Help requested

buff-tom

Im new to the site so hope this is the right place!

I have got into arrears with my mortgage due to some very bad advice from a mortgage broker.

I have a suspended possesion order on my property subject to paying £100 a month on top of my already crippling mortgage payment. I have only recently found out thatout of that £100, £40 goes to charges whilst my account is in arrears. Is this legal? once it has gone to court don't those charges stop?

Any help welcome.

silvercar

I would have thought the charges would be detailed in the terms of the mortgage when you took it out.

I don't know that charges would stop after court, interest and repossession charges would continue post repossession, if that happened.

Your priority now is to make sure you meet those payments. Seek help on the DFW board. Good luck, I hope you sort things out!

Mr_helpful

Im wondering how your broker got you into arrears

buff-tom

Mr_helpful wrote: »

Im wondering how your broker got you into arrears

I was advised that I should not pay my interest only mortgage as my new mortgage whould be going through anytime (a bit silly I now know as 5 months down the line they turned around and said they couldn't do it) also put the money into some essential repairs to get through mortgage.

MortgageMamma

Your broker told you not to pay your mortgage? If someone told you to jump of a bridge onto the M25 would you do it? I'm sure your broker did not say "don't pay your mortgage again ever". Some people will blame anyone rather than accept they themselves are at fault.

There are things you can do to stop the reposession, if you can't remortgage you could just sell at least then you still have control.

buff-tom

I was at the time trying to get a remortgage for essential repairs on my property mortgage broker DID tell me not to pay the mortgage but to use the money to get repairs done! Now looking to remortgage and have taken advice and put wheels in motion to do that!

No I wouldn't jump of a bridge if someone told me to but when you have a national company who advertises on TV radio and in national press you would think they were giving you correct advice!!

petermb_2

hi

If he did give that advice, I wonder what else your broker got wrong.
Did he disclose to you all his commissions and the fees he received?
Was a packager firm used in the process?
did the broker act as the packager?
Did you take out additional insurances such as payment protection?
If you used a broker, who is your lender?

According to a recent "Which" mystery shopper campaign 37% of brokers were not complying to FSA regulations on disclosure. Those regulations are there because of underlying common law. So if brokers are not following guidelines of how to conduct business they are actually breaking the law of the land.

good luck with your mortgage.

regards
Peter