1992 mortgage, repossession mess

t_in_atrance

We're in a huge mess with our mortgage & lender has claimed possession. We could do with some advice on various subjects applicable to our case, despite having done a lot of research. Here are the first couple of queries, any help would be appreciated.

• Mortgage from april/may 1992 for 25yrs
• Term was due to end may 2017 but with unofficial agreements it was extended to Dec 2018.
• Interest only.

1. The mortgage was taken out with Britannia building society but in Aug 2009 they merged with Co-op Bank. Land registry shows Co-op as First charge but what action should they or Britannia have taken back then to re-assign the mortgage, and would that still apply in the case of a company merger (both "mutuals" if that makes a difference) which involved a huge number of mortgages?
2. In 1992 the mortgage was unregulated, but I'm not clear if/when it became a regulated contract under more recent legislation - Oct 2014 or Mar 2016/7, and if so, should the extentions from May 2017 to Dec 2018 have been set up as seperate regulated mortgages or secured loans - following the rules & regs applicable at May 2017? Or, despite the lender claiming the extensions to be unofficial, were they in fact official extensions to the original Term?

Thank you for your time.

csgohan4

what plan had you made to repay the mortgage Dec 2018/ May 2017?


Extensions are not a new mortgage and therefore does not come under the new rules per say, but the mortgage was given pre regulation days. But even if they were what is your main argument? You still have to pay off the mortgage


Looks like the extension was a gesture of goodwill and they could have recalled the whole loan on Dec 2017 or started repo possessions then


Speak to the bank sooner rather than later to discus your options, maybe a further extension or payment plan etc

MortgageMamma

What is your objective now the bank has taken possession of your property? are you without a home?

AnotherJoe

I think your plan to use a loophole to evade payments / repossession and using their favour to you to delay payment against them, hasn't got a leg to stand on and you should focus on how to move into private rental or social housing (assuming you are ineligible for a repayment mortgage)

k3lvc

t_in_atrance wrote: »

We're in a huge mess with our mortgage & lender has claimed possession

Are you sure this is a mess and not a calculated risk you've taken that's not quite going to plan ? You can't seriously be expecting to get a free house when you've had 25/26yrs to plan for payment ?

AnotherJoe

Ps there must be some significant equity in this house after 25 years could you use that asa deposit ina smaller property with a correspondingly smaller repayment mortgage ?

t_in_atrance

csgohan4 wrote: »

what plan had you made to repay the mortgage Dec 2018/ May 2017?


Extensions are not a new mortgage and therefore does not come under the new rules per say, but the mortgage was given pre regulation days. But even if they were what is your main argument? You still have to pay off the mortgage


Looks like the extension was a gesture of goodwill and they could have recalled the whole loan on Dec 2017 or started repo possessions then


Speak to the bank sooner rather than later to discus your options, maybe a further extension or payment plan etc

Thank you for responding, and my apologies for not replying sooner but I have been ill.


I have tried to establish the status of the extention period, as the same terms & conditions continued but I think there needs to be some sort of change to have taken place to indicate that a new agreement should have been set up by them - like a further issue of cash by them. A change did occur - an interest rate increase - but I don't know if that would be sufficient to justify/ prove that a new agreement should have been set up by the lender.



If it did then it should have been set up by a qualified adviser, and all the modern rules from that point should have applied. Also the lower rate prior to increase should have remained in place. In this senario, the lender would have broken FCA rules, FSMA law wouldn't they?


The lender did not provide the correct/ full contract documents to the court - front sheet only of a 3 page offer; copy of a deed apparently signed by us for the benefit of the Building Society which ceased to exist in Aug 2009 and a copy of mortgage Ts&Cs which we never received or knew of.



We have attempted to obtain the copies of the documentation from them to establish exactly how they have treated the account, and to establish whether the newly named lender has any legal entitlement to enforce the deed, but they have delayed and obstructed this and are now in full breach of GDPR relating to our SARs. So the possession decision they got has been obtained on false evidence. I know this because since the possession hearing, we rediscovered all the original papers - long time lost/destroyed we thought.



I am applying to the judge to get a new hearing on the basis of new evidence - the missing contract docs and the potential new evidence in relation to the transfer of the deed (documents with-held= SAR, but which we await from Land Registry). We will also ask permission to include the GDPR breach court action.



As for paying off the mortgage, our intension was to sell the property in spring 2018, having requested time to make the property more presentable. However that fell to pieces as the lender effectively hounded and pressured us from Sept 2017 contrary to promises they made in agreeing an extension to spring 2018. They knew we both had health issues and knew the impact their actions would have upon our health and our ability to see this through, but continued nonetheless and making more unwell. If they had kept to their side of the bargain we'd have been sold up and happy in spring 2018. My feeling is that they effectively used their knowledge of our health issues against us for monetary gain, ie to collect even more interest.



I am so sorry that this post is so long. I said it was a huge mess didn't I. If I can get the judge to re-open the case, and show how the lender acted, we have a better out-look. If nothing else it might delay the warrant for eviction.



I truely am grateful for any insight.

t_in_atrance

MortgageMamma wrote: »

What is your objective now the bank has taken possession of your property? are you without a home?

Thank you for your response, sorry I was unable to reply before.

All we ever wanted was to be left alone to sell the property in spring 2018. Initial discussion with them was very very possitive and we were grateful for their extention, but it all went to hell in a handcart after that. Please see my long reply to the other poster. We intended to have the house on the market by now, by early Feb, but here we are fighting this mess instead - we have been incapable of doing anything else.

t_in_atrance

AnotherJoe wrote: »

I think your plan to use a loophole to evade payments / repossession and using their favour to you to delay payment against them, hasn't got a leg to stand on and you should focus on how to move into private rental or social housing (assuming you are ineligible for a repayment mortgage)

Thanks for your response - but if you see my replies above, you'll see we would have been sold up and long-gone in spring 2018 if they'd behaved with any decency.

t_in_atrance

k3lvc wrote: »

Are you sure this is a mess and not a calculated risk you've taken that's not quite going to plan ? You can't seriously be expecting to get a free house when you've had 25/26yrs to plan for payment ?

Thanks for replying. I can see people may think that working on the scant information provided so far.


We were both in full time work when the mortgage was set up, but since then both of us became ill - a lot can happen in 20+ years. So no, there's not an expectation of a free house. There is, however, an expectation that these so called lovely fluffy, caring, sharing organisations who are apparently supposed to act fairly, do so, and do not squash people into the ground in their quest for money and manipulation. I also expect to be given information about the running of the account, about the calculations of interest they have charged, and that such information is not actively with-held to hide their behind-the-scenes activities which may or may not be unlawful / illegal / unethical.

t_in_atrance

AnotherJoe wrote: »

Ps there must be some significant equity in this house after 25 years could you use that asa deposit ina smaller property with a correspondingly smaller repayment mortgage ?

Yes there will be some equity after the house is sold - and that opens up a further element to our case. We have been trying to establish for a number of years how they have come to the total sum thay say is owing. We have been asking for a number of years (all in writing) for them to explain their calculations but have consistently met with oblique answers or no answer at all - this also feeds into the GDPR side of things.


You would not think that such a well known high street name would act in such a low underhand manner, but there you are.