Help pleaseeeeeeeeeeeeee

Tariq2009

Back in in 2007 i took mortgage 7.24% with bad credit history,it was 2 year fix rate and it finishes end of march 2009 i called them today and asked if I can fix again they refused by saying that your contract was fix for 2 years and now you will become on tracker rate that is what you signed for and so can not change it unless you remortgage with us but it is going to be up o 90% property value . Tracker rate is no good because I know that interest rate are going to go up and GE Money is charging me 3.84% above Bank Of England rate so it is going to be the hell for me . please guys help me tell me what to do going to other lenders with house prices are falling down want be any good they asking same thing up to 90% .I am really stuck don’t want to loose the house

Mary_Hartnell

I don't want to "rain or your parade" but try putting this into google.
“GE Money” site:forums.moneysavingexpert.com
You are likely to find threads like this one:
http://forums.moneysavingexpert.com/showthread.html?t=1397143
You have borrowed money controlled from USA and with the pound going down, they want it back.
3.84% above Bank Of England rate looks almost cheap to me, when you see what some people, including all us tax payers, will be paying when GB & AD try to roll over the UK's short term debt by going cap in hand to the rest of the world.

lowis

can't you try another lender? i assume you have for the past two years been doing your best to reinstate your credit rating by meeting all your payments? if so, another lender might be receptive to an application.

Tariq2009

Mary_Hartnell wrote: »

I don't want to "rain or your parade" but try putting this into google.
“GE Money” site:forums.moneysavingexpert.com
You are likely to find threads like this one:
http://forums.moneysavingexpert.com/showthread.html?t=1397143
You have borrowed money controlled from USA and with the pound going down, they want it back.
3.84% above Bank Of England rate looks almost cheap to me, when you see what some people, including all us tax payers, will be paying when GB & AD try to roll over the UK's short term debt by going cap in hand to the rest of the world.

The 3.84% above of England is good but problem i can not Fix it for long term i have to carry it as tracker after fix deal finishes because they want me to or move somewhere else so i am worried

maninthestreet

Tariq2009 wrote: »

Back in in 2007 i took mortgage 7.24% with bad credit history,it was 2 year fix rate and it finishes end of march 2009 i called them today and asked if I can fix again they refused by saying that your contract was fix for 2 years and now you will become on tracker rate that is what you signed for and so can not change it unless you remortgage with us but it is going to be up o 90% property value . Tracker rate is no good because I know that interest rate are going to go up and GE Money is charging me 3.84% above Bank Of England rate so it is going to be the hell for me . please guys help me tell me what to do going to other lenders with house prices are falling down want be any good they asking same thing up to 90% .I am really stuck don’t want to loose the house

BOE base rate is expected to drop further in the next few days, if you are moving to a BOE tracker rate +3.84% in 12 weeks time, why would your interest rate be going up if you are currently paying 7.24%??

Tariq2009

maninthestreet wrote: »

BOE base rate is expected to drop further in the next few days, if you are moving to a BOE tracker rate +3.84% in 12 weeks time, why would your interest rate be going up if you are currently paying 7.24%??

i am not talking about it is going to go up now but in future and if i am not on fixed mortgage then i am going to be hit hard and the reason is that GE is not giving me fix offer without 10% deposit and same with any other lender so i am stuck i want fix so in future if interest reat goes up i am still secure .But is there anyway i can tell them they are breaking law by not letting me carry on with fix rate and forcing me to gon tracker or cahnge lender ? becuase they say i have signed for it 2 year fix and than on normal tracker no fix option on this current product that i have now

beecher

Tariq2009 wrote: »

i am not talking about it is going to go up now but in future and if i am not on fixed mortgage then i am going to be hit hard and the reason is that GE is not giving me fix offer without 10% deposit and same with any other lender so i am stuck i want fix so in future if interest reat goes up i am still secure .But is there anyway i can tell them they are breaking law by not letting me carry on with fix rate and forcing me to gon tracker or cahnge lender ? becuase they say i have signed for it 2 year fix and than on normal tracker no fix option on this current product that i have now

They aren't breaking the law - your LTV is higher than 90% so no-one is going to offer you a fixed rate. Just be thankful that base rates are so low at the moment and you can overpay your mortgage with what you save.

How much would it cost to get your LTV down to under 90%?

The_Pawnbroker

Since we don't know exactly what it is you signed, it is impossible for anyone here to offer you suggestions on how to resolve this mess. Could you give us a snippet of the 'fine print'? Have you tried seeking legal counsel?

maninthestreet

Tariq2009 wrote: »

i am not talking about it is going to go up now but in future and if i am not on fixed mortgage then i am going to be hit hard and the reason is that GE is not giving me fix offer without 10% deposit and same with any other lender so i am stuck i want fix so in future if interest reat goes up i am still secure .But is there anyway i can tell them they are breaking law by not letting me carry on with fix rate and forcing me to gon tracker or cahnge lender ? becuase they say i have signed for it 2 year fix and than on normal tracker no fix option on this current product that i have now

No laws have been broken - there is no legal right to a mortgage, either fixed rate, tracker, SVR, offset or any other type of mortgage, at any LTV.
The trend is for the BOE rate to go down, not up. You do not have a problem currently, as you can afford your monthly payments now, and will continue to do so from the end of March onwards. At what interest rate would your mortgage monthly payments become unaffordable?

feisty1

[quote=The Pawnbroker;17401655]Since we don't know exactly what it is you signed, it is impossible for anyone here to offer you suggestions on how to resolve this mess. Could you give us a snippet of the 'fine print'? Have you tried seeking legal counsel?[/quote]

STOP SPAMMING!

Zelie

Until you can get your loan down to 90% nobody is going to touch you. Unfortunately, the risk of taking on a huge debt when you have poor credit history and low income is that lenders have all the power. They are doing nothing illegal and no, you cannot 'force' a lender to lend to you at a rate you want to pay. Otherwise everybody would want to be on -10% interest rates!

If you cannot find a good fixed then you are best off going with the variable rate now. As others have said, rates are likely to go down in the near future and stick there a while before going up. Use that time to pay off some of the capital and get yourself closer to the 90%. When rates go back up again you can re-evaluate and see if you are in a position to apply for a good deal.

Half a loaf is better than no bread.