Derbyshire Home Loans

alfimima

I am soon to be finished (well in March 2010) my current deal with Derbyshire Home loans although original mortgage was with Kensington. At the time 5.6% was pretty good. I have been forced to go interest only and have been treading water waiting so the rate will drop at the end of my term. A friendly IFA did some digging for me and discovered that (1) they will not entertain any questions by phone or post (2) the website gives no information and (3) finally he was told that their rate after the deal period ends if likely to be 5.3% plus base rate which means my mortgage will actually go up. Very dismayed now as I do not think I can remortgage and, like everyone else, am in pretty dire straits. Is owning a house worth it? Ok, rant over!
Thanks

Cannon_Fodder

Worried about your IFA's eyesite... !! It might be they won't entertain talking to IFAs.. http://www.derbyshirehomeloans.com/Contact_Us.aspx

"Call us on 0844 8922862"

"You can write to us at:"

Derbyshire Home Loans
1 Providence Place
Skipton
North Yorkshire
BD23 2HL


From other posts their customer service may well be rubbish, but persevere.

If you have 10%+ equity in your property, you may be able to re-mortgage with another Lender.

If you do not have equity and remain stuck with that deal, then you need to look at your expenditure/income to find a way to overpay the mortgage to create some equity, as in a while (perhaps a year or two) when interest rates rise then you might find it really expensive stuck on Base Rate +5.3%.

If we go back to the base rate of just over a year ago, 5%, you'd be paying 10.3%.

Rather than plough more interest into something that you cannot really afford, you perhaps need to have a quiet ponder on your overall position.

If you have short-term money problems, as many are doing, with reduced hours, job loss, etc. then maybe you can hang on until hours increase or another job comes along. If its long-term difficulty putting you on interest only then some realism now, might save a deeper debt and problem later.

SouthCoast

Having problems with your mortgage payments?

Facing the prospect of repossession can be frightening, but it’s important to remember that you are not alone. There is a lot of help available from government, from lenders and from advice agencies. The information here will give you the tools you need to prevent your home being repossessed. You'll also find stories from some of the 300,000 homeowners who have already received help and advice.


http://mortgagehelp.direct.gov.uk/default.aspx

alfimima

Thankfully, I am not at that stage as yet but was trying to reduce interest rate but until end of deal, will cost me over £4,000 to get out of it and apparently I don't earn enough to remortgage but I do have good equity

Optmus77

My deal also comes to an end in the next 2 months and always thought what the rates would be. How much are you paying at the moment and have you asked them to reduce your rates.

alfimima

Hi, my deal is 5.6% and the IFA who originally got me my mortgage got me one through Kensington but it was taken over by Derbyshire. He telephoned them for me as I was getting nowhere fast with them myself. He said that they thought the SVR would be 5.34% + base rate of 0.59% = 5.93% which is clearly going to be more by end of March than I pay now! My IFA said they have no deals at the moment but maybe by then, they will have. At the new rate I will be spending an extra £20 a month, how lovely! When I took out the deal 5.6 was pretty good and I was pleased. When I called Derbyshire, they told me they will write to me when the deal is soon to end, about a month beforehand and I thought that then would be the time to try and get a better rate, if possible. It is a worry though, I am sure you feel the same.

Joe_Bloggs

Derbyshire Home Loans claim to be a wholly owned subsidiary of the Nationwide Building Society. Where are their mortgage rates what is the standard variable rate or whatever they want to call it ? If ordinary Nationwide members had to put up with so little information then there would be an outcry.
J_B.

Optmus77

hi all

DHL will not offer u another deal of any kind. ur mortgage is packaged up together with the likes of mine at not open for deals as DHL are not really lenders but hold just securitisationn of a portolio that is owned by nationwide now the cheap and sold off on the banks bail out plan. dhl are basically debt collectors and due fsa rules they are not authorised to advise therefore u will not get a new fixed rate/rackers what ever u want to call it. They are in a call centre in skipton collecting for other lenders so the people u speak to on the phone are not dedicated staff but simply sub contractors answering calls for numerous lenders. They will alway fob u off and say they dont currently have deals buy truly there will not be one..... until the government kicks in on this issue directly it will get worse when interest rates rise then repossions will rise big time but then we be out of recession so no one will give notice on the real mistakes that the fsa needs to adress like this one issue alone !