RBS demand entire mortgage repayment of 226k in 30 days !!.

ad9898_3

Not a nice letter to drop through the letterbox before Christmas.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5375685.ece

baby_boomer

It's an interest only tracker mortgage.

So it would have been hard to miss any payments in the last two months. And it's not making the bank much money over the next 12 months .

But if the loan was for 95% of the house's value, you could see why the bank might be worried that it was heading for a £60K loss. However they might have thought about that back in March 2008 when the loan was made!

Definitely time to check the small print on your mortgage terms and conditions :eek:

Cat695

baby_boomer wrote: »

It's an interest only tracker mortgage.

So it would have been hard to miss any payments in the last two months. And it's not making the bank much money over the next 12 months .

But if the loan was for 95% of the house's value, you could see why the bank might be worried that it was heading for a £60K loss. However they might have thought about that back in March 2008 when the loan was made!

Definitely time to check the small print on your mortgage terms and conditions :eek:

But surely they will make a bigger loss by repo....then having a house sat around doing nothing and not earning any money...surely even a little money is better than none.....Jesus surely thats just simple maths

Bismarck

wow...there must be more to this or is it just another of those "computer says no" idiotic letters

mewbie_2

Bismarck wrote: »

wow...there must be more to this or is it just another of those "computer says no" idiotic letters

There's more to it than innocent people being repossessed out of the blue.

"They have received default notices for credit card debts in the past, and they have a second mortgage on the property"

"A spokeswoman for RBS said there were “exceptional circumstances” in the Addymans’ case"

tbh one of the more shocking aspects is a £226k mortgage for a pharmacist, or anyone really.

Generali

ad9898 wrote: »

Not a nice letter to drop through the letterbox before Christmas.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5375685.ece

Oops! I thanked you by mistake. Never mind, I'm sure I once failed to thank you in the past by mistake. Otherwise you owe me A Thanks. Aaaaaaaaaanyway....................

Why would the bank just send a letter saying, Merry Christmas and now the Repo Man is on his way? They just wouldn't as they'd rather keep on receiving the mortgage payments. After all the problems with the banks were caused by people not repaying their mortgages (as well as Greedy Banks(TM)). Why then cause more people to fail to repay their mortgage?

Generali

mewbie wrote: »

There's more to it than innocent people being repossessed out of the blue.

"They have received default notices for credit card debts in the past, and they have a second mortgage on the property"

"A spokeswoman for RBS said there were “exceptional circumstances” in the Addymans’ case"

tbh one of the more shocking aspects is a £226k mortgage for a pharmacist, or anyone really.

There always seems to be more behind these things than meets the eye.

bigbloke45

Methinks a little bit of naughtiness by someone is afoot!

GDB2222

Someone maybe didn't declare their position fully when they applied for the loan? Got a top-grade loan when they were a second-grade borrower? Who knows? It's a tough position for the borrowers to be in, but The Times seems to have swallowed their side of the story hook, line and sinker.

baby_boomer

GDB2222 wrote: »

The Times seems to have swallowed their side of the story hook, line and sinker.

Christmas approaches. Some of the staff are absent. Others are off early to do their shopping or hit the staff party.

It's the season for uncritical journalism .

mystic_trev

I think one or two posters have indicated what's probably happened. An Audit check has revealed inconsistances on the Mortgage application i.e either they filled it in incorrectly :rolleyes: or lied. There's been several similar articles in the Press recently.