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

Renfro

Bismarck wrote: »

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

Maybe something to do with this?

http://www.thisismoney.co.uk/dealing-with-debt/article.html?in_article_id=456909&in_page_id=62&ct=5

Just a guess, don't know for sure. (Not that it's a justification even if it were a situation as described in the link above).

silvercar

Could be a business, funded with a bank loan from RBS, that went bust and there was a personal guarantee for the business loan from the borrower. So the only way of calling in the business loan is to call in the mortgage.

Must be a one-off or there would be thousands of RBS mortgage holders jumping up and down.

minimike2

The wording in the article re the letter sent sounds very much like the standard "detected fraud" letter. Hence why full details would not be discolsed.

Gorgeous_George

I'm sure that it will turn out to be a fraud (allegedly - just in case!).

I'm also sure that it will be a fraud that would have been ignored by RBS had the mortgage been fixed at 6%.

GG

punkstoner

bring on some more of this...

Lets hope every mortgage/remortage issued through UK institutions over the last five or six years is reviewed for fraud.

Theres a lot of it out there.

It makes me sick as a pig to see state assistance for mortgage holders. Chuck them out on the streets, with their kids, animals and worthless chattles.

Then for good measure, put a fraudster/liar flag on their credit file.

Ive no simpathy at all for overstreached mortgage holders, or their families.........

silvercar

punkstoner wrote:

Chuck them out on the streets, with their kids, animals and worthless chattles.
...
Ive no simpathy at all for overstreached mortgage holders, or their families.........

Merry Xmas to you too!

Broken_hearted

As long as they are up to date with payments, I fail to see how its in anyones interest to repo the house.

Conrad

mewbie wrote: »

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

Not where I'm from. Thats a modest sized mortgage. Also it is worth noting it is not uncommon to have a secondary income stream.

BTW - People keep banging on about the retrun of ole fashioned income multiples as some indication that sanity will return. Well I've news for you. Prior to high mutiples it was VERY common for people to ask thier boss to confirm a higher income, and of course I personaly always turned away such clients, but they ALWAYS found a lender or borker willing to turn a blind eye (or simply didn't reveal thier true income).

Generali

Conrad wrote: »

BTW - People keep banging on about the retrun of ole fashioned income multiples as some indication that sanity will return. Well I've news for you. Prior to high mutiples it was VERY common for people to ask thier boss to confirm a higher income, and of course I personaly always turned away such clients, but they ALWAYS found a lender or borker willing to turn a blind eye (or simply didn't reveal thier true income).

Do you feel that income multiples for amounts lent have risen then (that is the amount lent against real income rather than stated income), stayed about flat or dropped?

moneysaving_pharmacist

mewbie wrote: »

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

It depends what he does. If he's a grade 6 hospital pharmacist on £25k, then it's big, but if he's a senior hospital or PCT pharmacist he could be on £90k+. Or he could have owned his own pharmacy which was doing nicely until the government dramatically cut the prices for some drugs.