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Endowment shortfall Bradford & Bingley
Comments
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Bacon_Omlet wrote: »Thats what courts and judges are for to consider if a contract or commercial decision if fair, and I will not be taking them to court surely it is they that will be taking me to court to force me to sell or repossess.
If you have an interest only mortgage, and are unable to redeem it at the scheduled repayment date simply because you have no repayment vehicle - no Judge will err on your side to significantly delay possession or will rule the contract unfair.
This is because the terms of the contract you entered into are to repay the borrowings at the scheduled date - which you have known about since inception (and I'm guessing for the last 23+ yrs) - to leave enquiries on how you will achieve this to just 18 mths from the set date is cutting things fine - and looking for a Judge to basically overrule the contractual terms you entered into rather optimistic.
You say you have sufficient income, to service a repayment mge over 10 yrs but B&B won't permit this change - that being so, why not just spend an hour with a broker and move your mortgage elsewhere (subject to status of course, which I fear from reading between the lines may be the problem to hand).
Please remember that the advice you are seeking and receive (even if it does not suit you), is freely offered, including that from experienced professionals - please be gracious even if its not what you want to hear ...
Hope this helps
Holly0 -
Bacon_Omlet wrote: »Lets not forget it was Independent Mortgage Advisers and Financial Advisers who miss sold an entire generation endowments and PPI.
Ummm, no it wasnt.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
On the one hand, please be nice to new posters. On the other hand, this new poster is just plain rude. I think Betmunch wins the (non-existent) prize!0
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On the one hand, please be nice to new posters. On the other hand, this new poster is just plain rude. I think Betmunch wins the (non-existent) prize!
Just thank all my posts as a prize
I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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