Should have listened to the bears.... My story

andykn

Unless I've missed something, the OP had a mortgage 6 times his and his partners joint income and a bank loan for a deposit.

Now if 40k is what it took to make him "go away", there wouldn't have been enough left over, after paying off the bank loan for the deposit, to make a big dent on the rest of it so, even if he managed to get another huge multiple, he must be paying up to 36% of his and hers gross income, before tax, NI etc on interest only. (6% pa multiplied by 6 times joint income).

Add in council tax, insurance, bills etc and, if he's buying 14 day cruises too, eviction and repossession are not far off.

Like the top half of the premiership, enjoy it while it lasts.

:rotfl:

Johnny_Chaos

spurs_nut wrote: »

I have already remortgaged to a mainstream lender, but many thanks for your concerns.

I won't slag you off. Sure I'm jealous (40K swiped off my mortgage would be lovely), but fair play to ya. Ignore the naysayers - you're nowhere near as bad as the bankers and politicians who are largely to blame for the recent mess.

And I believe your story. My brother (self-employed and with certainly not the world's best credit rating) took out a mortgage with Morgan Stanley circa-2007. He thought he was stuck in negative equity last year when house prices fell.

Then earlier this year he was offered something like 20K to move his mortgage. He couldn't do it, though, because the discount didn't give him enough equity. So Morgan Stanley came back and said they would knock off 40K if he moved. (These figues may not be exactly right, but it was something like this.) And - hey presto! - he now has a new mainstream mortgage with the Abbey. Lower monthly payments, and a solid chunk of equity in his property.

I now wish my lender would offer me something similar.