intrest only mortgages

antrobus

Wh05apk wrote: »

Your options are limited, personally I have never heard of Topaz mortgages, are/were they an adverse/specialist lender?...

Neither have I.

However, according to one source (http://uk.linkedin.com/pub/rizwan-hussain/8/b07/201) they are "a wholly owned credit trading subsidiary of RBS" who operate a "FSA regulated credit/mortgage trading platform", whilst the Guardian (http://www.guardian.co.uk/money/2008/apr/13/consumeraffairs.debt) refer to them in the same breath as GMAC and Kensington as one of the "new breed of sub-prime lenders".

storeton

As Antrobus said we remortgaged with Gmac then passed to North Yorkshire building society finally passed on to Topaz
Final thought,could my son be Guarantor for any loan I managed to get
We know the consequences to him if I cannot keep repayments,and would it reflect on his credit worthyness should he require a mortgage?

Wh05apk

There are very few lenders still doing guarantor mortgages, from your son's point of view they would have similar impact on his future borrowing ability as doing the mortgage in his name.

What rate are you currently on, how is your credit, and what is your income roughly, could you remortgage to a cheaper rate elsewhere?

poppy10_2

storeton wrote: »

the original mortgage was 88000

storeton wrote: »

The mortgage with Topaz finacials is £178000

storeton wrote: »

I like many others have had to sell the family silver to make ends meet for the last 10 years and being self employed for 38 years have not have enough disposable income to get an earnings related type pension like some goverment workers have been entitled to

What did you do with the £90k you MEWed out of your house when you were treating it like a cash machine?

Why did you not set up a repayment plan when you took out the remortgage? Were you expecting the capital to magically repay itself at the end of the term?

Don't see why you are blaming public sector employees for your own greed and stupidity.

storeton

You always get one ,some narrowminded fool .Well what would you do with it,what I did with it is non of your business,is it a free country still?
The second question is not worth an answer-!!!!!

storeton

only looking for positive imput,not personal questions on how and what I do with my money are you a goverment worker by chance,their not good at spending other workers money
have you a unsafe little pension waiting for you the shortfall paid for by other struggling taxpayers?

xylophone

If your son is looking to buy his own home then it would seem unwise for him to involve himself in buying yours. It looks as though eventually you'll have to sell for what you can get and then rent.

Could you take a lodger in the meantime (you'd need to clear it with your lender/insurer) under the rent a room scheme - this would help with the income shortage?
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804


Perhaps your son could buy a house with a granny annexe so that there would be the possibility in the future of your renting from him?

storeton

Well thanks for nearly everyones input.it was as I thought selling is best way forward.

somethingcorporate

You've been foolish and whilst you don't like Poppy10s response it is a valid question. What did you do with the 90k?

Why wait until the mortgage is almost due at repayment before thinking about what you are going to do?

If it's a free country then we are entirely in our right to tell you you have treated your house like a cash machine and are now deservedly so paying the price.

Fail to plan; plan to fail.

If you don't like this go and talk to your kids, they'll give you a cuddle rather than an honest opinion.

saverbuyer

Sure you already sorted the problem out in May.

https://forums.moneysavingexpert.com/discussion/2263469