Mortgages

[whichwaynow]

Hope one of the Mortgage experts can give me some advice. My wife and I have a fixed rate mortgage which will finish next year. At the moment we can pay all the bills but do not have any spare money left at the end of the month. When We fixed the mortgage by credit rating was fine. Now I know that we cannot know what the rates will be for next year but how much can a completed IVA affect the rate you are offered. It is a joint mortgage and will the fact my wife has a clean credit record help things ? We would like to start a family in the next couple of years but are worried about how much the loaded rates may affect us.

[Beechy]

I am sure some one will be able to answer this one. I will watch with interest.

Dave Beech

[ellie 553]

If you stick with the same mortgage company you are more likely to get a better deal in my experience. I tried to shop around last yr but couldnt switch because of my credit rating. When I approached Northern Rock they offered a lot of deals and no mention of a credit check until I enquired about a remortgage then the answer was no. They said as long as all the payments were up to date they could give me a new fixed rate deal, although we didnt bother in the end due to the ridiculously high early redemption charges

[Beechy]

Good old NR

Dave Beech

[whichwaynow]

The problem is I am with GMAC at the moment. As far as I know once the fixed rate is over they sell the mortgagre on to someone else. I would then have to pass a new credit check with GMAC.

[ellie 553]

I dont know about that! They also cancelled my direct debit twice in 2006 meaning I built up 3 months of arrears, got a bad credit rating & was unable to transfer to a new mortgage company...

[Roisin75]

We have just changed our mortgage, we would have stayed with the same company but to be honest they were awful, we were with Kensington but seriously i have never known a worse company prior to them i was with GMAC and loved them, but that part of GMAC sold to Kensington which is why we were lumbered with them, but we went to a broker this time around and told them everything and now we are with GE Bank, much better, higher rate but thats too be expected. I am sure someone on here will have more advice for you, i just found talking to a broker was the best for me.
Roisin

[Adam Davies]

Hi Roisin
My mortgage too has been sold to Kensington recently,why are they so bad ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[slt]

Add another to the 'bad mortgage lender list' as Mortgage Express, this was who GMAC sold my mortgage onto and they are awful!! Not sympathetic at all despite complying with them all along the way with my arrears situation.

[Roisin75]

Andy, my reason for the pure hate towards them is basically from the start. We signed up with them and took out a years discounted rate and signed in the May to agree to the terms but the mortgage was not taken out until the August of that year, come May the following year they wrote to us saying our discounted rate was up and we would be going on a variable rate, when i told them that the mortgage and the monies did not start until the August they simply said "oh no thats our policy when you sign the paperwork thats when it starts" but when it came to us wanting to leave them the redemption ran from the day the monies were banked which was the August, it was just annoying how they created a whole new set of rules. They were a tough cookie to leave too, i was just glad that our broker was on the ball.
Sorry Andy if that sounds awful, i hope you dont have issues with them, but do remember this was nearly 3 years ago they could have changed, I know they have become a very large company now.
Its a shame as GMAC was really good, never had any problems with them with my old mortgage which was why i persuaded my partner to go with them.
Every company has a good story and a bad story, im sure there are others out there with them that are completely happy!
Roisin

[Adam Davies]

Hi
I was on the understanding that the terms and conditions of your mortgage remained the same,regardless of who purchased it.It is only the rate that can change.
Hopefully MikeB can clarify

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Roisin75]

I wrote loads of letters to them and in fact i wrote to GMAC too basically saying to them how unhappy i was that they had sold our mortgage to them days before completion it just felt like we were stuck, if we pulled out of the mortgage we could have lost the house, stuck between a rock and a hard place! but as i said they could be totally different now. Who knows GE Finance could be worse we will hav eto wait and see.
Roisin

[mikebdomain]

Whichwaynow - best thing to do is phone one of the mortgage brokers that post on this forum and go through the details with them, all of them (including Leybridge) will be able to quote you a product and give you some idea of what you could be facing. All will also advise you that it is always best to approach your existing lender to see what products they may offer you, as this will save in some fees.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

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

[mikebdomain]

Andy - you are right the terms and conditions of your mortgage remain the same no matter who the original company sells it too. They would require your express permission or give you thirty days notice to change them.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

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

[Adam Davies]

Hi
The thirty day notice is a bit worrying Mike.
Are KMC known to change t+c's ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp