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

pjcox2005

As with others, to summarise:

You took out a mortgage which you badly planned/overly risky. You got lucky that someone else got into trouble first and bailed you out.

Now rather than learning from mistakes (thinking close call etc) you want to brag and mock others less fortunate. Your friends must be so lucky to enjoy the company of such a pleasant individual.

Bonia77

One question: Can you take your mortgage away? Will any bank lend you the money?

If not, the £40k is only hypothetical :cool:

dorsetjohn_3

spurs_nut wrote: »

Well..... My story.

In 2007 i was one of the fools who wanted a house straight away, without having to work hard for it. I also enjoyed all the latest mod cons.... new cars, holidays, sky world HD so saving for a deposit was out of the question. I decided to go see a "whole of market broker" and they managed to source us a mortgage on 6x our salary multiples. One snag..... No deposit. Solution? Bank loan! We get our mortgage.

I was often on the house forum on here before trying to get our mortgage and there was often talk of an impeding crash and that many people would be suffering in couple of years time. I was given advice to not go ahead with getting a mortgage and instead save for a deposit and wait for the 50% drops. However, thinking I knew best I went for the mortgage and got my home.

Fast forward two years later and stuck in quite amount of negative equity the !!!! hit the fan. With my fixed rate soon ending and having the prospect of not being able to remortgage I was really screwed. If only I had spent the last two years overpaying my mortgage and not spending all my surplus on drinking, holidays, fags, and loads of expensive gadgets. If only I had listened to the bears in the first place and saved??????

Anyway, to make matters worse my lender went bust. Were they going to sell my mortgage on? At least the low interest rates were giving me a glimer of hope for the time being.

Then the dreaded letter came through the post, the letter that said the were going to sell my mortgage on and I'd be subjected to hideous interest rates with no hope of remortgaging. Looks like repossession on the cards, Definitely should of listened to the bears.

On opening the letter heres what it said......

"We will give you £40000 if you take your mortgage elsewhere."

Oh, OK then. Thanks.

Thanks for a free deposit paid from the interest on all the bears saving. (they're still waiting for the 50% free fall :rotfl:)

The morale of the story is, Saving gets you nowhere!

Big thanks goes to the bankers, mr brown and the recession. I'm now off to book another holiday from the rest of the leftovers from my remortgage.

Adios.

P.s Enjoy the wait Bears

Tool of the highest order

Milliewilly

spurs_nut wrote: »

Because it's their fault that the economy is so screwed that savers are getting pennies and I get 40k for a deposit to take my mortgage away.

And who said the recession was a bad thing.

So does the £40K clear your negative equity and put you in a position to get the best high street mortgage at say 40% deposit?

chucky

Milliewilly wrote: »

So does the £40K clear your negative equity and put you in a position to get the best high street mortgage at say 40% deposit?

that is the biggest stumbling block.

you'd only get the £40k if you can remortgage the property.

System

I don't think it's just the bears that would have advised against this moronic course of action.

MORPH3US

6 x salary.... how much was the mortgage?!?!?

spurs_nut

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

Thrugelmir

spurs_nut wrote: »

Well..... My story.

In 2007 i was one of the fools who wanted a house straight away, without having to work hard for it. I also enjoyed all the latest mod cons.... new cars, holidays, sky world HD so saving for a deposit was out of the question. I decided to go see a "whole of market broker" and they managed to source us a mortgage on 6x our salary multiples. One snag..... No deposit. Solution? Bank loan! We get our mortgage.

I was often on the house forum on here before trying to get our mortgage and there was often talk of an impeding crash and that many people would be suffering in couple of years time. I was given advice to not go ahead with getting a mortgage and instead save for a deposit and wait for the 50% drops. However, thinking I knew best I went for the mortgage and got my home.

Fast forward two years later and stuck in quite amount of negative equity the !!!! hit the fan. With my fixed rate soon ending and having the prospect of not being able to remortgage I was really screwed. If only I had spent the last two years overpaying my mortgage and not spending all my surplus on drinking, holidays, fags, and loads of expensive gadgets. If only I had listened to the bears in the first place and saved??????

Anyway, to make matters worse my lender went bust. Were they going to sell my mortgage on? At least the low interest rates were giving me a glimer of hope for the time being.

Then the dreaded letter came through the post, the letter that said the were going to sell my mortgage on and I'd be subjected to hideous interest rates with no hope of remortgaging. Looks like repossession on the cards, Definitely should of listened to the bears.

On opening the letter heres what it said......

"We will give you £40000 if you take your mortgage elsewhere."

Oh, OK then. Thanks.

Thanks for a free deposit paid from the interest on all the bears saving. (they're still waiting for the 50% free fall :rotfl:)

The morale of the story is, Saving gets you nowhere!

Big thanks goes to the bankers, mr brown and the recession. I'm now off to book another holiday from the rest of the leftovers from my remortgage.

Adios.

P.s Enjoy the wait Bears

I assume that you are on an interest only mortgage. So best of luck.

Let us know when you've been able to remortgage at a low interest rate with a quality lender.


Ps Some bears may just have their winter coats at the moment. If you had invested your money in some A+++ Corporate bonds last October , you could have pocketed a 45% gain now and also have over a 10% net yield.

So

The morale of the story is, Saving gets you nowhere!

is really very laughable. Cash is king!

Graham_Devon

spurs_nut wrote: »

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

So you can't tell us who gave you the 40k. And you can't tell us the mainstream lender you are with.

You having fun anyway?