Mortgage, do I need a broker?

[Deleted User]

Hi All

Can anyone help me please.

We have recently had lots of missed payments, due to having too much debt to be honest. I am now dealing with the debt as you can see and I aim to clear this in the coming months.

I ensure all payment are made now so nothing is getting worse.

We currently have a shared ownership mortgage (Halifax) and need to get out of this rip off quick!

My question is can I obtain a new mortage and when?

What can I do in the meantime? Or is their just no hope for me for 6 years.

dunstonh

We have recently had lots of missed payments, due to having too much debt to be honest.

How many and how recent?

GMS

In what way do you consider the mortgage a rip off?

Were the missed payments on the mortgage or other credit?

_Andy_

Don't get why it's a 'rip off'?

ACG

I seen a Halifax mortgage the other day with a 7% interest rate. It was a 5 year fix with a couple of years left to play.
Im not saying it was a rip off but it was bloody expensive, even paying the ERC they were still significantly better off, if they decided to pay the same repayments they would have knocked 17 years off their mortgage!

dunstonh

Im not saying it was a rip off but it was bloody expensive, even paying the ERC they were still significantly better off, if they decided to pay the same repayments they would have knocked 17 years off their mortgage!

Pre-credit crunch, 7% was just below the average long term rate. It looks expensive today but it looks quite cheap if you go by mid 90s rates. Fixed rates buy you certainty. Not cheap.

ACG

It was 2009 though, im sure rates had decreased by then even if not quite where they are now.

GMS

What LTV when the Halifax fixed was taken? What LTV now?

What rate and period are they going on to? Fixed or tracker? How much ERC to be paid? Any arrangement/valuation fees on the new one?

Knocking 17 years off a mortgage with the same repayments is fantastic and deserving of your fee

ACG

I cant remember off the top of my head, ERC was just over £2k though.

I didnt charge a fee, its work for an EA. Part of the agreement being that i cant charge their clients a fee. Not ideal but im starting off as self employed so it helps with cash flow for now.

[Deleted User]

Sorry my post wasn't clear, the rip off is the rent that increases every year and the price we have to pay if we want to purchase more shares.

We have never missed a payment on the mortgage, however I did miss a few on credit cards, as you can see I am dealing with all debt and aim to move house at the end of all of this, so I think it's about 9 late payments in the last two years.

I know my credit score is really bad, saw it on experian, it's always been a bit poor but think I have always took on too much. No defaults or anything like that, although did have a late payment marker from Santander current account as it was left dormant and I didn't know, they put quite a high payment marker on it, but it wasn't defaulted.

I fear I have to wait until it all falls off?

Thanks all.

_Andy_

Impossible to say without knowing figures
Property value? Mortgage amount?