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Martin Lewis to fund large-scale research to help free 170,000 mortgage prisoners - MSE News

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Martin Lewis to fund large-scale research to help free 170,000 mortgage prisoners - MSE News

edited 30 November -1 at 1:00AM in Mortgages & Endowments
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MSE_NaomiMSE_Naomi MSE Staff
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MSE Staff
edited 30 November -1 at 1:00AM in Mortgages & Endowments
A new study at the London School of Economics and Political Science (LSE), funded by MoneySavingExpert.com founder Martin Lewis, will look to find solutions to unchain 170,000 'mortgage prisoners'...
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'Martin Lewis to fund large-scale research to help free 170,000 mortgage prisoners'
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  • TKPetersTKPeters Forumite
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    Great News, Hopefully something will done.


    I am Self Employed & currently have a 4.55% Libor Interest Only Mortgage from early 2007, never missed a payment & originally sold as a 2 year deal to help me buy & renovate the property & then move onto a repayment mortgage once I moved in.
    4 months later Northern Rock went bust.
    Weirdly my "now wife" has mortgage with them at 1.79% & both where taken at the same time, for the same value & the same "advisor", the funds used for part of the renovations.

    The mortgage was originally with Morgan Stanley & has been sold onto OneSavings Bank & Now Charter Mortgages, who cannot offer a new repayment mortgage, although will change it to a repayment mortgage for a large fee with no guarantee of allowing it & lots of paperwork
    They will divide the total owed by the months remaining & add it to the interest payment, which makes it very expensive, compared to current deals.

    I'm Currently paying £1000 extra a month, as & when I can afford to do so.

  • ThrugelmirThrugelmir Forumite
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    As you own 2 properties between you why not sell one?

    Not sure that your circumstances such as yours. Are those that Martin Lewis considers should receive Government financial support.
    “Buy value, not market trends or the economic outlook. Individual stocks determine the market, not vica versa." - Sir John Templeton
  • foxy-stoatfoxy-stoat Forumite
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    TKPeters wrote: »
    Great News, Hopefully something will done.


    I am Self Employed & currently have a 4.55% Libor Interest Only Mortgage from early 2007, never missed a payment & originally sold as a 2 year deal to help me buy & renovate the property & then move onto a repayment mortgage once I moved in.
    4 months later Northern Rock went bust.
    Weirdly my "now wife" has mortgage with them at 1.79% & both where taken at the same time, for the same value & the same "advisor", the funds used for part of the renovations.

    The mortgage was originally with Morgan Stanley & has been sold onto OneSavings Bank & Now Charter Mortgages, who cannot offer a new repayment mortgage, although will change it to a repayment mortgage for a large fee with no guarantee of allowing it & lots of paperwork
    They will divide the total owed by the months remaining & add it to the interest payment, which makes it very expensive, compared to current deals.

    I'm Currently paying £1000 extra a month, as & when I can afford to do so.

    Sounds like you need to sell it and buy a cheaper property.
  • 2jim02jim0 Forumite
    1 posts
    First Post
    MoneySaving Newbie
    Having got myself back on track and be in a position to apply for a re mortgage, I used the mortgage calculator on the London and Country brokers site and was excited to see that the value was more than the mortgage I am currently stuck in. Unfortunately when going through the broker the value didn't meet the first expectations, leaving me £5000 short of what I needed, so still stuck with paying £761.00 instead of a new mortgage at £470.    
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