When does my Tracker deal end? Help Please!

feisty1

Quote:didnt complete on the property until November 2007, Quote

Signed, but didn't read the loan papers until October 2008???!!!

I am fed up hearing this, take some responsibility

I hope it works in yr favour, but I do hope u learn from this...READ AT THE TIME OF SIGNING NOT 11 MONTHS LATER

flyingbanana_2

I did actually read this at the time, i just assumed that the terms of my mortgage would start when i actually started withdrawing my mortgage! Afterall, they didnt expect me to pay anything until i requested the money!

As a first time buyer, i think this should have been pointed out to me by my mortgage broker, who of course was another one in line with their hand out for money! I guess i am one of the worst ones who was applying for this in the summer of 2007 and when banks, mortgage brokers, where getting more money than they knew what to do with and so didnt really care about the average first timer getting on the property ladder and starting their life long investment.

I am just sick of banks getting away with everything all the time. They know deep down that they can never loose and it is the average joe who suffers! I am already stretched so so much on my mortgage and am in the bracket where i need to borrow 95% LTV, so that means the best deal i can get is about 1.9% above the BOE base rate with a £2k product fee! Yeah thanks for that, i guess i dont really need to put a shoe on each of my feet!

_Andy_

It's simple - you had a mortgage offer which said clearly (paraphrasing slightly) "payments of X until June 2009, follwed by X payments of X..."

You had the opportunity to, but didn't bother, reading it, and just signed it.
Now you're blaming the broker, the nasty banks (how dare they make money), etc, etc...
Take some ownership.

flyingbanana_2

I was just under the assumption it was saying june 09 because that was when the offer came. They couldnt have predicted that i was going to complete in november, so they simply used june as a default.

What would happen, if like my friend, it took 13 months to complete? Do you not think that is slightly unfair?

I guess only people (and banks) only moan when they are not making as much money or getting things their own way. I guess unlike the banks, we are unable to get the begging bowl out and go to the government and say please sir, can i have some more!

firesidemaid

can you get a lodger in? you can get approx 4.5k a year tax free from this which you can then overpay on your mortgage.

what are your other commitments? can you up your income? sell anything on ebay? every little helps. have you thought about posting an soa on the dfw board? i'll bet this forum could save you a load of money which again you can overpay on your mortgage.

_Andy_

firesidemaid wrote: »

can you get a lodger in? you can get approx 4.5k a year tax free from this which you can then overpay on your mortgage.

what are your other commitments? can you up your income? sell anything on ebay? every little helps. have you thought about posting an soa on the dfw board? i'll bet this forum could save you a load of money which again you can overpay on your mortgage.

Eh? The OP was just asking about the end date of his tracker product - no indication they're struggling at all.

flyingbanana_2

firesidemaid wrote: »

can you get a lodger in? you can get approx 4.5k a year tax free from this which you can then overpay on your mortgage.

what are your other commitments? can you up your income? sell anything on ebay? every little helps. have you thought about posting an soa on the dfw board? i'll bet this forum could save you a load of money which again you can overpay on your mortgage.

Unfortunately i cant get a lodger in, although wish i could to help me out!

I think i am going to have to sell everything i own on ebay, maybe even this sodding laptop!

Sorry, whats SOA on the DFW????

firesidemaid

flyingbanana wrote: »

I am already stretched so so much on my mortgage and am in the bracket where i need to borrow 95% LTV, so that means the best deal i can get is about 1.9% above the BOE base rate with a £2k product fee! quote]

i spend time on many of the boards on this forum, not just this one - DFW (debt free wanabee) is full of great advice and money-saving tips whether you have debts or not. If you post an SOA (statement of affairs), which is basically a list of your incomings and outgoings, the good folks on there will help you reduce your outgoings and maybe up your income. Even if you don't post your own, by spending time on the DFW board and reading other posters threads there is lots of fantastic advice to be gleaned. Old-Style is generally about reducing food and household bills (fantastic). There are boards on utilities, phones, deals galore, free competitions - take some time to check them out.

Martin's books are worth a look too - borrow them from the library. i now cannot believe how i used to manage without this site!

I joined a mortgage challenge 18 months ago and have never looked back. by saving and making money in so many ways ie. i don't suffer, it's like free money - quidco, surveys, stoozing, money-off coupons etc - and i overpay it all off the mortgage. i should have paid off 5.5k of my mortgage in that time, but i have actually paid off 12.5k! the more you overpay, the more your monthly interest comes down and the more you pay off your capital etc. it's a win-win situation, especially if your mortgage rate is higher than your savings rates after tax.

this site can save/make you a fortune x