Start Mortgages/Axiom-3 month wait

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dweller

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hi i've been approved for a remortgage with 'start mortgages' through 'axiom finance'.They told me last friday that I would have the surveyer out this week to look at the house{the house is fully built up to first fixes,I ve been financing it with a credit union loan}.Anyone know when I will get the money in my a/c.I've been waiting for the last 2/3 months for them to get their act togetherGetting quite sick of it.
 
Re: dweller

Aren't Start a non-prime lender who lend to those with chequered credit histories? Are you restricted to them or can you perhaps borrow from another cheaper and more efficient/cooperative lender?
 
Start only re launched their self build mortgage around 4 weeks ago, thats probably why there have been delays as the product was not actually available... as to when you will get the funds in your account, your broker should be able to advise you, make sure you have adequate life cover in place.
 
No T and C s on the start website as usual .

Whats the interest rate for a Start Mortgages self build mortgage ,is it 7% or 8% or 9% ???
 
Whats the interest rate for a Start Mortgages self build mortgage ,is it 7% or 8% or 9% ???
Click to expand...

Interest rates with Start mortgages are determined by the strenght or weakness of the mortgage applicant not by the mortgage product.
 
So what sort of rate do they generally charge? Alternatively what is the minimum and maximum rate that they charge? APRs preferably.
 
Axiom

You will love this clubman

1. click on [broken link removed]
2. NOTE the immediate redirect to .....

No T&Cs there either.
 
Hmmm... also wonder what [broken link removed] means but I have my suspicions.
 
Im not certain of Start rates, AFAIK they start at 4.7% APR and are then loaded depending upon the risk....

i.e. someone with a judgement would expect to pay an additional .5 on top of base rate, someone with mortgage arrears up to 9 months would expect to pay approx 5.5%. Someone with mortgage arrears, plus judgements would pay approx 5.65% .

"hard to prove your income" , is called in the industry a self cert mortgage, and you can expect to pay an additional .3% to self cert a mortgage.

Examples of this would be those in receipt of social welfare payment, maintenance , or non taxable earnings, prime lenders do not take such sources of income into account
 
Start rates go from 4.5% to 8% depending on what category you fit into (ie. one or two arrears on mortgage - to full judgement)
 
Thanks for all the feedback.I'm going with start because we've just started up our own business - last year actually. IN order to use the high street lenders we need at least 2 years tax returns complete.We have no bad credit at all,no judgements.We own the site that we have our house built on,{ The roof tiles are going up at the moment}.So I was able to use the site as collateral to get a loan from the credit union to get this far. However the credit union's interest rates are very high.I think we're getting this mortgage at 4.8%, Then when we have the proper tax returns we can approach a high street lender.It's more of a remortgage than a mortgage.I just wish they'd get a move on with it
 
4.8% is not too bad , its a variable not a fix it it??
 
you may get charged about 1 years interest (c.10k on a 200k mortgage, more if the rates go up as they will ) simply to leave them, can you confirm what their 'exit' conditions are ???? Other mortgage providers are normally not as bad although they may charge you off a fix.

If you think any of their terms are unfair or if you were not informed clearly of what they were by the broker you had better start complaining about them to the broker/provider/ and regulator, [broken link removed], as soon as you can.

That means it will be sorted by the time your record allows you to exit to a mainstream provider.
 
as stated before there is no break clause to exit a Start variable rate mortgage, the breakout clause of a fixed rate is in line with that of all mortgage lenders

typically: (mortgage balance) x (break funding cost) x (unexpired fixed rate term in days/360)
 
You seem very familiar with start mortgages.I should have a letter of offer this week.
 
Dweller,

The only reason Axiom placed you with Start was due to your income (Self Certing)

Provided you chose the variable rate and keep all your repayments up to date for the next couple of years there should be no problem with transfering your mortgage over to a prime lender. (Reducing your interest rate and repayments)
 
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