Mortgage Going UP 400 pounds per month !!!

[mikebdomain]

One other point for those of you with sub prime mortgages; over the next twelve months, it is absolutely imperative that you make your mortgage payment on or before the due date and, if possible, pay a little extra… Especially, if you are looking to remortgage to reduce your rate, to re-enter a fixed rate period or to release equity for settlement of an IVA.

The ‘credit crunch’ (I hate that term) is starting to bite, and with house prices starting to level and in some areas starting to fall and with most sub prime lenders setting their LIBOR rate at 6.4%, it is important to consider your required Loan To Value (LTV) for re-mortgaging purposes.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[bagpuss]

Mike just another question...in 3-4 years when i remortgage again my credit file will have been repaired so hopefully can get a good high street lenders rate...but...as i wont have anything but my mortgage on there, will this be seen as not having enough credit info to loan on.

I just rememeber years ago when we first tried to get a mortgage and got refused cos we had never had credit....will this be the same case or will they just look at my previous mortgage payments...?

Ta x

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[mikebdomain]

Angie, you will have more than enough on your credit report to warrant a better rated mortgage product.

Your 12 month mortgage statement showing 12 cleared payments and a 'clean' credit report will be more than sufficient to prove your credit status.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Tracie]

WOW, thanks for all that, this really is a hot topic isn't it, a lot of people, it seems, are going to be caught out in the same situation we are in.

I think I need to talk to our broker as well as the IP, I'm not sure if she has the 'whole market' available to her or not, it seems a good point worth checking.

I will keep everyone informed with any progress, good or bad, I'm sure ohers might find themselves with this problem, and we can help each other with our experiences as we go along.

Tracie [:)]

[mikebdomain]

Tracie can I just ask. I am not trying to get anyone into trouble, it's just a concern I have about current trends...

If you have already spoken to your mortgage broker and she has determined that you are not ‘clearly ineligible for a mortgage product’

E.g. she could supply you with a mortgage product. (It doesn’t matter, that you don’t particularly want it)

Has she sent you an Initial Disclosure Document (IDD) yet?


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[SLM]

We have a similiar problem. Our mortgage rates have considerably increased since april when our I&E was put together. We are currently liaising with our IP who is contacting our creditors to see if our IVA payments could be reduced to help us out.


Looking to a debt free future!

[Soulgrowth]

Hi Mike

I was interested in what you were saying about the subprime mortgage rates. When I originally applied for my re-mortage I asked for it to be on a repayment basis as that's what I've always done ... everyone said I was mad and so have just changed it to an interest only and intend to put the difference in the building society instead (not Northern Rock!)... do you think this will suffice?

www.babynamings.co.uk

www.soulgrowth.co.uk

[mikebdomain]

I really can't answer that without knowing all the details & facts - but putting the money away will certainly help.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Skippy]

That's what Dave is doing with his new mortgage. The only way we could move was to switch to an interest only mortgage - a case of needs must I'm afraid.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/