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100% mortage that not complete moratage!
littleskip
Posts: 1 Newbie
Hi
We brought our house in 2008 for £133,000 when we thought about moving mortages after our three year fixed term we got a little shock.
Our mortage is £100,000 with an unsecured loan for the rest £33,000. We didn't know that we had a loan and thought it was all the same thing- all mortage. We pay interst on both part the mortage and loan. If we move the mortage and leave the loan, the loan interest goes through the roof.
It was not explained to use as first time buyer that we were having a personal loan or of the much- we were lead to think it was all mortage. We np can't get any credit- not that we want it.
Ok so we were fairly silly, but at the time we didn't know any different, we were first time buyer and let the Abbot lady guide us?
Did she miss lead us?
I would like to add we do over pay and now we understand about the loan we over over pay on it.
We brought our house in 2008 for £133,000 when we thought about moving mortages after our three year fixed term we got a little shock.
Our mortage is £100,000 with an unsecured loan for the rest £33,000. We didn't know that we had a loan and thought it was all the same thing- all mortage. We pay interst on both part the mortage and loan. If we move the mortage and leave the loan, the loan interest goes through the roof.
It was not explained to use as first time buyer that we were having a personal loan or of the much- we were lead to think it was all mortage. We np can't get any credit- not that we want it.
Ok so we were fairly silly, but at the time we didn't know any different, we were first time buyer and let the Abbot lady guide us?
Did she miss lead us?
I would like to add we do over pay and now we understand about the loan we over over pay on it.
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Comments
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It must have made it clear in the documents which you signed? I dont' see how you've been mislead, and not sure what you hope to achieve? You're probably in negative equity whichever way you look at it, so just overpay/save as much as you can until your debt goes down.0
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What was the £33,000 unsecured loan used for?0
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And if it had all been mortgage you would have had to pay it all off before you went somewhere else.
Now you have the option to pay it all off - or pay part of it off and keep part of it (albeit at a penalty).
I fail to see how you have been disadvantaged by the nasty lady's advice ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Did they give you £133k with no paperwork to explain it?0
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