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For the desperate but realistic amongst us


Good for short term solutions to finding a mortgage

Higher rates, (high) penalties for first three years

Recommendable Yes:

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36 Ciao members have rated this review on average: very helpful See ratings
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Hiya folks! Yes, I’ve been away for absolutely ages but I’m excited to be back at long last in the ‘restful’ period of the school holidays – it’s uncanny that isn’t it, it seems I only write when I actually have time to breathe!?

In the meantime loads of thing have happened one of the most major being buying a house ‘en solo’ with all its little ‘difficulties’ and mortgage problems. Sit down comfortably folks and I’ll tell you another of my famous stories. Glad you had rest from me, eh?

I already knew I was going to encounter mortgage problems when I was living in the USA after my undergraduate degree. My student loan deferment forms had arrived in London and guess whose ‘trusty’ friends didn’t ship ‘em over stateside. Yeah mine. I ended up getting a CCJ and have had credit problems to one extent or another ever since. Sob sob.

Automatically then I knew I needed help from a mortgage lender who could take my problems into account. High street lenders didn’t want to know as a CCJ often markets you as irresponsible, so I tottled of to a broker or two and shared the secrets of my short and sad credit history.

Southern Pacific was recommended to me as a lender that takes mortgage enquiries into account irrespective of past credit history problems, thus they’re a good lender to turn to even if you’ve previously been sent packing, spitting and pleading from the doors of other lending companies. They are a reputable company and adhere to the regulations of the Mortgage Code (I checked this out through speaking to various other brokers). Naturally, as you would expect, their interest rates are higher than some companies (although by no means astronomical and unrealistic) and their redemption penalties remain high for the first three years of a mortgage term (6% of outstanding mortgage balance). In terms of figures, it you were interested in getting such a loan, you should expect to initially put down 10% of your property’s value to qualify at this mitigates overall risk and you could then expect rates (using my own mortgage as an example) of a fixed rate of less than 6% for a discounted period (normally for anything up to 18 months) and then at a variable rate (currently at 6.75% for my mortgage). Again, I personally find these rates realistic especially if seen as a temporary short-term measure.

Ultimately, all mortgages demands are treated as individual cases but I would certainly recommend this company in being able to help with mortgage provision for problematic cases in the short term. When my period of three years payment is up, providing my student loans are paid off in full, I will certainly turn to a high street lender to seek better rates for the remainder of my mortgage.

If you’re still interested, it only remains to be said that most brokers who specialise in adverse credit would surely be able to recommend Southern Pacific. However, if you have any problems with this I would recommend Simpleloans (on (01543) 303170) as a broker (no, I’m not advertising it’s just that I used them myself and they’re very, very good). Incidently, they also adhere to the policies of the Mortgage Code and, as you would expect, offer impartial and friendly advice (as well as offering a free valuation service) - important in itself when many banks and building societies can treat 'risk' patients as second class citizens.

Anyway, in the words of the French – c’est tout. And I really hope this advice is in anyway helpful to you folks out there who really have had difficulties with some of the more pompous lenders that tend to both exist and 'clog up' the marketplace.

I couldn’t go without that last insult. But seriously, getting a mortgage can obviously be a hugely stressful process and it's surely a case of the more help the better - regardless of your 'status' in this situation. After all, everyone's human.

So over and out then folks (and it’s bloody good to be back)!

PS – But be nice to me or I'll go again! THREAT ALERT!!!


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Comments about this review »

darkangelwing 19.07.2006 18:00

Good review (-: .............................Darko

jpass 18.08.2002 21:59

Hi Julietta. Great to see you back. Sorry it has taken me so long to read this. I don't spend much time on the site nowadays and when I got the alert that you had written an op, I thought "I must read that op" and then promptly forgot! We remortgaged recently after I stupidly got us stuck in a five year fixed rate with rapidly falling interest rates. We had to pay a lot to get out, but after 8 months, we have already made this money back. Keeping my eye on the deals around for my next move! It pays to do your research but it can be very time consuming. Hopefully you will be able to get an even better rate once you have had a mortgage for a while. Great op. Enjoy your break. Jo

RottenPumpkins 10.08.2002 22:23

This has made me very glad that I'm still living at home! *grins*. Very detailed op which shed some light, which could come useful to me when I move out someday.

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This review of Southern Pacific Mortgages has been rated:

"very helpful" by (95%):

  1. darkangelwing
  2. jpass
  3. tabyorky

and 54 other members

The overall rating of a review is different from a simple average of all individual ratings.

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