Mortgage Help Please

TopTrumper

Hello All,
As usual I hope I can count on you for some good advice.
Well I had a bit of a kick in the goolies this week regarding my tracker mortgage, now call me a bit naive to which it seems fairly obvious, but I thought this tracker mortgage I had since I bought my house 2 years ago was my mortgage full stop.

It did not occur to me to give it a thought that it would be finishing this month, and next month it jumps up to virtually double to what it is now to £600 a month.:eek:

I bet a few of you reading this are having a sly little laugh, lol...anyways:rotfl:

Firstly, this mortgage is with the TMB, which was a sub branch of the Halifax until somebody took them over, not sure who, might have been Birmingham Midshires.

In my terms of mortgage I am entitled to 6 month payment holiday,
I have decided to take all of this with immediate effect.

After a telephone discussion with one of their staff, she informed me this was not mandatory and I need to have a reason for this holiday, now I have got the paperwork back and I need to come up with a reason why, and I cannot afford to get the knock back in any shape or form.:think:

Can somebody please advise me on what to say, i know this may sound like a common sense question, but i do believe these people are from another reality.:T

PS, after my six months holiday payment (hopefully) I will come back to ask further advice about swapping mortgage, thanks in advance...
Regards Jack

[Deleted User]

If you take a payment holiday for 6 months, how do you expect this to solve your problem which is the fact that your mortgage payment is going to double? The payment holiday will simply push the payments higher in 6 months time. If you are going to swap mortgage, then why not do it now?

_Andy_

It's concerning that you can't afford the payment on SVR whilst base rate is so low.
How do you intend to deal with this properly/longer term?

opinions4u

TopTrumper wrote: »

Hello All,
As usual I hope I can count on you for some good advice.
Well I had a bit of a kick in the goolies this week regarding my tracker mortgage, now call me a bit naive to which it seems fairly obvious, but I thought this tracker mortgage I had since I bought my house 2 years ago was my mortgage full stop.

It did not occur to me to give it a thought that it would be finishing this month, and next month it jumps up to virtually double to what it is now to £600 a month.

I bet a few of you reading this are having a sly little laugh, lol...anyways

I'm not laughing. I just find it extraordinary that, despite the tons of paper the FSA forces lenders/brokers to provide, people don't familiarise themselves with the ins and outs of their biggest personal financial commitment.

Firstly, this mortgage is with the TMB, which was a sub branch of the Halifax until somebody took them over, not sure who, might have been Birmingham Midshires.

TMB was an HBOS sublsidiary. Which was closed down and merged in to Birmingham Midshires, which is also an HBOS subsidiary. Which is also a Lloyds subsidiary.

In my terms of mortgage I am entitled to 6 month payment holiday, I have decided to take all of this with immediate effect.

This will mean your debt goes up and could impact on your ability to remortgage.

After a telephone discussion with one of their staff, she informed me this was not mandatory and I need to have a reason for this holiday, now I have got the paperwork back and I need to come up with a reason why, and I cannot afford to get the knock back in any shape or form.

Can somebody please advise me on what to say.

The truth? Come to think of it, what is your reason for wanting a payment holiday? It's not clear at this point in time.

i know this may sound like a common sense question, but i do believe these people are from another reality.

Don't take this the wrong way, but I suspect you are in cloud cuckoo land at the moment.

PS, after my six months holiday payment (hopefully) I will come back to ask further advice about swapping mortgage, thanks in advance...
Regards Jack

Okay:

1) What's your house worth?
2) What do you owe?
3) What is the new rate that your mortgage is going on to?
4) Why did you borrow from TMB, and what credit issues do you have?
5) What is your annual income?
6) Why do you want a payment holiday.

You need to provide more information, because at the moment I can see there being a range of possible suggestions from remortgage now to sell up and rent because you can't afford it.

TMSL

How did you end up with TMB in the first place did you opt for a self cert mortgage where your income was perhaps inflated, if this was the case then you have been asking for trouble from the start

beecher2

Go onto the Debt Free Wannabe forum for help in sorting out your budget so as you can afford your mortgage. Your mortgage surely cost £600 or more when you first took it out, so what's changed to stop you from affording it now? Taking a 6 month holiday isn't going to help as your debt will increase, and whichever remortgage you get is not going to be as cheap as your tracker. You need to sort this out now, not delay it for 6 months.

lynne56

Hi
I have a mortgage with RBS and my current deal has expired so it has returned to variable rate of 4%.

I only have 5 years left on mortgage (£20000 left to pay).
I think my best option is to stay put, does anyone have any advice

many thanks Lynne56

_Andy_

lynne56 wrote: »

Hi
I have a mortgage with RBS and my current deal has expired so it has returned to variable rate of 4%.

I only have 5 years left on mortgage (£20000 left to pay).
I think my best option is to stay put, does anyone have any advice

many thanks Lynne56

Please start a new thread.

herbiesjp

Can you not re-mortgage to a different lender, with a lower rate?

TopTrumper

OK....
I am a self employed tradesman who is just having a few tough months.
I owe 2 or 3 grand out on other bills that i can have paid off no probs within the next few months.
With the leeway of the 6 month payment holiday, things will work out just nicely.
Please, just a good reason for the paperwork??

herbiesjp

TopTrumper wrote: »

Please, just a good reason for the paperwork??

You can only put the truth.

So put down what you have posted here.