1 year to go...

MegaMiniMouse

Jojo1daffy wrote: »

Well you need to put that solution on the table for them and see what they say. To be honest I think this is a situation that is going to arise a lot and the mortgage lenders should have a strategy to deal with it, so I would bite the bullet if I was you and go and talk to them. Will save yourself a years worth of sleepless nights if it's dealt with and you know whats going to happen.

Thanks again for your reply. Sleepless nights are not a problem since I feel very strongly that the situation that the lenders have got themselves into is entirely of their own making - I am entirely resigned to the possibility of becoming bankrupt in my old age, and TBH it will make little difference to my lonely frugal existence...

I think it is too early to begin negotiating with the lender, because there is still lots of time for the property market to boom or bust, and I would not expect the lender to be able to come up with any kind of commitment at this stage in the game. My payment record is 100%, and it is too early to sow the seeds of doubt.

My game plan at the moment is to garner as much insight as possible from sites such as this, so that I will be well prepared when negotiations begin.

Your input is invaluable, and I am grateful.

MMM

haras_nosirrah

OP

When you say you remortgaged to 85% of the property did you release additional money from your previous mortgage?

What did you tell the advisor about how you were planning on paying the mortgage off if it was interest only. Did they ask you to have a repayment plan (how were you planning on paying this off at the time?

Was there any particular reason why you needed to self cert. Was it because you genuinely couldn't prove your income or because you didn't earn enough to get the mortgage you wanted?

MegaMiniMouse

haras_nosirrah wrote: »

OP

When you say you remortgaged to 85% of the property did you release additional money from your previous mortgage?

What did you tell the advisor about how you were planning on paying the mortgage off if it was interest only. Did they ask you to have a repayment plan (how were you planning on paying this off at the time?

Was there any particular reason why you needed to self cert. Was it because you genuinely couldn't prove your income or because you didn't earn enough to get the mortgage you wanted?

It was a self-cert Further Advance which took the total debt up to 85% of valuation, but with a settlement date which coincided with the settlement date of the original self-cert mortgage (July/August 2011).

The stated (and genuine) intention was to sell up within 2-3 years, and the need to self-certify was due to a genuine inability to prove income.

The repayment record is 100%, and will continue that way for the foreseeable future.

But the chances of repaying the capital nexrt summer are close to zero because of the collapse of the housing market.

MMM

FraudBuster

Pre-Action Protocol for Possession Claims based on Mortgage or Home Purchase Plan Arrears in Respect of Residential Property

http://www.justice.gov.uk/civil/procrules_fin/contents/protocols/prot_mha.htm

dopester

What is the approximate market value
of the house/property?

Pincher

MegaMiniMouse wrote: »

Thanks again for your reply. Sleepless nights are not a problem since I feel very strongly that the situation that the lenders have got themselves into is entirely of their own making - I am entirely resigned to the possibility of becoming bankrupt in my old age, and TBH it will make little difference to my lonely frugal existence...

Self-certification means you claim to have the means to pay the money back. Essentially, you were saying: "Don't check my finances, trust me, I'm good for it." And now it's their fault for not checking.

MegaMiniMouse

Pincher wrote: »

Self-certification means you claim to have the means to pay the money back. Essentially, you were saying: "Don't check my finances, trust me, I'm good for it." And now it's their fault for not checking.

Somehow, this discussion has got itself spread over two separate threads (the other one is called 'Repossession - how does it work', and it is on the House Buying Selling and Renting section), so I find I am having to repeat a lot of stuff.

My repayment record is 100%, and can continue that way for the foreseeable future. Trust me, I'm good for it.

The repayment plan was agreed by the bank, and the funds were to come from the proceeds of the sale of the house.

The fact that the value of my house has fallen is entirely due to the Banks' collective shutting-down of the mortgage market.

The banks' were not at fault for not checking my finances, the fault was mine for assuming that the banks were in proper control of their own finances!

MMM

beecher2

MegaMiniMouse wrote: »

The fact that the value of my house has fallen is entirely due to the Banks' collective shutting-down of the mortgage market.

The banks' were not at fault for not checking my finances, the fault was mine for assuming that the banks were in proper control of their own finances!

MMM

That is strange logic in my opinion. You seem to think you're in a far stronger position than you really are - time for some professional advice maybe?

MegaMiniMouse

beecher2 wrote: »

That is strange logic in my opinion. You seem to think you're in a far stronger position than you really are - time for some professional advice maybe?

This debate goes round in circles, mainly because people only respond to the latest couple of posts, rather than reading the entire thread (or, in this case, threads).

Luv u 2 bits, but you ain't listening

x