11th Oct 16, 10:25 AM
    • 6Posts
    • 8Thanks
    dogmorfmucion
    Cheshire Mortgage Corporation, now Together Finance
    • #1
    • 11th Oct 16, 10:25 AM
    Cheshire Mortgage Corporation, now Together Finance 11th Oct 16 at 10:25 AM
    Hi all.

    My partner and I are in the process of buying a property. We knew from the get go that we would be looking at sub-prime lenders. We've had an offer from Together (previously Cheshire Mortgage Corporation) which is a high rate of interest but payments are manageable. Our plan is to take this mortgage for 12-18 months at which point we should be able to remortgage to a high street lender. We are planning halifax.

    Anyway. I'm not really looking for advise about whether that's a good idea or not, we have done an extortionate amount of research and everything is well within budget.

    What I'm looking for is any positive experiences with Cheshire Mortgage Corporation. All I can find online is horror stories (obviously) but my understanding seems to be that these horror stories are from individuals who have taken a mortgage with CMC, been unable to keep up with the payments and then struggled to manage the debt.

    Does anyone have a mortgage with CMC that they haven't had any issues with?

    Since rebranding to Together I also understand that their policies are now much more stringently monitored and what and how they can offer is much more regulated.
Page 1
    • ACG
    • By ACG 11th Oct 16, 11:16 AM
    • 17,938 Posts
    • 9,720 Thanks
    ACG
    • #2
    • 11th Oct 16, 11:16 AM
    • #2
    • 11th Oct 16, 11:16 AM
    I have placed a couple of Mortgages with Together. I used to joke that you need a pulse to get a Mortgage with them and they would basically accept anyone due to the rates they charge.

    However, the last 6 months or so their rates have come down a fair bit (from circa 10% to around 6-7%). They are what they are, they will never be the lender of choice and so will never be the cheapest but assuming you keep up your repayments there is no reason to have an issue with them or them with you. They are regulated so they have rules and regulations to follow like any lender.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 11th Oct 16, 11:22 AM
    • 61,269 Posts
    • 54,505 Thanks
    Thrugelmir
    • #3
    • 11th Oct 16, 11:22 AM
    • #3
    • 11th Oct 16, 11:22 AM
    Mortgage lending is a highly regulated activity. There are no cowboys in the industry. Vast majority of people have no issues with their mortgage lender. So remain silent. The internet as you say reflects those whose experience fails to meet expectations. There's two sides to every story though. So one has to be careful not to be overly influenced with what one reads.

    You've obviously done your homework and have a plan going forward which many people don't. Providing you stick to the contractual arrangement that you enter. No reason why you should encounter any issues.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • David White
    • By David White 11th Oct 16, 11:42 AM
    • 876 Posts
    • 384 Thanks
    David White
    • #4
    • 11th Oct 16, 11:42 AM
    • #4
    • 11th Oct 16, 11:42 AM
    I'm not really a fan of Chesire/Together however they can be a necessary evil depending on the type of purchase.

    I hope for your sake your broker has exhausted all other options before using them as a last chance saloon though.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 11th Oct 16, 11:57 AM
    • 61,269 Posts
    • 54,505 Thanks
    Thrugelmir
    • #5
    • 11th Oct 16, 11:57 AM
    • #5
    • 11th Oct 16, 11:57 AM
    I'm not really a fan of Chesire/Together however they can be a necessary evil depending on the type of purchase.

    I hope for your sake your broker has exhausted all other options before using them as a last chance saloon though.
    Originally posted by David White
    I've known people agree a pact with the devil if it helps them obtain what they desire. Horses for courses as they say.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • amnblog
    • By amnblog 11th Oct 16, 10:00 PM
    • 10,840 Posts
    • 4,319 Thanks
    amnblog
    • #6
    • 11th Oct 16, 10:00 PM
    • #6
    • 11th Oct 16, 10:00 PM
    Not managing the debt is a problem for a borrower with any lender; clearly more worrying on higher interest rates.

    The upshot is that this services an area of the market that you fall into in which there is little choice.

    It's a take it or leave it situation.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • dogmorfmucion
    • By dogmorfmucion 12th Oct 16, 10:29 AM
    • 6 Posts
    • 8 Thanks
    dogmorfmucion
    • #7
    • 12th Oct 16, 10:29 AM
    • #7
    • 12th Oct 16, 10:29 AM
    Thanks for the responses. It's provided the reassurance I was looking for. Together will serve a purpose for us for a short period of time and as long as we keep up our end of the deal there should be no issues. I think the online stories had just put a bit of doubt in my mind that it was going to be a catastrophe and we were going to get screwed over no matter what. Even though I know that's not true!

    Much appreciate the responses.
    • Thrugelmir
    • By Thrugelmir 12th Oct 16, 10:34 AM
    • 61,269 Posts
    • 54,505 Thanks
    Thrugelmir
    • #8
    • 12th Oct 16, 10:34 AM
    • #8
    • 12th Oct 16, 10:34 AM
    Do relay your personal experience in order that others can benefit. Whether it be good, bad or indifferent.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • dogmorfmucion
    • By dogmorfmucion 12th Oct 16, 10:44 AM
    • 6 Posts
    • 8 Thanks
    dogmorfmucion
    • #9
    • 12th Oct 16, 10:44 AM
    • #9
    • 12th Oct 16, 10:44 AM
    I will. Our planned moving date is 28 October so once we've started payments to Together and everything is set up I'll make a post about how it has all gone.
    • dogmorfmucion
    • By dogmorfmucion 30th Sep 17, 9:32 PM
    • 6 Posts
    • 8 Thanks
    dogmorfmucion
    Hi all,

    I thought I would update this as I intended to but never did!

    So, we got our mortgage with Together but it was a bit of a protracted process to get there. I assume because of our circumstances they just wanted as much detail as possible before making a decision, which is understandable. So, we ended up moving on the 2nd December last year (just as a side we got married on 10th December last year so it was a pretty damn hectic few weeks!).

    I have found Together to be absolutely fine. We are paying a higher rate but we always knew that. We have kept up with our payments and had absolutely no problems with them whatsoever.

    We have been in the house for 10 months now. In that time my credit score has drastically recovered and we are actually in the process of remortgaging with Halifax. If successful then our rate will reduce significantly and so will our payments.

    I suppose my thought is that without Together we would never have got a mortgage with a high street lender or be in a position now to look at high street lenders. Yes, their rates are high but they were the only ones who would consider our circumstances. As a result of keeping up with payments it's been well worth it.

    I'll update again how the remortgage goes but hopefully all smooth. It's amazing how much less stressful this remortgage process seems rather than the initial mortgage process.
    • robatwork
    • By robatwork 1st Oct 17, 10:54 AM
    • 4,728 Posts
    • 5,301 Thanks
    robatwork
    I'm always shocked when someone who says they will update a thread actually comes back and does it. Pretty rare.

    Glad to see things are coming together (ho ho) for you.
    • Samsung_Note2
    • By Samsung_Note2 1st Oct 17, 6:05 PM
    • 684 Posts
    • 316 Thanks
    Samsung_Note2
    What a great success story...so Together charged more interest (been there with Northern Rock in 2006) but allowed you the chance you needed.

    Sounds like a win win all round and worth it in the end.
    • IvyJay
    • By IvyJay 14th Mar 18, 1:53 PM
    • 39 Posts
    • 8 Thanks
    IvyJay
    I've just found this thread and wanted to add my experience of Together.

    I wanted a mortgage for a non-standard construction and Together was the only offer I received so accepted - I had never heard of them before. The interest rate is just under 7% but was very affordable because the loan amount was around £25,000. My only issue was that they were slow so it took approx. 5 months even though there was no chain involved. They also left it until the last minute to request additional personal information that they could've asked for months earlier. However, since the completion of the purchase things have been fine. I wouldn't want to apply to them again for another mortgage but would if I really had no other choice.
    • Timetomove
    • By Timetomove 17th Apr 18, 10:40 PM
    • 1 Posts
    • 0 Thanks
    Timetomove
    Hi

    I have a DIP with together and my application is being processed.
    Today they asked for another copy of my direct debit mandate and bank statements via my broker.

    Being new to this, Iím apprehensive for the outcome .

    Does this sound positive/ normal procedure ?
    • Essex investor
    • By Essex investor 12th Jul 18, 3:40 PM
    • 1 Posts
    • 0 Thanks
    Essex investor
    Together Commercial Finance
    I bought land at auction and needed a bridging loan because my finances were in poor shape, however I'm due a lump sum in August which will cover it easily.

    Together agreed to lend £30,000 to me. However on the completion date after keeping me waiting for 4 days they decided to withdraw the offer. The reason was they made a security call to me on the completion day and doubted that I didn't intend to live in the security property for the loan. This they said would be against FCA rules. But I said I wasn't living there, but I asked can I stay there overnight (e.g. to oversee necessary work there). They said no. (incidentally their request invalidates my home insurance policy which Together asked to be anotated with their interest, because the property should not be unoccupied for more than 60 days)

    Together told me that they only do unregulated loans and these are outside the remit of the FCA as they say. The FCA advised me to speak to the Citizen's Advice Bureau about the issue. Together also told me that the Financial Ombudsman would not deal with any complaint for unregulated loans.

    Together's agreement document that I signed at the solicitor's is clever because it avoids being a contract by the inclusion of the words 'Together may lend' but when they lend it becomes a contract that is binding on the lender.

    I have complained to them but know that they intend to reject my complaint.

    I found Together's administrative processes slow and overly complex. In fact they seemed to delight in keeping me waiting to the final day.

    My solicitor was also very poor. She did not warn me this was an unregulated loan and could be withdrawn at any time. She also wants to charge me for that loan because she says she had done most of the work for it.

    Whoever says there are no cowboys in the industry is really misinformed, I think
    • GlitterWitch
    • By GlitterWitch 1st Sep 18, 8:09 AM
    • 5 Posts
    • 0 Thanks
    GlitterWitch
    Glad I found this post. We’ve just had an AIP from Together for a shared ownship property and we have posted off the mortgage application to our brokers. I realise this is a last ditch attempt for us to get on the property ladder with a poor credit background, but I’m, at least, hopeful that we might get the mortgage.
    Anyone been in the same position where they really don’t think they’ll get the mortgage with Together, but do?
    Thanks.
    • GlitterWitch
    • By GlitterWitch 1st Sep 18, 11:49 AM
    • 5 Posts
    • 0 Thanks
    GlitterWitch
    Hi

    I have a DIP with together and my application is being processed.
    Today they asked for another copy of my direct debit mandate and bank statements via my broker.

    Being new to this, Iím apprehensive for the outcome .

    Does this sound positive/ normal procedure ?
    Originally posted by Timetomove
    How did You get on?
    • babybec
    • By babybec 4th Sep 18, 9:29 AM
    • 1 Posts
    • 0 Thanks
    babybec
    Avoid avoid avoid
    I had a 50k bridging loan with this company. My business went into liquidation in Nov 17 and I put my house on the market immeadiately. I was ill with anxiety and depression and unable to work, I sent a financial statement to Together informing them that I could not make monthly payments. And a doctors letter to let them know I was poorly. They knew I had enough equity in the property to cover these payments on sale, but they still persisted and threatened me with repossession.
    My main mortgage was with Santander who have not put any pressure on me whatsoever as long as I kept them up to date with the sale progress.
    Together had permission to speak to estate agents and solicitors to monitor the sale. Despite the sale being agreed they sent a court date for repossession.
    Now my sale is about to complete they have added nearly £2k solicitors fees, £2500 renewal fees, and exit fees of £800. I will be taking this company to court and going to the press also. I dont want anyone else to go through this.
    • SophieMx
    • By SophieMx 25th Oct 18, 11:36 PM
    • 1 Posts
    • 0 Thanks
    SophieMx
    Help
    Hi how did you get on taking them to court? I feel so sorry for my mum she took out a bridging loan with this companie who have changed names 3 times since she has payed well over what she borrowed now she is a contact working in IT was out of work for a short amount of times where a couple of times she misse payments the fees were massive the top tried to take her to court for repossion never won! But she has all her money and every thing she has worked for Tyed up in land she owns with stables is so depressed as all she wants todo is sell
    Up but what they are asking for if she sells is loads and leaves her with nothing she donít have loads money to pay a barrister to help her and know not a huge amount about these unregulated loans (bridging loan) she took out
    I want to help her but again know very little
    Would be nice to hear if any one has had similar issues with them ana maybe delt with it some how
    Thanks
    • Samsung_Note2
    • By Samsung_Note2 26th Oct 18, 7:56 AM
    • 684 Posts
    • 316 Thanks
    Samsung_Note2
    Hmm two negative posts slating a company for wanting its money back when payments were missed...well what an awful company they must be.

    I mean seriously..they dare ask for the loan to be repaid,shocking....
    Its really rather simple...I cant spell and your a Bully..Hang your head in shame.
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