Help 90% mortgage needed

getmore4less

Only 20 post so a quick history check

Put the Uggs and GHDs on ebay...

I see someone else did also.

We are currently in the process of selling our house via Pattinsons auctions. Just waiting to exchange and comlplete which should be end of this week / beginning of next. We originally had it for sale at £125k and reduced to £115k. Then entered into auction with a £115k reserve and starting bid of £95k - we had no bids at all. Reduced starting bid to £85k for the next auction and highest it got to was £90k. We agreed a sale a couple of days after the auction for £95k

This is what was sold in Dec 08 by the looks of it to do the current move to this big mortgage

Bo idea of the debt levels then and now is important to understanding the options

Look like there was a subsiquent bank loan to 0% CC for 16 months in Jan 09 might have been for £7k. did that run out without getting paid off ?

SouthCoast

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 330,000 homeowners who have already received help and advice.


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

Squish_21

Post office do 90% mortgages, as do Nationwide (rate not so good).

maninthestreet

7.49% interest rate for a mortgage taken out in Jan 2009? Weren't interest rates dropping like a stone then???

getmore4less

maninthestreet wrote: »

7.49% interest rate for a mortgage taken out in Jan 2009? Weren't interest rates dropping like a stone then???

Base rates had been dropping for nearly a year and went from 3% in Nov to 2% 4 Dec 1.5% 8 Jan 09

Thats the point there must have been something seriously wrong to have to considered this rate on a 4year fix.

Conrad

LeanneJ77 wrote: »

Halifax is our current lender for the mortgage. .

You may have a misselling case. That rate is far and awy above anything I was selling in 2009. Rates had been rapidly declining and all Bank Of England MPC monthly meeting mintues indicated this would remain the case.

A mortgage adviser is legally like a doctor in that if a doctor prescribed a course of leaches for flu, he would be at fault regardless of your signing any agreement as to the advice.

It seems to me that the adviser did not take PROPER DUE account of the current economic enviroment - I often make this point that some adviser know much about football yet have NO interest in economics so should be worthy of the title 'adviser'.

Try a complaint to the compliance officer for the firm that arranged the mortgage. The piece of regulation you need to refer to is known as TCF.

The advisers may argue you signed a bit of paper indicating you wanted to fix, but this is not a get of jail card for them.
Also you need to have them show a copy of the original 'fact find research' showing why this VERY expensive option was better than the much cheaper fixed and trackers at the time. THIS DOCUMENT MUST SHOW THE RATES OF OTHER LENDERS AT THAT TIME THAT WERE DISMISSED BY THEM.

I'd be willing be venture they were lax and lazy and took no proper research. Say in your complaint you are now aware of many other much cheaper MORE SUITABLE deals, and why were these not recommended / offered.

Even if they gave a 'non advised' service, your rights still hold - that you should have been sold the most approriate plan that was the most suitable given your needs and expectation of fair treatment.

opinions4u

maninthestreet wrote: »

7.49% interest rate for a mortgage taken out in Jan 2009? Weren't interest rates dropping like a stone then???

Central bank base rates were dropping.

The wholesale markets (that were funding fixed rate mortgage lending at an ailing HBOS) were either rising or simply not lending.

I would hazard a guess that this was a high LTV deal to start with and that the rate would have been towards the top end of those offered by Halifax at the time.

40% equity would have been around 2.5% lower.

You may have a misselling case. That rate is far and awy above anything I was selling in 2009

I would guess the sale took place in 2008 with completion in 2009. It's very possible that the base rate was still above 4% at the time of the advice being given.

Customer: "I'm worried about the uncertain economy. I want certainty around my monthly payments for as long as possible".

Adviser: "This is our best available 5 year fixed from the range of products we have".

Not mis-selling.

Probably not the time to have bought a mortgage from Halifax though.

Conrad

opinions4u wrote: »

Customer: "I'm worried about the uncertain economy. I want certainty around my monthly payments for as long as possible".

Adviser: "This is our best available 5 year fixed from the range of products we have".

Not mis-selling.

Probably not the time to buy a mortgage from Halifax though.

Quite possibly, but rates were plummeting in late 2008 from memory!

Still worth a shot.

The only other suggestion is to sell up and start over or as my Brother did, go Bankcrupt - best thing he ever did, wiped the slate clean, did not have car repossessed or any of the other fantasy myths peddled on the net. From that day forward his life changed and now 3 years later he has a house and saving and never went back to using cards etc.

OP - ignore the myth you will be credit blacklisted due to bankcruptcy - you will be for a while, but the point is it will be done and dusted and from that day on you can rebuild. Extending the pain over years with a muppet debt management plan, will mean your crdit rating will be as bad as bankrupcty but for 5 years longer (ie once the dm plan is finally over, thats then the day you would have been at the day after a bancruptcy order - in other words youve lost 5 years!)

RenovationMan

Can I make a guess and suggest that throughout your financial lifetime, you have been taking the 'easy route', by making mortgage equity withdrawls and using zero percent credit cards to fund a lifestyle that was beyond your means?

Well, just as the GB Government has found that this cant go on forever, so are you. Just like the government, your going to have to take this on the chin and start taking control of your finances.

You have a decent income, especially given that you are using both tax free allowances and both pay 20% tax. You need to take a long, hard look at your lifestyle and cut out everything you can. I would also assume that you have SKY TV packages, mobile phone contracts, fancy cars and all the trappings?

Time to decide what you want out of life, the illusion of wealth or actual wealth.

wajoda2002

opinions4u wrote: »

Central bank base rates were dropping.

The wholesale markets (that were funding fixed rate mortgage lending at an ailing HBOS) were either rising or simply not lending.

I would hazard a guess that this was a high LTV deal to start with and that the rate would have been towards the top end of those offered by Halifax at the time.

40% equity would have been around 2.5% lower.

I would guess the sale took place in 2008 with completion in 2009. It's very possible that the base rate was still above 4% at the time of the advice being given.

Customer: "I'm worried about the uncertain economy. I want certainty around my monthly payments for as long as possible".

Adviser: "This is our best available 5 year fixed from the range of products we have".

Not mis-selling.

Probably not the time to have bought a mortgage from Halifax though.

We got a mortgage 90% with Halifax in Jan 09 as thye werethe only bank doing them at that point last year Our intrest is 6.89%, however we got a better deal as only tied in for 2 years.

Good luck OP, I agree that over spending plays a big factor in this. Hubby and I have a decent wage coming in however when we bought, everything had to change. Making a shoppinglist before going and knowing it's in your credit card does help not buy what you don't need and cutting our takeaways saves us a fortune!!!!!