Still Waiting- Mad as hell -Fixed Interest Rate

MarkyMarkD

I don't understand why the CAB told you to get a basically useless piece of paper signed by your ex-partner.

What you needed to do, from the outset, was get a solicitor to transfer the property and the mortgage into your sole name. To do that, you would have needed Woolwich's consent to the transfer of equity.

But as I've said before, I can't see why Woolwich would agree to that because you don't have the income to cover the mortgage, given your unemployed status.

You won't be able to afford the mortgage, whilst unemployed, even if the product switch goes through, so why do you think anything's going to change to make it sensible to keep this property?

changlyn8

Dear MarkyMarkD

Please be advised that I was able to afford the Endowment Mortgage as I kept abreast of the interest rate that the DSS would pay 6.08 % only and my lenders and did without in order to ensure that I had a home.

The Woolwich did not express any doubts about Transferring the Mortgage into my name as from the outset I paid the majority of the mortgage and I paid quite a large sum towards the initial price of the property before taking out a loan for the outstanding amount.

The reason for the importance of this interest rate is that it would ensure that I would be able to pay the mortgage at the same outgoing rate as I ws when the mortgage was an Endowment.

Since reading another users posting I have contacted my lenders to ask for a Transfer of Equity Form and I am trying to find a solicitor who will act on my behalf.

Thank you to everyone who has replied I will post update as and when available.

Again thanks.