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

Former_MSE_Naomi

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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TKPeters

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.

Thrugelmir

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.

foxy-stoat

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.

2jim0

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.