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pix1
Average Member
689 Posts |
 Posted - 12 December 2008 : 23:03:24
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| Does anyone know of mortgage companies or brokers who can find mortgages for discharged bankrupts without waiting years? Preferably high street companies at tracker + 0.8% and 5% deposit! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 December 2008 : 23:52:15
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hi pix
that is not going to happen for a long time.
it is unlikely that you will be "on the highstreet" and will probably be with a sub prime lender - if they continue to exist.
Interest rates will be substantially more than 0.8% over base and at the minute you are looking at between 25 - 30% deposit.
these variables calm down over time.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 13 December 2008 : 09:15:02
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Hey Pix
Sorry to barge in on your thread, but i would like to ask Paul a question.....It was only me who declared br, and we are due to remortgage in 2 years time, will hubby be able to do it no problems or do you think he will come across alot of problems.
Also i know this probbly wont help the situation but he is self employed and we got a really good rate when it was taken out 3 years ago even thought its self cert...Do you feel these deals are likely to have gone by nov 2010 ?
Not too worried if rates stay the same as now - but i doubt that they will stay this way when we need to change.
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 13 December 2008 : 10:04:08
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Hi
can't really forcast that far ahead but i suspect that 2009 will be a dreadful year for reposessions so mortgage companies will be really squeezed.
suspect they will loose a lot of money and want to increase rates, while Gordon Brown will pressure them to keep them low.
you may be better staying where you are and negotiating with the current lender. often they are able to provide decent alternatives without going through the remortgage process.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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pix1
Average Member
689 Posts |
Posted - 13 December 2008 : 16:51:28
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Thanks Paul,
I was only joking about the tracker rate. One of the stupid things in my bankruptcy was that before it I moved out of a flat which we could afford which was with a high street lender and into a house which we could not afford which was with a sub prime lender. My mortgage broker was not all bad - it was largely my own stupid fault as I felt harassed out of the place I was in and thought - wrongly - that we desperately needed more space in which to live (in hindsight, we could have managed where we were) - but my mortgage broker omitted to tell me that the lender I went with would NOT remortgage us at the end of our 2 year fixed (which would have been 7.2% on 240000k borrowing for another year!) and would then put us on a SVR of 8.4%! Of course, what slipped my mind was that with all our other debts (which we found we could not deal with through an IVA due to lack of affordability)we were not going to be able to find anyone else to remortgage us either. Suddenly, bankruptcy was the only way out!
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pix1
Average Member
689 Posts |
Posted - 13 December 2008 : 16:53:15
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movin on,
I hope that your husband will be applying for the remortgage only in his own name and that any financial association with you which might be showing on the credit reference files does not affect him getting the remortgage. As long as it is with the same company and he has a good payment record with them and does not require extra borrowing it should be alright. |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 13 December 2008 : 18:49:24
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Thank you
Yes it will just be in hubbys name....as we are going to be contacting the credit reference agebcies and informing them we are no longer financially connected.
Hubby has got a great credit history, so fingers crossed will not cause too many problems.
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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Mortgages after bankruptcy?
