Feel Ripped Off by Mortgage

Mark_Lion

OMG, this gets worse.
I will stop overpaying and save the money instead.

When I phoned Catalyst, I think they said I could make "step payments". It was a lady with an Irish accent and she talked too fast for me to understand everything she said.
Last week, I sent an email to Catalyst with questions on how to pay. Waiting for the answer. 

MWT

You can 'staircase' your way to 100% ownership, the details should have been in your original paperwork.

... and do please take some advice from those familiar with your product as it is not one I have any direct experience with, the wording on what I've seen doesn't cover what happens in the case of early repayment of the repayment mortgage.

So do please make sure that you can repay it, if that is what you want to do, without triggering the equity repayment requirement as what I have seen states you need to repay the equity by the end of the repayment mortgage...

Redwino222

It sounds like you are overwhelmed by this situation and starting to panic.

please do sit down calmly with a financial advisor and work this through.  Get all your paperwork out and take it with you or scan and email it - most appointments will be over zoom.

people on here will over great advice, but they won’t know the full picture.

Mark_Lion

Redwino222 said:

It sounds like you are overwhelmed by this situation and starting to panic.

please do sit down calmly with a financial advisor and work this through.  Get all your paperwork out and take it with you or scan and email it - most appointments will be over zoom.

people on here will over great advice, but they won’t know the full picture.

Yes, you are right, am panicing. Feeling like it is too late to pay the inflated Catalyst mortgage.
I would not have taken the Catalyst mortgage if I understood it properly, at the time. Would rather have bought a smaller house/flat and owned it, then bought bigger when I was able to afford it. 
I think I will have to get the house valuation first.
I am at work today, so have spoken to the lady about her financial advisor, and asked her if he would know details of Catalyst. She said he will, but I will ask him when I phone him.

I have the Nationwide contract at home, but can only find a outline document with some details of the Catalyst. I have lots of Catalyst mail. My solicitor is holding some of my paperwork, so they might have it.
Otherwise maybe Catalyst can print me another copy.

**The Catalyst info I have at home says I can staircase payments to them.

dunstonh

Do be aware that most IFAs (individuals) do not get involved with lending.    Most IFA firms have mortgage advisers in-house or a local agreement with other firms.         So, unless you get an FA that is a Jack of all trades, it's likely to be better to see a mortgage adviser.

MWT

dunstonh said:

So, unless you get an FA that is a Jack of all trades, it's likely to be better to see a mortgage adviser.

I said much the same earlier and I still feel that a mortgage advisor is likely to be the best/cheapest route to getting an understanding of what is possible...

@Mark_Lion - If you still decide to talk to the advisor that has been recommended to you be very clear on their charges and do post again here if you want a 2nd opinion on the costs of the advice you are being offered...

A good mortgage advisor is well placed to help you navigate through the potential options you will have, and I suspect from what you've posted before, your pension situation is not sufficiently complex to require an IFA to get involved, but no harm in talking to get an idea of what they can offer to do for you and how much it would cost before you commit to anything...

Mark_Lion

I have just been given the name of the adviser. My co-worker assures me he is very good, but I can not find much about him on the internet. He advises co-workers son and daughter in law's private house issues, and her work place.
I will phone him on Wednesday and ask how much he charges, I think his first consultation is free. He gets payment from the lender. Probably should not give out people's names on here, but he is, Ripley Jonathan Oyler.

Also did a Google search, a company called Village Financial Services in Tilehurst, Reading, might be a company that is close and could help me.

dunstonh

I have just been given the name of the adviser. My co-worker assures me he is very good, but I can not find much about him on the internet

That would not surprise me.    Its like asking the internet about your local butcher.  A lot of the firms I know don't even have a website.

Mark_Lion

dunstonh said:

That would not surprise me.    Its like asking the internet about your local butcher.  A lot of the firms I know don't even have a website.

Thanks dunstonh. Your reply is reassuring. I was thinking, no internet presence means not good advisor. 
Will give him a phone call on Wednesday.

Mark_Lion

Just to clarify...when estate agents told me about the Catalyst mortgage, I'm sure they said it is a cheap interest rate for NHS, fire and police services.
I looked at Catalyst web site in 2009 and applied on that basis.
That is what I thought I was getting when Jelf arranged the mortgage. I did not expect all these other conditions and inflation rising balance. Would not have touched it if I knew.

I see on other threads, some people like the interest only mortgage. I think it is a huge payment that is a waste and could be put in to actually owning a house with capitol mortgage.

Now looking for a house valuer. I started to replace my porch of rotten wood, so I will leave it derelict until after the valuation.