mortgage

lesam

Hi guys, some fool from from my bank remortgaged us 2 yrs ago up to an 98% mortgage, needless to say we are now struggling. We now have to sell up and try and sell our house to cover our 98% mortgage.We also have a secured loan on our house and if we get our house sold it wont cover the secured loan and the mortgage payment. We need to buy a cheaper house thus having a lower mortgage but what can i do with my secured loan?? Any advice or suggestions will be gratefully recieved.

mramra

Some fool agreed to the bank fool's proposal and took out a 98% mortgage...

_Andy_

lesam wrote: »

Hi guys, some fool from from my bank remortgaged us 2 yrs ago up to an 98% mortgage,

Why were they a 'fool'?

needless to say we are now struggling.

Why 'needless to say'?

lesam

thanx for that. kick someone when their down. I no nothing about mortgages so when a proffesional suggested this for us we took it. Looking back yes we were fools going with his advice. So if you dont have anything constructive to say keep your opinions to yourself.

luckyfool

You wandered into the bank looking for an Xbox or a savings account and they forced you to buy a house and take out a 98% mortgage?

I'd complain to the Financial Ombudsman Service, I think you have a case there. /sarcasm.

_Andy_

lesam wrote: »

thanx for that. kick someone when their down. I no nothing about mortgages so when a proffesional suggested this for us we took it. Looking back yes we were fools going with his advice. So if you dont have anything constructive to say keep your opinions to yourself.

I am not 'kicking' anyone when they're down. I merely asked you to expand on your original post, in which you seem to imply that the mortgage was forced upon you and that your issues with the payments are someone else's fault.
Given that your attitude is so defensive, rude and derisory, I will not attempt to help you any further.

luckyfool

_Andy_ wrote: »

Why were they a 'fool'?



Why 'needless to say'?

So anyone who took out a 98% mortgage 2 years ago is automatically "needless to say" struggling just now?

This doesn't make a great deal of sense. Of course many might well be in those circumstances if they lost their jobs or income was effected somehow. On the other hand if you took a fixed rate and your income is the same then you should still be able to afford it, and if you took a variable rate then you are likely to be paying much much less now.

This is completely different from negative equity, depending on the area of the country you are in you might be at 105-115%+ and in negative equity, but that has nothing to do with whether your mortgage is affordable or whether you are struggling.

lesam

I only asked for some advise. Did,nt realise there was so many rude judgemental people out there. As i say i knew nothing of mortgages at the time. thanx anyway I`ll figure it out for myself

StuTheDon

lesam wrote: »

thanx for that. kick someone when their down. I no nothing about mortgages so when a proffesional suggested this for us we took it. Looking back yes we were fools going with his advice. So if you dont have anything constructive to say keep your opinions to yourself.

Lesam - you will either need to find the shortfall or find some other way to clear the negative equity.

As a previous poster said you may be at 115-120% now and prices are still falling. You have two options:

1) Get onto the debt free board and post an SOA (Statement of Affairs) and see if they can help you cut back on other expenses. I.e., do you really need Sky etc. try and tough it out in your house till prices rise again.

2) Sell the house and try and somehow finance the negative equity.

3) Hand back the keys to the mortgage company - this is an absolute last resort as it will screw your credit rating making another mortgage almost impossible.

Next time you sign something you dont understand, stop and get some independant legal/subject advice.

Stu

Peelerfart

lesam wrote: »

I only asked for some advise. Did,nt realise there was so many rude judgemental people out there. As i say i knew nothing of mortgages at the time. thanx anyway I`ll figure it out for myself

Not everyone is rude and judgemental but you did set yourself up for it by starting your thread with -

"some fool from from my bank remortgaged us"

I mean what did you expect - agreement ?

StuTheDon

StuTheDon wrote: »

Lesam - you will either need to find the shortfall or find some other way to clear the negative equity.

As a previous poster said you may be at 115-120% now and prices are still falling. You have two options:

1) Get onto the debt free board and post an SOA (Statement of Affairs) and see if they can help you cut back on other expenses. I.e., do you really need Sky etc. try and tough it out in your house till prices rise again.

2) Sell the house and try and somehow finance the negative equity.

3) Hand back the keys to the mortgage company - this is an absolute last resort as it will screw your credit rating making another mortgage almost impossible.

Next time you sign something you dont understand, stop and get some independant legal/subject advice.

Stu

Lesam - also - is your mortgage a Capital repayment one? There is a chance you could goto an interest only for a while which would reduce your payments. However, having a secured loan against the property may remove this option.