Any thoughts on our situation

edited 30 October 2009 at 11:41PM in Mortgages & endowments
4 replies 763 views
cooriedooncooriedoon Forumite
3 Posts
edited 30 October 2009 at 11:41PM in Mortgages & endowments
Hi,

Looking for advice, have a mortgage with NR was a 7 year fixed, it ends in January we are going onto SVR, the house is worth about 120-125k our mortgage is for 43k, during the 7 years we got into trouble through disabilities on my part, which had left us stuggling and for too long we robbed peter to pay tom, we went to cccs in Jan 2006 and went on a DMP, my hubby has 2 defaults and I have 1.

I am now on disability benefits for life (6200k) so don't have any income just the benefits and my hubby is on a lowish wage of 15600k.

Is there a likely hood of anyone possibly giving us a another fixed rate? as it would take the stress away knowing what our payments are, I think I know the answer but just thought I would ask.

We are still on a DMP (some of the creditors are now getting more than their minimum payment) have never missed a payment with our DMP or our mortgage ever.

Any thoughts would be appreiated.

Thanks

Replies

  • Wutang_2Wutang_2 Forumite
    2.5K Posts
    cooriedoon wrote: »
    Hi,

    Looking for advice, have a mortgage with NR was a 7 year fixed, it ends in January we are going onto SVR, the house is worth about 120-125k our mortgage is for 43k, during the 7 years we got into trouble through disabilities on my part, which had left us stuggling and for too long we robbed peter to pay tom, we went to cccs in Jan 2006 and went on a DMP, my hubby has 2 defaults and I have 1.

    I am now on disability benefits for life (6200k) so don't have any income just the benefits and my hubby is on a lowish wage of 15600k.

    Is there a likely hood of anyone possibly giving us a another fixed rate? as it would take the stress away knowing what our payments are, I think I know the answer but just thought I would ask.

    We are still on a DMP (some of the creditors are now getting more than their minimum payment) have never missed a payment with our DMP or our mortgage ever.

    Any thoughts would be appreiated.

    Thanks

    Ring them and ask
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • opinions4uopinions4u PPR
    19.4K Posts
    Forumite
    I can't improve on "ring them and ask".

    Their web site doesn't appear to have a range of fixed rates for existing borrowers, so it doesn't look good.

    It makes reference to an SVR of 4.79%, a loyalty SVR of 4.54% (subject to a range of criteria that include having had the mortgage for 7 years and being up to date) and a base rate guarantee.

    I have no idea what "base rate guarantee" is, so it may be worth digging out your original mortgage paperwork to see what rate you are meant to go on to when your fixed rate ends - but picking up the phone should cover all bases.
  • Thanks for your replies, will give them a phone on Monday.
  • GavB79GavB79 Forumite
    751 Posts
    Part of the Furniture 500 Posts
    Will your mortgage reduce when you go to the SVR? The industry widely believes that interest rates are going to stay low for quite some time yet, if your payments are not going to go up I would not be getting stressed just yet.
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