Rooftop Mortgages to High Street Lender

Crewecricket

We are in a predicament at the moment where we have been 3 years with Rooftop Mortgages, it was okay during the first couple of years, but with the present climate despite the interest rates going down our mortgage has just increasedby over £43 a month which we are bitterly dissapointed with. We have 1 CCJ against us and previous problems which we were helped with by a Financial Advisor to switch to Rooftop Mortgages. This would have been okay but due to my husband having a bulged disc and further operation to correct it, has been unable to return to work. This new monthly mortgage rate takes half of my monthly wages nearly and we feel that surely in this present climate there must be something better for us. We have been advised by a debt advisor that a solicitor could look at at the mortgage details for about £495 and we could possibly gain at least £5000 or more back from them. This is an interest only mortgage as we have an endowment which is to mature in 3 years time. Is it worth changing the mortgage to a possible high street lender or cashing in the endowment early to pay of a significant amount of it as it was not originally taken out for this mortgage. They are saying this is a subprime mortgage. Can someone please advise? I do know other people have posted to do with Rooftop.

feisty1

Crewecricket wrote: »

We have been advised by a debt advisor that a solicitor could look at at the mortgage details for about £495 and we could possibly gain at least £5000 or more back from them. This is an interest only mortgage as we have an endowment which is to mature in 3 years time. Is it worth changing the mortgage to a possible high street lender or cashing in the endowment early to pay of a significant amount of it as it was not originally taken out for this mortgage. They are saying this is a subprime mortgage. Can someone please advise? I do know other people have posted to do with Rooftop.

CreweCricket: Where exactly was this "debt advisor" from. Sadly, their are a few people out there making these claims, but these cases have yet to be proven.
Why dont you fone yr endowment company tomorrow and ask for a surrender value on yr policy then post back on here what yr outstanding mortgage amount is,the value of yr policy & the value of yr house.......As for sub prime that is the term used when someone has had "hiccups" on their credit file ie CCJ's etc.........do you know how many yrs it is since you had any money probems?

Crewecricket

UK money solutions.com or freemoneyadvice.co.uk both the same site. He will speak to you direct or via email and reckons to have previous debt problems himself. They are registered with Office of Fair Trading or so it says. Based on what we have for the endowment we would still have at least roughly £24K left on the mortgage. The value of the house is about £120K or at least it was 3 years ago. We still have ongoing money problems as we negotiated via Citizens Advice reduced payments and still keeping them up. None of them are CCJ's we only have the one.

feisty1

yr mortgage with rooftop, are you free to move without any penalties? As for these "debt advisers" i would put that on hold for now, you dont have to pay upfront fees to any debt adviser

Crewecricket

not sure abou penalties will have to check. Its not the debt advisers charging it would be their solicitors

feisty1

Believe me, i know these set-ups (i am an adviser) and as I have said their is no case yet been proven. I can't tell u what to do, but I woud be advising any client not to part with money upfront Anyhow, if you think you have been mis-sold the mortgage you can do it yrself, all you have to do is write to rooftop stating yr reasons why u feel u have been mis-sold and then they have a duty to advise u of the procedure from their, all it costs is a stamp.......However, I wouldn't hold out too much hope, why are they suggesting u've been mis-sold?

Wutang_2

Don't you just love "debt advisors" that you have to pay for (especially from a company called freemoneyadvice.co.uk)?

milliemonster

I think you will have trouble remortgaging for a favourable rate whilst you are on a debt repayment plan, I would seriously look at surrendering your endowment, this will free up the money you are currently paying into it and reduce your mortgage so your payments will reduce also.

Is your mortgage linked to the BoE base rate or Libor?

Crewecricket

It is linked to the Libor rate unfortunately but I believe a couple of days ago it has gone down.

feisty1

CC: did u check re penalties & surrender value......be aware however if you cash in yr endowment it will have an element of life assurance attached to it which will cease if you cash it in........

Crewecricket

Guess what by some amazing miracle the mortgage has suddenly dropped from £441.00 to £259.00 much more able to handle happy at moment to stay with it unless it suddenly shoots up agan.