Halifax demanding proof we can pay off mortgage AGAIN

ValHaller

Goldiegirl wrote: »

But you are financially savvy ........ There's a lot of people out there that need a yearly reminder. And probably a lot of people who ignore a yearly reminder, and wonder why they can't clear the balance of their interest only mortgage at the end of the term.

There is a whole difference between demanding proof annually - which is what this thread is about - and giving people a reminder.

If it was the latter, I would not be worried about it. As I believe I have already mentioned on this thread, it is distressing to see people turn up here over the months who have failed to ensure that their IO mortgages are paid off,

I can well understand a reminder letter each year. What would be excellent would be an offer by the lender to review the customer's plans. But a demand, every year, actually tends to indicate that they are just demanding information every year which they probably never even look at.

Simon_gloster

That last sentence above is a disgrace. Of course there are depts in Nwide, natwest etc that employ people to monitor these accounts. I live someone who does this day in day out.

I've held off from posting on this thread and would agree annual demonstrations of vehicles are prudent and warranted, don't prove don't have IO. As much as it's a pain for people, it's not your moneyand you don't call the shots. 10 pence spent.

Thrugelmir

Simon_gloster wrote: »

That last sentence above is a disgrace.

Those that shout the loudest normally have the most to hide.

There's around £400 billion on interest only mortgage debt outstanding. So the issue is sizable enough to warrant attention. Particularly as the average maturing interest only mortgage was £52k in 2012. By 2020 the average will rise to £125k.

NRAM themselves provided an interesting statistic. With an estimated 80% of their borrowers having no repayment vehicle at all. Of the remaining 20% of those that did. Many aren't on target to hit the required amount.

Goldiegirl

Thrugelmir wrote: »

Those that shout the loudest normally have the most to hide.

There's around £400 billion on interest only mortgage debt outstanding. So the issue is sizable enough to warrant attention. Particularly as the average maturing interest only mortgage was £52k in 2012. By 2020 the average will rise to £125k.

NRAM themselves provided an interesting statistic. With an estimated 80% of their borrowers having no repayment vehicle at all. Of the remaining 20% of those that did. Many aren't on target to hit the required amount.

They are frightening figures.

In a few years time, the board will be awash with people who have no way of clearing their debt at the end of the interest only period.

And who will they blame? Not themselves, that's for sure

ValHaller

Simon_gloster wrote: »

That last sentence above is a disgrace. Of course there are depts in Nwide, natwest etc that employ people to monitor these accounts. I live someone who does this day in day out.

I've held off from posting on this thread and would agree annual demonstrations of vehicles are prudent and warranted, don't prove don't have IO. As much as it's a pain for people, it's not your moneyand you don't call the shots. 10 pence spent.

Disgrace? You need the smelling salts, you silly sausage. I do not know what the 10p is about but it does not relate to the effort of completing an annual return. And if the lender has no contractual right to an annual return, well, stuff 'em. Their position is covered by the security of the mortgage deed.

People need to get their heads screwed back on here and acknowledge that borrowers' security derives from having a suitable repayment vehicle in place, not from filling out silly annual returns.

Thrugelmir wrote: »

Those that shout the loudest normally have the most to hide.

If that is aimed at me, it is offensive and unfounded. I have already outlined the position of my own IOM on this thread.