Income fallen, are we tied to current lender?

yamin

Thank you very much getmore4less, I really appreciate the factual, non judgemental reply. Felt all at sea on this board, so your reply really helped. Yes, thats about right - more sometimes depending on unsocials and extra shifts - over past couple years with low interest rates its not been so bad, and in fact, for anyone reading, we were just about managing at 8% too!

Thanks again

Appreciate concern re long term debt, but we have that in hand, thanks everyone, I just don't choose to share how, esp now!

Leon_W

Would pretty much agree with you yamin.

It was a pretty simple question. Can I change lender ?, answer no.

But then everything goes off on a tangent. What about this what about that and another load of ifs buts and maybees. You didn't ask about how you were going to repay the debt, and for all anyone knows you could easily have that covered off by being left two million pounds in a frail aunts will which is nobodies business. The tone of some of the replies you had would be enough to give some people sleepless nights !

yamin

Hi Leon

Yes, you would think I'd just said I had the money to pay the mortage being held in Lord Lucan's offshore account with the sole other signatory being Colonel Gadaffi!
Never mind tangeants, just wish that people would take a polite 'back off' before it has to become a sledgehammer one!

Thanks Leon

Conrad

yamin wrote: »

OK guys


Clearly I misunderstood when I thought that I could just get an answer to a question and not have my financial washing thoroughly hung out for all to see, even though I made it clear that we are happy with our decision, my mistake.

Thanks anyway

Hey take no notice of the judges here. They occupy some accademic rule book fantasy world where the robots borrow a sensible 3 x income etc.

As you say you are more than capable of running your life and coping with your finances.

There are lots of people that reduce thier working hours / income for all sorts of reasons, and the vast majority manage just fine.

Again we need to remind ourselves of the facts, and put the Daily Mail aside for a mo - 99% OF BORROWERS DO NOT GET REPOSSESSED. 96% DO NOT GET INTO ARREARS.

AGAIN - 99% 'DO NOT GET REPOSSESSED'.

Conrad

beecher2 wrote: »

but anyone reading this thread will have alarms going off.

NO - thats your own particualr reality tunnel leading you by the nose.

Those of a zealous dailymail screaming headline bent might share your narrow reality tunnel, but those of a more enlightened nature process the world around them to consider ALL the inputs, and do not FACT FILTER.

1 such fact would be that 99% of homeowners do not get repossessed - but that would hardly make a decent Daily Mail headline would it.

Dailymailers are thankfully a dieing breed

beecher2

Conrad wrote: »

NO - thats your own particualr reality tunnel leading you by the nose.

Those of a zealous dailymail screaming headline bent might share your narrow reality tunnel, but those of a more enlightened nature process the world around them to consider ALL the inputs, and do not FACT FILTER.

1 such fact would be that 99% of homeowners do not get repossessed - but that would hardly make a decent Daily Mail headline would it.

Dailymailers are thankfully a dieing breed

Bit of an overreaction there Conrad - I'm hardly a 'Daily Mailer'. I wonder what your stats will say once rates go up. All I've done is state my opinion on an opinion board - big deal.

dunstonh

Sorry, 8x income and interest only does not suggest sound borrowing.

You can choose to ignore it or you can choose to do something about it. If you have plans to cover it then good. However, if you are just hoping for the best then expect the worst. Many people in serious debt don't face the reality until its too late. There is no harm in pointing out what appears to be quite a bad position to be in and suggesting help.

JimmyTheWig

yamin,

I would like to point out 3 things...

1. Sometimes people don't always ask the right question because they don't know the right question exists. Therefore I believe it is perfectly valid for posters to give answers outside of what you were asking as it may be relevant.

2. Some people reading this thread may be in a similar situation to you but not, for example, have a way to repay their mortgage sorted out. Those people need to read the answers that warn of the dangers.

3. Ultimately you are asking advice on a public forum. I always think of this being the same as asking the question while standing at the bar in a pub. You'll get all sorts of answers. Some will be sensible, others not. Some relevant, others not so.


I think you sometimes have to take responses with a pinch of salt, and pick out what is relevant to you.

yamin

dunstonh wrote: »

Sorry, 8x income and interest only does not suggest sound borrowing.

You can choose to ignore it or you can choose to do something about it. If you have plans to cover it then good. However, if you are just hoping for the best then expect the worst. Many people in serious debt don't face the reality until its too late. There is no harm in pointing out what appears to be quite a bad position to be in and suggesting help.

Duntonh - Again - I replied openly and politely to the initial concerns shown by the responders. I only got cross when people kept ramming their concerns down my throat despite my saying we were ok about it. And even now, look at your quote above - when exactly did I say we were just 'hoping for the best' - since I have said several times now that we are NOT, why can you not resist repeating that AGAIN?? Its infuriating!

Conrad - you put it so well and I feel so much better now, to know that there are level headed sensible people here, not just the scaremongerers, who, in common with 'zealots' the world over, will not hear of the slightest difference of opinion to their own set ways. Thanks so much for making me feel better.

yamin

JimmyTheWig wrote: »

yamin,

I would like to point out 3 things...

1. Sometimes people don't always ask the right question because they don't know the right question exists. Therefore I believe it is perfectly valid for posters to give answers outside of what you were asking as it may be relevant.

2. Some people reading this thread may be in a similar situation to you but not, for example, have a way to repay their mortgage sorted out. Those people need to read the answers that warn of the dangers.

3. Ultimately you are asking advice on a public forum. I always think of this being the same as asking the question while standing at the bar in a pub. You'll get all sorts of answers. Some will be sensible, others not. Some relevant, others not so.


I think you sometimes have to take responses with a pinch of salt, and pick out what is relevant to you.

Jimmy, take all your points happily enough for the responses to my first message, but having taken quite extensive pains to reassure my responders, I don't think its unreasonable to then expect them to stop using my thread as an apple box to sound their own irrelevant views from.