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Mortgage Prisoner Letter
asubhan265
Posts: 9 Forumite
I believe i am a mortgage prisoner. I am with Mortgage Express which is an inactive lender on interest only with 10 yrs left. I have not received a mortgage prisoner letter. Without this letter nobody can help as i've tried mortgage brokers even tried myself with The West Brom building Society. My lender says i don't fit the criteria for a mortgage prisoner letter. When i pushed for reasons they would not give me specific reason. I tried to complain to FCA but all they said was to put in a formal complaint, which i have.
Does anyone know i can get this letter because i am stuck without this. Thanks and please forgive my mistakes as this my first post ever.
Does anyone know i can get this letter because i am stuck without this. Thanks and please forgive my mistakes as this my first post ever.
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Why are you unable to move to an alternative lender?0
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My income is not enough to get a remortgage with another lender. I bought my house in 2006 pre financial crash .0
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asubhan265 said:My lender says i don't fit the criteria for a mortgage prisoner letter. When i pushed for reasons they would not give me specific reason.I seem to recall there were a few criteria like being up-to-date with payments under your existing mortgage for at least 12 months, and not looking to move house or borrow more, do you meet those?.. also there needs to be no alternatives to switch to with your current provider...?.
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What is the outstanding balance & LTV?
What repayment vehicle have you got in place?
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I am up to date with my payments have been for the past 5 yrs, i am not looking to borrow more or move. my outstanding balance is 135k , LTV = 65%0
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And to re-iterate @SpiderLegs question - what repayment vehicle do you have in place ? This is likely to be a far bigger issue than whether you're a 'mortgage prisoner'asubhan265 said:I am up to date with my payments have been for the past 5 yrs, i am not looking to borrow more or move. my outstanding balance is 135k , LTV = 65%
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I do not have any repayment vehicle in place0
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Are you making any payments to reduce the capital balance owed, i.e. not just paying the interest.0
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No i have not been able to overpay yet but am planning to once my credit card balance is cleared hopefully in 5 months. at the minute this my only option. I did have a agreement in principle with the west brom building society but once they realised i did not have the mortgage prisoner they say they couldn't help.0
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... and you've not been offered any alternative products by your current lender?Sorry, one final question, your current mortgage isn't on a lifetime fixed interest rate is it by any chance?0
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