London Mortgage Company!!

hendo777

Hi

I wanted some advice. We took out a mortgage 7 years ago with teh LMC. Since then they no longer trade and it went to Capstone and then ascenden.

We have had an interest only Mortgage all this time so the money we borrowed is going to be what we owe, plus a bit.

What i wanted to know was that if this company no longer exists as such and the company we deal with now simply services the debt/ owed money can i be cheeky with them and offer them a reduced settlement?

in 7 years i would imaging we have paid somewhere in the region of £30k, our mortgage was only £117k after the deposit we paid. I just wanted to know if this is something that could be done. Say if i offer £100k as a settlement figure once our house is sold and we move soon???

I am more than likely being a silly chancer here but i just thought as the company i originally took the mortgage with is no longer trading and if we paid £100k plus what we have already paid them over the years then this is still a deal in there favour and i can invest the £17k into my new house.

Go on you can tell me i am being silly now!!!!

thanks in advance

GMS

You could ask but dont get offended if the answer is no.

They will not care how much you have paid against what you still owe. Interest only was your choice.

If you are maintaining payments then there is seemingly no danger to the lender/servicer. If you are missing payments then there could be.

However if you miss payments your credit rating will be shot and you won't get another mortgage.

You knew what you were getting in to so the terms are as agreed.

hendo777

Thanks GMS.

to be truthful i am not holding my breath at all. Just wondered with the change of company etc. And in short all i am doing is trying my luck. If you dont ask you dont get and all that. Maybe i will ask them for the settlement figure and then see if there is any room to negotiate after that. Thanks for the reply.

kingstreet

When you tell them you are selling, they will simply wait for all the money. Without redeeming the mortgage and clearing the charge, your solicitor can't give unencumbered title to your purchaser.