Discussions on life after your bankruptcy discharge.

Moderators: TalbotWoods, JaneClack

By Titanic
#311383 Hi All

Can anyone throw some light on a Lender called Cheshire Mortgage Services please?

From googling it appears they're connected to Blemain in some way (whom after googling again, appear to have an atrocious reputation). A broker I am talking to these last 2 weeks (no mortgage, no fee) has tried a main stream lender with no luck as they said I have defaults on my credit file, which I pointed out was pre-bankruptcy but they still insisted they wait till they're gone which is several months away now.

It's damn embarressing as I have had an offer on a house accepted a few weeks ago and I may have to call the estate agent to say I have to withdrawl my offer. I even have corrected my credit file, have a strong income & 62% LTV deposit!

I just don't want to be stuck with a nasty lender that keeps adding charges and $$$ to the interest rate!

Any advice welcome

T.
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By TalbotWoods
#311573 OK I cannot say of they are good or bad, as I have no experience of them myself.

However.

They are NOT a lender they are a brokerage ( from their records of only two staff) so your broker is handing you off to another broker (wonder what his referral fee will be).

Blemain will be one of their lenders, OK I suspect very possibly their only lender, so please be careful with using the route suggested by your broker, as it look sas a if you my not be getting a whole market appraisal, rather a referral fee just us offer! Now having said that the products they offer may be suitable, but please DON NOT pay a single penny up front, if they or your broker ask for cash up front to find a lender, tell them politely to get stuffed

Oh by the way I note that both Cheshire and Belmain have all but identically laid out websites

OK at this point I am going to directly suggest giving WhoisLending a call, they are a subsidiary of PayPlan, and specialise in a fixed fee brokerage for people with poor credit ratings, and ONLY look at ethical lenders, who are sensible and decent and don't want to rip you off. AND they only charge (and it is a fixed fee, so no surprises) if they find you a lender that will take you.

Give them a call on 0800 1978435 or email them at mortgage@payplanfinancialservices.com

If you do contact them can you let us know how you get on, I know of people that have used them to find a mortgage, but dont actually know what the first stages are like from your perspective :oops:

Tim
By Titanic
#312063 Hi TB

Many thanks for your reply. I'm gonna give PP a call today and see what they say. I'm not 100% but I may of emailed or called them several months ago but never followed through... (may of been cos I'm considered an ex-pat and been out the UK for a few years now (oh and a non tax payer) but hopefully now I have a firm offer accepted and it's way more time down the road it should push things along better.

Do you know if they have a non 0800 number as I'd have to call from my mobile from abroad to call them (as the office phone doesn't allow any 08 numbers at all?

It's funny but I've had several banks tell me over the course of the year that the BR alone is no problem and being an ex-pat is no problem but the 2 together are for most :roll:

Oh course either way I will keep the post alive until I finally get accepted by a main-ish-stream lender!

Thanks again

T.
By Titanic
#316623 Hi, sorry for the belated post!!

Was trying like mad to secure a mortgage but alas, to no avail!
Was offered the Blemain potential nightmare but told them no. I would rather wait longer than be saddled with them! (Googling found a myriad of complaints about their personal conduct and over charging fees).

PP said they would call me back but never did... I didn't call them again as I have resigned to the fact I will indeed have to wait till my file is clear (which fortuneatly in only 9 months away) :D

My big problem is not money now it's being an ex-patriot & a discharged BR at he same time and from the odd lender the fact that the house will not be occupied whilst i'm working away.

Otherwise all is well!

T.
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By TalbotWoods
#318193 Titanic

You were wise not to become involved with Cheshire / Blemain as this has been published today:

"The Financial Services Authority (FSA) has fined Cheadle-based mortgage lender, Cheshire Mortgage Corporation Limited (CMCL), £1.225 million for failing to treat customers fairly in the sale of mortgages and arrears handling from October 2004 to the end of 2009.

The CEO of CMCL, Henry Moser, has been fined £70,000 and agreed to step down from his role within three to six months. Andrew Lawton, the firm’s compliance director, has been fined £13,500 and banned from holding a significant influence function.

The FSA has also required CMCL to carry out a redress exercise that could see approximately £2 million paid to around 2,000 affected customers.

CMCL operated in niche markets, including lending to customers with poor credit histories. The FSA found that CMCL failed to treat some of its customers fairly when they fell into arrears, was unable to always demonstrate that mortgages it sold were affordable, and did not always communicate regularly or fully with its customers. Moser has been disciplined for failing to spot these problems and put them right.

CMCL overcharged some customers in arrears and applied arrears charges inconsistently and unfairly. Customers were also sometimes notified of charges after they had been incurred.

The FSA also found that:

When CMCL transferred customers in arrears to Monarch Recoveries for debt recovery, they were charged £150 despite it being an in-house company;

CMCL did not always make a reasonable effort to reach an agreement with customers in arrears over method of payment;

and CMCL did not always properly assess the affordability of mortgages by, for example, challenging a customer’s declared income.

Moser, as CEO, was ultimately responsible for the actions and compliance of the firm, however he failed to ensure the firm was being properly managed so that problems would be identified and remedied. Lawton was aware of certain poor practices taking place at the firm but failed to put them right and demonstrated a lack of competence and capability in his role as a compliance director.

Tracey McDermott, director of enforcement and financial crime, said:

“CMCL’s lacklustre approach to regulation, combined with very poor practices in collecting arrears, meant that some customers already worried about being able to pay back their mortgages were put under undue pressure and sometimes ended up paying more than they should.

“The failings of Moser, Lawton and CMCL were serious and let down a vulnerable group of consumers. Where firms and individuals fail to comply with our rules and treat customers fairly they should expect to be held to account.”

CMCL and Moser both settled at an early stage of the investigation so qualified for a 30% discount, without which the fines would have been £1.75 million and £100,000 respectively. Lawton settled at a later stage of the investigation and qualified for a 10% discount, without which he would have been fined £15,000."
By Titanic
#318213 Many thanks TW!

I passed this info onto the broker that recommended them to me. Not sure if that will make a difference to there working pratices or not (I like to think it will), but I've done what I can to warn people about the Blemain Group! This is precisely why I 'google' every company I come into contact with!

T.