Impact of Intelligent Finance closing for mortgages??

marshallka

ninky wrote: »

none i suspect. do you have any equity in the property? did you buy the cheapest available property or the most expensive property you could afford as a result of the mortgage you could obtain?

if you have equity in the property and could find somewhere cheaper to live you could sell your current property and 'downsize' to something more affordable. this could potentially open more mortgage options to you as you would no longer be requesting such high income multiples.

what is the svr you will be going to? is it ridiculously high compared to other mortgages currently on the market?

We are in a the cheapest property (a small bungalow) with a 95% LTV and we remortgaged ages ago to include a Firstplus secured loan with Abbey who also did a large mortgage to wage and then again with IF. We have struggled ever since and although we have little in the way of loans/credit now compared to some we have a HUGE mortgage which is crippling us as we put all unsecured credit on to it.

We most probably should not have had the Firstplus loan in the firstplace and upon receiving a SAR from them it seems that maybe the loan was actually not within our financial abilities. We gave ALL the correct documents for the loan (ie wage slips, bank statements, p60's etc) but it seems that FP had on their details these ridiculous wage details (which I argue on the phone when I try to pay them off) which were NOT given by us and also a FAKE wage address which is a terraced house (we google earthed it) some miles away. I do have a copy of our application with ALL the correct details on but I suppose I have learnt a lesson here. We put all our unsecured debts into one and then remortgaged the lot. I wish we had never done that and we may have to admit defeat at sometime cause of this. If we had not done this we would not be at risk of losing our home but rather on a debt plan or something else. We can pay the bill and mortgage for now and I will not let it get repossessed if I can help it. I would sell it first.

Thanks anyway. I realise now we have to think about things seriously. Its ok as interest rates are at the moment but if they do shoot up we may have to sell. Apparently our house was worth £25K LESS in November 2008 than in October 2008 according to IF. I did query this with them as I said we did not need a 95% LTV as I had a quote in October, 2008 and it was then quoted £25K higher than the next quote ONLY a month later. They said this can happen sometimes which I find VERY hard to believe.

jimwillsher

I know this is a really old thread. However I've received a letter today from IF basically saying their proposed changes have been cancelled. So we CAN now take the mortgage if we move house. Yippee!

Details on the IF site (sorry, apparently I'm not allowed to post links....)



Jim

baggies666

I got this letter too, very surprised thought it would be a letter saying the 2.5% variable rate was going up, I thought the scot widows offers were not very good, not rang to see what new products they have as happy on variable for now.

jimwillsher wrote: »

I know this is a really old thread. However I've received a letter today from IF basically saying their proposed changes have been cancelled. So we CAN now take the mortgage if we move house. Yippee!

Details on the IF site (sorry, apparently I'm not allowed to post links....)



Jim