Please Help Me!!!!

pji2153

toonfish wrote:

if you have no redemption penalty then you are as well to remortgage now and sort it out once and for all. The likes of Northern Rock, Accord, First National, C&G, Abacus etc may all consider this - you really need to see a decent broker.

On an interest only basis you are looking at around £310-350 per month.

Don't forget you need to pay the borrowing back at some point in the future though!

just a short question would you advise a client to pay the large penalty charges to secure a remortgage to consolidate 1st + 2nd mortgages or would you look at another way.
ALSO IF A CLIENT ASKS TO RELEASE EQUITY AS THE MAIN REASON FOR REMORTGAGING AND YOU GAVE THEM A MORTGAGE THAT DIDNT WOULD THAT BE BAD ADVISE ON THE FA.

toonfish

pji2153 wrote:

just a short question would you advise a client to pay the large penalty charges to secure a remortgage to consolidate 1st + 2nd mortgages or would you look at another way.
ALSO IF A CLIENT ASKS TO RELEASE EQUITY AS THE MAIN REASON FOR REMORTGAGING AND YOU GAVE THEM A MORTGAGE THAT DIDNT WOULD THAT BE BAD ADVISE ON THE FA.

everyones circumstances are different but the problem with consolidating debt onto a mortgage is thet overall repayments will tend to be much higher. Often though it is the best way of getting someone out of a mess they are in.

I don't really understand the second point, but if you haven't got what you requested then it could be "bad advice" I suppose - give me some more detail.

yurp_82

Hi everyone,

I haven't been able to access the internet for sometime so have been unable to update things! My current situation is I have decided that I will need to sell the house. As this may take some time and Is deffinately the way I want to go does anyone have any advice on contacting my mortgage company, explaining the situation that I am selling, that my partner left me and Is no longer paying the mortgage with me (it is in joint names) and seeing if we could come to some sort of arrangement? I dont want them to chase him for the money, he is now renting elsewhere and couldn't afford it anyway plus I have bought him out of the property. Are they likely to want to do this though? It is not possible for me to afford such a high mortgage but as Im selling I thought maybe they would allow me to decrease payments (not going onto interest free though as this doesnt make that much difference and takes a while to arrange ive found out). Hope this all makes sense. I suppose im wondering if I would be able to just make minimum payments for a few months untill I sell the house at which point they'll get all their money back anyway as I am going to rent somewhere.

Thanks

yurp_82

Im thinking of maybe ringing up and explaining situation without giving my account details so If the answer was negative It cannot effect my account. Would this be possible do you think?