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Advice re mortgage

Hubby and myself have a mortgage with one of the big 4 banks. We had some money problems about 5 years ago when I was off work after having our first child, but we are now in a position where we have cleared these debts. Just wondering how much past problems would effect us moving to another house and getting a mortgage. Main issues I think will effect our application are as follows.

1)2 CCJs both satisfied-one nearly 4 years old 2)Mortgage up to date with no arrears 3)both of us have cap one credit builder cards-hubby was recently able to get a create card from Lloyds so we know this must be helping our credit rating. 4) 3 old defaults all on satisfied accounts. 5) at current address for 5 years. 6) have current account with same bank-account has been open nearly 15 years,plus an unsecured loan with no arrears or missed payments 7) both on electoral register 8)we will be putting down a deposit of 40k-50k which will be about 30-40% of the purchase price. 9)we intend to use profits from house (after dep) to pay off the unsecured loan as above and a small car loan due to end June 05. So other than household bills just mortgage to pay.

We were going to wait a couple more years, but we have seen a bargain of a house near my mum. Structurally sound, just needs updating and serious cleaning/decorating, so we can pick it up v.cheap. Is it worth me trying our bank or would they hold our "history" against us. Would I be better advised going to a broker/IFS? Any advice gratefully received. Alison

Reply to
Al Green
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You could try your bank, but that may not be the best deal. Go to a broker you can advise you across the range.

Rob Graham

Reply to
Robin Graham

Reply to
Al Green

Reply to
Al Green

I can't understand your logic here.

I was just

Who says that the alternative to the bank would be unknown? Nationwide/Alliance & Leicester/ Bristol & West/Woolwich/Abbey. Are they unknowns? Anyway, there are plenty of other lenders who are perfectly good, although you may not have heard of them, who would almost certainly provide a better deal than your bank. The main reason banks get business is because they are supposed to be upright and trustworthy and all that rubbish.

And if the alternative lender has an inflated interest rate you wouldn't choose it, would you? A broker would show you all the alternatives, none of which you have to opt for, but at least you'd know. I think you are exhibiting a blinkered approach to this.

BTW, the answer to your later posting is 'yes'.

Rob

Reply to
Robin Graham

Reply to
Al Green

Ah! That's different. They may certainly let you off this if you stay with them. Their mortgage may be 'portable' anyway, which means you can arrange a new one using the remaining terms of the current one without penalty. It may, of course, be cheaper to pay the penalty and do it with someone else, but without the figures who knows?

Rob

Reply to
Robin Graham

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