Help with natwest mortgage

Andie_33

Can anyone help me out ?
Me and my partner took a fixed rate mortgage out 2 years ago at a intrest rate of 6.09% are mortgage is £153,199.00 with monthly payments of £995.51. My partner come out of work in Sept 09 For a couple months, so we asked Natwest for a holiday, they offered us 3 months of no payment which was great at the time as we were really struggling. Then in Jan 2010 they phoned saying we had to start paying them back so we have agreed to pay £1,200 per month, now are deal ends in April 2010 , but as we are i arrers they are saying we must continue to pay £1,200 till arrears are payed back, then also contiune for a extra 6 months after that. Now were in no position to argue as with being out of buisness for 3 months we gained a lot of debt that has effected are credit rating. But we have people telling us that when are deal is up we should be put on to a variable rate, is this right? We feel like Natwest have us trapped, when they offered us 3 months off they never explained all this to us, as we may off considered not doing that at the time, i just dont know where to turn as i just keep hitting dead ends. They say there there to help but there not really any advice anyone:(

VIGILANT22

monthly payments of £995.51
3 months off no payment = 3 x £995.51 = £2986.53

monthlypayments of £995.51
agreed to pay £1,200 per month
overpaying £204.49 towards initial debt of £2986.53

Has Nat West said yr not going on the SVR?

Andie_33

They have said as were in arrers we have to stay on current deal untill all debt paid back , then stay on for another 6 months and not miss a payment ( which i wont) then they will consider puting us back with the mortgage centre .

dimbo61

What would your mortgage have reverted to at the end of the fix ?
You have made 3/4 months of payments at £1200 so have paid back £600/800 but still owe £2400/2200.
Read your paperwork that came with the mortgage offer and overpay as much as possible to clear the debt.

VIGILANT22

Andie_33 wrote: »

They have said as were in arrers we have to stay on current deal untill all debt paid back , then stay on for another 6 months and not miss a payment ( which i wont) then they will consider puting us back with the mortgage centre .

Ask for this in writing " all debt paid back , then stay on for another 6 months and not miss a payment etc"...also ask for a statement detailing arrears, if capitalised and their proposed payments to reduce debt and an explanation as to why you have to stay on a fixed rate for 6 months after clearing debt......then once rcvd if you need it explained further or checking out go to CAB...

happybroker

Andie_33 wrote: »

They have said as were in arrers we have to stay on current deal untill all debt paid back , then stay on for another 6 months and not miss a payment ( which i wont) then they will consider puting us back with the mortgage centre .

I don't think the person who told you this has twigged that your rate ends sooner than this. You may well have told them but I very much doubt they will have been listening, which is a shame.

If your contract says your fixed rate ends on a certain date then it ends on that date....end of.

Andie_33

Thanks every one, i dont know much about mortgages so thanks for ur help, one last thing. When will my mortgages actually go down as been at this property now for 9 years this Nov and have switch deals every 2 years to better rate, but i still owe the same amount as when i took it out, u might as well say i have rented it for the last 9 years as it just does not go down, and if i was to switch to a diffrent deal now where would the £20,000 we have paid over the last 2 years go it confusses me as to where all are money has gone over the last 9 years ( we was on intrest only for 2 years but repayment the rest)

happybroker

You are still on interest only if your balance hasn't changed I'm afraid and this will be pointed out to you in the recommendation letters/ offers/ illustrations that should have been given to you when you took your new deals out every 2 years.

I think you could do with sitting down a good mortgage advisor to try and establish what exactly your situation is and what you can do about it.