Help!

PrincessPlaty

Ok im totally confused and way out of my depth and could do with some advice!

Im trying to compose a letter for my OH to his solicitors which he jointly owns with his ex.

There is a mortgage with NRAM and also a together loan.

The mortgage is secured the loan is unsecured.

I have a letter dated 03/07/12
stating that unsecured balance is £24,243.17

I also have a Mortgage statement summary for 01/11/11 to 31/05/12 with total amount payable if it was paid by 31/05/12 at £105339.39.

However on this it states
Cost of Redemption - This information is an illustration only. It shows the cost of repaying your loan if you had chosen to pay it at the end of this statement period.

Balance Outstanding: £105339.39
Discharge of Mortgage Fee: £250.00
Total Amount Payable: £105589.39

Am I right in thinking that the second letter is the loan and the mortgage combined?

Also is the balance outstanding what is totally owed on both or would this go up over time due to interest rates?

Would I put in the letter what is currently owed and would it be that figure?

Trying to work out what the negative equity is on the actual house rather than including it with the loan.

Current house prices on the street are approx £80k.

Apologies if these are really stupid and obvious questions Mortgages are something I have never dealt with before and because it is going to solicitors I don't want to get it wrong and OH is at work so I can't ask him.

Any help would be really appreciated

Senior_Paper_Monitor

Copy the documents to the solicitors ?

PrincessPlaty

I intend to do that however I need to put details in the letter to dispute the lies his ex are saying.

Thrugelmir

PrincessPlaty wrote: »

Am I right in thinking that the second letter is the loan and the mortgage combined?

I would say no. As the unsecured element does not form part of the mortgage balance. The additional £250 being the charge release fee.

Given the value of the property. There is some serious thinking to be done. As would appear both loan and mortgage are on interest only basis. So will a long time before sufficient equity in property to settle.

PrincessPlaty

Thrugelmir wrote: »

I would say no. As the unsecured element does not form part of the mortgage balance. The additional £250 being the charge release fee.

Given the value of the property. There is some serious thinking to be done. As would appear both loan and mortgage are on interest only basis. So will a long time before sufficient equity in property to settle.

See that is how it initially read to me however the amount seemed a lot more than the initial loan which is what threw me.

The plan for my OH is bankruptcy and for NRAM to repossess the house, it is just trying to get the figures right to give to the solicitor as his ex is making things up as she goes along and her solicitor isnt getting any proof from her so its down to us to prove her wrong :mad:

Thanks for your help!