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Moneyzone, high interest mortgage??

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  • 19-02-2007 8:48pm
    #1
    li
    Closed Accounts Posts: 32 ✭


    Anyone ever heard of these?
    Have bad credit history so haven't got many options.
    Was talking to Moneyzone today and they are offering a €260K mortgage for €1400 a month for the first year and then putting me with the mainstream banks.:eek:
    Has anyone ever used these?


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    #2
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    these lenders to "distressed borrowers" are vermin in many cases , I know nothing about moneyzone but as I cannot find an interest rate or terms and conditions on their site I do not want to know, frankly :(

    you get stuff like

    1. mad €1500 arrangement fees, normally €0 with a normal lender .
    2. mad fees if you leave them for a proper lender a year or two later
    3. mad interest rates , usually 5.5% and upwards while you are there, normally 4.5% or so
    4. and you advertise yourself as trouble to the mainstream lenders afterwards unless you are self employed ,like "who are you with did you say ????, why ??????"

    if your ICB record is clean in a year as you intimated then save some money during the year and wait, house prices have stopped rising and you should not dig yourself a big hole with one of these predatory lenders.


  • Options
    #3
    li
    Closed Accounts Posts: 32 ✭li


    Considering I'm Building a house and not buying one, would you still consider it a bad option?


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    #4
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    dunno enough specifics, can you slow down the schedule or operate on the assumption that if things slow down building will cost less , could you settle for raft only this year instead of raft wall and roof and do it from own resources , that would reduce your overall mortgage size next year when your record is clean (I take it) and you can go to a top 10 lender instead ??


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