Mortgage in Principal

[Irishrams]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MikeyM

Might help. 2 different views.

http://experian.co.uk/consumer/question ... es375.html

http://www.bbc.co.uk/news/uk-25098810


Bit of encouragement from Halifax in this article

http://www.thisismoney.co.uk/money/card ... tgage.html

Thanks for this.

I have read all of them and the Halifax one seems encouraging however I still think there might be an issue of still being refused due to getting so many and frequent loans in a short time but will see.

My worry is if no one accepts Paydays then I could be looking at years before applying again [:(]

[nonewdebt]

Evening,
The wrong question is being asked, about 5percent home loans and if you qualify or not after an iVA.
It is really about if the lender ask the iva question.
Matrix a poster last year did his own research and found all high street banks asked that dreaded question and discouraged applicants

The Woolwich as part of Barclays and also ask the IVA question.
The next question is whether it matters or not?
No data to prove one way or another unless we do a survey

[Irishrams]

Well heard back from the Specialist Mortgage Broker who Melanie recommended.

He thinks me applying on my own is the best way to go and advises Halifax was probably the best option if going for a High Street Lender.

Alternatively looking at some non high street lenders which likely will have higher rates but my main focus now is getting onto the ladder without paying a stupidly high rate and not living in something I hate.

However I have scouted around and there are some nice 2 bed apartments in good areas which we would be happy living in for a couple of years if it meant being on the ladder and massively improving my credit and partners as time goes by.

So sent over Credit reports and he is looking at them when back on Tuesday and will go from there.

[luluj]

We have had our mortgage for three years now at a higher interest rate ...for us it was a means to an end and the foot on the ladder was more important than the interest rate. Three years on we are now working with Ryan and team to locate a new deal with a high street lender.

[Irishrams]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj

We have had our mortgage for three years now at a higher interest rate ...for us it was a means to an end and the foot on the ladder was more important than the interest rate. Three years on we are now working with Ryan and team to locate a new deal with a high street lender.

Exactly where I am now to be honest. Looking to get onto the ladder and if that means paying a higher interest rate then so be it as it is a means to and end so to speak.

[blobby]

Can I please ask who the expert is you are speaking to re: your mortgage irishrams?

[luluj]

Two forum experts Ryan at Zebra Money and Shaun Vickery ... Both come recommended and contact details can be found under meet the experts.

[Irishrams]

Right so bit of an update and more of a positive one so far.

Equity Finance who Melanie put us on to have contacted Precise Mortgages and they have accepted us after doing a Credit Check and being fully aware of all our Credit History. They have done this on a 15% Deposit being needed and a higher rate than standard but to be expected. So we are not over the final hurdle but getting there.

In terms of the deposit and fees we have enough to cover the fees and about a third of the deposit with my partners parents giving us the remaining deposit which seems to be fine so hopefully that will not stop us.

We saw a house yesterday with Miller Homes and reserved it to get the ball rolling so will be contacting Equity Finance on Tuesday to start the Mortgage Application.

Equity have given us loads of information and what sort of things to get ready like bank statements, payslips etc but has anyone else on here been through Precise to get their opinion.

I am getting excited but have a sensible head to not jump for joy until the keys are in my hand but seems a bit more positive knowing Precise have accepted us on our current Credit Rating and also knowing everything about us which a Credit Check would not tell them.

[Shining]

That certainly does sound positive and I would like to wish you well, hope it all goes through without any hitches for you.

[Michael Peoples]

Equity are a good outfit and have been in this market place for many years. Very best of luck from me too.

[luluj]

Fingers crossed for you x

[MelanieGiles]

Great news. Hope you get the keys soon!

[Nutkins]

Hi Irishrams! Congratulations that is great news! Were you not able to use the help to buy scheme as it is a new home?

[Irishrams]

Thanks everyone for the advice and help and thank you Melanie for putting us onto Equity Finance which has now given us this hope.

Nutkins - We could not use that as only certain high street lenders are involved in that scheme which I think are Nationwide, Natwest, Halifax and Woolich.

So we have to come up with 15% deposit which we have with some help from family as quite a few thousand of our deposit is going on fees. Also the rate is higher than high street but to be expected as Precise Mortgages will be taking a higher risk with us.

If it goes through however it will mean we get on the ladder, owe less money on the mortgage, not have a government loan over our heads and also making strides towards improving our credit when we come to renewing it in a couple of years.

I will keep everyone posted as the house we have gone for is scheduled to be built by August so things are going to start moving very quickly

[MelanieGiles]

This type of mortgage will hopefully not last forever. Once your credit rating has repaired you ought to be offered high street rates once more.