Mortgage Cabin

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BONDGIRL

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hi all,

Just found this site today.. Very interesting! Already found some useful info.

A friend of mine is thinking of going for a mortgage with Mortgage cabin. She has a bad credit rating with ICB, she has since paid this debt off etc.. Its from her college days. She has a great income now etc but has tried for even a car loan and bank refused.

Mortgage cabin is offering her a mortgage? Have you heard of these guys? Is everything above board? She knows she will be paying a higher interest rate then normal for a few yrs but she thinks its her only way of getting onthe property ladder..

anyone any info? experiences with this
 
Any reason why she feels compelled to pay a premium to get on to the property ladder now? How long before she has a clean/satisfactory ICB report? Has she looked into having her ICB record amended?

As far as I know, Mortgage Cabin are brokers who deal with Start Mortgages. Start have previously been discussed in this thread, among others.
 
thx,

well she only paid off debt of 5k a few mths ago... that was on icb... Its clear now but the report lasts for 5 yrs I thought???

How can she hve this amended???
 
It wasnt inaccurate. She owed 5k, she paid it off but she believes now she is black listed for 5 yrs from all the banks... she couldnt even get a 6k car loan a few mths back!
 
The mortgages offer by mortgage cabin i.e. start and GE money, can be offer from most mortgage brokers, however mortgage cabin in most cases charge an arrangement fee, where others dont, check this out before she decides to proceed as the fees can be high.
 
To the best of my knowledge Mortgage Cabin will only deal with sub prime lenders.

The arrangement fees are high as well.

Any good mortgage broker such as Rea who get mentioned here a lot will try a normal lender first. And if they can't get you a mortgage with a normal lender, they can try a sub-prime lender for you as well.

Brendan
 
Yeah, i'd go with a general brokerage. Your limiting your options going through them. & the interest rates are very high for subprime lenders
 
BONDGIRL said:
It wasnt inaccurate. She owed 5k, she paid it off but she believes now she is black listed for 5 yrs from all the banks... she couldnt even get a 6k car loan a few mths back!
Click to expand...
Just because somebody has black marks on their ICB records doesn't necessarily mean that they are blacklisted by some or all lenders. The ICB is not a credit rating operation and lenders will draw their own conclusions about credit worthiness from the details stored on file. Of course "sub-prime" lenders may be more willing to lend to those with past credit problems especially since they generally charge a premium for the higher risk involved.
 
Have recently seen rates from GE Woodchester and Start Mortgages in and around the 8.25% to 8.5% mark, about double the normal lender. I think brokers say that if you have a bad credit rating, if you take on such a mortgage and keep up payments for 2 years, then you can look to remortgage. As far as I can see the arrangement fees for the broker and bank ( divided between the two) generally seem to be around 1% of the loan amount. The rates are extremely high and really a case in themselves to exhaust all other possibilities first- including putting off starting on the property ladder for a couple of years.
 
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