Sainsburys mortgages being unhelpfull

creditcritter

I am coming to the end off my bankruptcy & my mortgage provider is looking to be paid in full they are refusing to extend or help me in any way , I cannot re mortgage for a while maybe a couple of years , I am in a catch situation I have paid dearly , my trustee has also taken 50% of my endownment before the high & mighty start I have settled quite high percentage of my debts , my wife & I have steady jobs but Sainsburys won't help can anyone advise me off my rights they say if I do not pay them within two months of mortgage end they will apply for a warrant.

Thrugelmir

Sainsburys are under no obligation to help you. If you don't meet their lending criteria they are not going to make an exception just for you. You have no rights. What you need to do is make decisions before events over take you.

pathtofreedom

I don't know about bankruptcy but your options as I see it depend on the equity in the house. If you go on rightmove you can do a request to get some local estate agents round to get an idea of a current valuation. This should help see if you do have any equity in the house right now. If you don't and end up having to sell at a loss I don't know if it is too late to add that to your bankruptcy too or not you'd have to check with them.

You can also talk to some mortgage brokers and see if one can help people in your situation or not based on your income and how big a mortgage you could possibly get.

If you can't find some one to give you a mortgage then it is just seeing how quick a sale you can get before getting reposessed.

It might be worth phoning shelter to see if they can give you some advice on this. Maybe as this on the bankruptcy boards as well as some other people might have been through something similar.

maninthestreet

When does your mortgage end and how much is the outstanding mortgage balance?

creditcritter

it ends in July as dose my bankruptcy , left to pay £60,000.00 value approx £130,000.00 as to the first gentleman to reply your facts are wrong as advised by shelter ,FCA & FOS , a lender cannot go to court until they have exhausted all avenues of negotiation & they must consider all reasonable proposals.my point is Sainsburys will not talk to me or negotiate , if FCA find out they no longer have a department in place to allow them to service there mortgages the will take action against them , i have a reasonable proposal to put to them but they are willing to talk to me so i have an official complaints in place via citizens advice ,FCA , FOS i await the outcomes.

Thrugelmir

creditcritter wrote: »

it ends in July as dose my bankruptcy , left to pay £60,000.00 value approx £130,000.00 as to the first gentleman to reply your facts are wrong as advised by shelter ,FCA & FOS , a lender cannot go to court until they have exhausted all avenues of negotiation & they must consider all reasonable proposals.my point is Sainsburys will not talk to me or negotiate , if FCA find out they no longer have a department in place to allow them to service there mortgages the will take action against them , i have a reasonable proposal to put to them but they are willing to talk to me so i have an official complaints in place via citizens advice ,FCA , FOS i await the outcomes.

I made no reference to court or repossession. Nor do lenders negotiate on the basis of borrowers proposals. You entered a contractual arrangement. In July your side of the contract is to repay the debt owed. That's the bottom line.

To enter a new contract you will have to meet Sainsbury Bank's current lending criteria. In part this criteria determined by the regulation laid down by the FCA.

I'm not suggesting that Sainsburys won't be unhelpful in their attitude towards you when the matter crystallises. Merely that they are not obliged to provide you with a solution. Beyond a point they could well consider court action. However this will be a last resort. Hence my original comment about helping yourselves.