how do i move mortgages please help

F

football

Guest
Currently with GE money and have been advised that i can not move as there is a penalty clause and wondered how do i go about rectifing this, i was told i have been black listed on the ICB for a few missed payments but the payments have only been 2 to 3 days late i am not up to date and feel that I should have the option of moving to another mortgage provider as I am currently paying a rate of 8% which is extremely high can anyone advise me as to what route I shoule take would really appreciate any feedback many thanks
 
Did you run an credit check on the ICB yourself? assuming it was GE who put you up there, you're going to need to get your payments in order before you can look elsewhere. With a lot of the specialist lenders gone from the market, your choices are limited. Even if somewhere like Start took you on, chances are the rate would still be high if the credit bureau rating is bad.
whats the penalty clause, did you take a fixed rate?
 
football said:
i was told i have been black listed on the ICB for a few missed payments but the payments have only been 2 to 3 days late i am not up to date
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You need to understand that not being up to date on a mortgage or other loan has serious consequences in terms of your credit rating. Making your repayments late is also a serious offence in the eyes of lenders.

You need to bring your mortgage up to date immediately, then ensure that every repayment on your mortgage and any other loan you have is paid exactly on time and not a day later than the agreed due date for at least 12 months. Then and only then will you have any chance of moving to a mainstream lender with a lower interest rate.
 
my question that i put yesterday about how to move mortgages there was an error made when typing. I have been with GE money for two years and there was only three payments that were late i am up to date with my mortgage now. I am finding it impossible to move away from them as they wont seem to let us go. Everything in the ICB report was fine apart from the three late payments. Surely i should be able to move to another bank as 8% is far to high and need to get away from them. please give advice
 
Hi Football,

Refinancing from subprime to prime lending is difficult. Most banks have a similar stance. It also depends on the reason you went subprime. You would need to show excellent repayment capacity, and an impeccable ICB for at least two years. However, if you went to GE with prior credit difficulties, you will find it extremely difficult to switch. If the 3 payments you refer to relate to your current GE mortgage. You wont have a chance of refinancing.
 
Hi football, I would suggest that you figure out the cost of moving versus the price of staying, even if another bank will undertake your loan, you would need to know at what price? and if they will then at what price, then you go back and look at the cost of moving and the savings (if any) with the new bank versus the cost of sitting tight.
 
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