Talk

Flip

Find financial and money saving discussions including debt and pension chat on our Money forum.

Money matters

Bad credit Mortgage quote at 8.6%

6 replies

FiveFingeredFiend · 04/05/2007 15:02

Friend of mine said. Shes a great person and i wondered if you have any idea of how she may get a better quote.

Her DH has a CCJ that will come of his credit report in february of next year. He is paying it off. This seems to be the glitch. But it seems extortionate, any advice?

She did talk about becoming legally seperated specifically for this purpose. She asked the broker if they could do it on her wages alone, and they said the bank would take her DH's credit history into consideration anyway.

OP posts:

Thanks

Report

BigGitDad · 04/05/2007 16:43

Would not really advise having the mortgage in sole name as you will incur stamp duty problems later on when you put the partner back on the mortgage. (Yes, the half share would have to be paid by the joiner. Even though the other partner has already paid once!)
If the CCJ is coming off how about a mortgage with no tie ins then when it has come off then remortgage hopefully on a cheaper rate.
Personally I would get a second opinion as 8% plus seems quite high. Try to get a broker to use Birmingham MIdshires who will have a cascading system on their agreement in principle. That means they look at your credit score and then fit the rate appropriate to it. So if it is poor credit score than the rate will be high if good cerdit score then it will be low.

Thanks

Report

FiveFingeredFiend · 04/05/2007 19:56

Thank you, sorry i took so long i have found out that the property doesn't have stamp duty.

The mortgage they were offered was 2 years. then they couldlook around, it was presented as the only option as Northern Rock had turned them down.

Will tell them about birmingham midshires

OP posts:

Thanks

Report

FioFio · 04/05/2007 19:58

This reply has been deleted

Message withdrawn

LilyLoo · 04/05/2007 19:58

dp a mortgage advisor and said is high she could get better. Who was that with ? Has she any missed mortgage payments ?

Thanks

Report

FiveFingeredFiend · 04/05/2007 20:26

First time buyer, went through a mortgage broker

offered with first national at 8.6

so no current mortgage

they need 100% or 95% at a push, they are lookingaround the 120 mark i believe.

OP posts:

Thanks

Report

LilyLoo · 04/05/2007 20:28

dp said he could def do better if the want to speak to him email [email protected] at least 2-3%