Struggling to get back on the property ladder…

RelievedSheff

SuseOrm said:

RelievedSheff said:

SuseOrm said:

I also wonder what happens at the end of the two year period if you pay 7% for a fixed term it could be out of the frying pan into the fire because of course interest rates may have gone up and then we just haven’t had the benefit of enjoying the low rates for the two years.   I guess at least that way it won’t be a major shock but what if they just say no you can’t remortgage.  That happened to us with the Alliance & Leicester 15 years ago and we got stuck on their standard variable rate for nearly 15 years,  they made an absolute fortune out of us.  

What stopped you remortgaging away from Alliance and Leicester?

Plenty of other mortgage lenders 🤔

We no longer qualified for our own mortgage,  it was a self cert,  4 times his salary.  When we went to re mortgaged they said no but upu can keep paying double everyone elses rates for as long as you loke 

You were not alone. We were stuck on a Northern Rock mortgage for a long time due to negative equity. Our SVR was a lot higher than fixed rates at the time.

Times and circumstances move on.

You can't stay stuck in the past.

Thankfully our current property has been far more kind.

SuseOrm

RelievedSheff said:

SuseOrm said:

RelievedSheff said:

SuseOrm said:

I also wonder what happens at the end of the two year period if you pay 7% for a fixed term it could be out of the frying pan into the fire because of course interest rates may have gone up and then we just haven’t had the benefit of enjoying the low rates for the two years.   I guess at least that way it won’t be a major shock but what if they just say no you can’t remortgage.  That happened to us with the Alliance & Leicester 15 years ago and we got stuck on their standard variable rate for nearly 15 years,  they made an absolute fortune out of us.  

What stopped you remortgaging away from Alliance and Leicester?

Plenty of other mortgage lenders 🤔

We no longer qualified for our own mortgage,  it was a self cert,  4 times his salary.  When we went to re mortgaged they said no but upu can keep paying double everyone elses rates for as long as you loke 

You were not alone. We were stuck on a Northern Rock mortgage for a long time due to negative equity. Our SVR was a lot higher than fixed rates at the time.

Times and circumstances move on.

You can't stay stuck in the past.

Thankfully our current property has been far more kind.

This is of course true about living in the past however when one is also struggling to move forward too as per earlier posts - one does feel one is starting to get a little bit stitched up by the whole thing.  

RelievedSheff

SuseOrm said:

RelievedSheff said:

SuseOrm said:

RelievedSheff said:

SuseOrm said:

I also wonder what happens at the end of the two year period if you pay 7% for a fixed term it could be out of the frying pan into the fire because of course interest rates may have gone up and then we just haven’t had the benefit of enjoying the low rates for the two years.   I guess at least that way it won’t be a major shock but what if they just say no you can’t remortgage.  That happened to us with the Alliance & Leicester 15 years ago and we got stuck on their standard variable rate for nearly 15 years,  they made an absolute fortune out of us.  

What stopped you remortgaging away from Alliance and Leicester?

Plenty of other mortgage lenders 🤔

We no longer qualified for our own mortgage,  it was a self cert,  4 times his salary.  When we went to re mortgaged they said no but upu can keep paying double everyone elses rates for as long as you loke 

You were not alone. We were stuck on a Northern Rock mortgage for a long time due to negative equity. Our SVR was a lot higher than fixed rates at the time.

Times and circumstances move on.

You can't stay stuck in the past.

Thankfully our current property has been far more kind.

This is of course true about living in the past however when one is also struggling to move forward too as per earlier posts - one does feel one is starting to get a little bit stitched up by the whole thing.  

If you feel that way then perhaps property ownership is not for you.

Lenders do not stitch people up!

SuseOrm

RelievedSheff said:

SuseOrm said:

RelievedSheff said:

SuseOrm said:

RelievedSheff said:

SuseOrm said:

I also wonder what happens at the end of the two year period if you pay 7% for a fixed term it could be out of the frying pan into the fire because of course interest rates may have gone up and then we just haven’t had the benefit of enjoying the low rates for the two years.   I guess at least that way it won’t be a major shock but what if they just say no you can’t remortgage.  That happened to us with the Alliance & Leicester 15 years ago and we got stuck on their standard variable rate for nearly 15 years,  they made an absolute fortune out of us.  

What stopped you remortgaging away from Alliance and Leicester?

Plenty of other mortgage lenders 🤔

We no longer qualified for our own mortgage,  it was a self cert,  4 times his salary.  When we went to re mortgaged they said no but upu can keep paying double everyone elses rates for as long as you loke 

You were not alone. We were stuck on a Northern Rock mortgage for a long time due to negative equity. Our SVR was a lot higher than fixed rates at the time.

Times and circumstances move on.

You can't stay stuck in the past.

Thankfully our current property has been far more kind.

This is of course true about living in the past however when one is also struggling to move forward too as per earlier posts - one does feel one is starting to get a little bit stitched up by the whole thing.  

If you feel that way then perhaps property ownership is not for you.

Lenders do not stitch people up!

Yes a lifetime of paying rent would be preferable of course what a  stupid thing to say 

SuseOrm

Of course lender’s stitch people up and move the goalposts almost constantly, the market is quite clearly rigged with first-time buyers having to jump through numerous hoops.  Various schemes sold to them through marketing ploy is as a grand idea when in fact Leone actually help the developers honestly I can’t believe anybody would be so naive therefore I’ll assume you’re just being facetious

eidand

SuseOrm said:

Of course lender’s stitch people up and move the goalposts almost constantly, the market is quite clearly rigged with first-time buyers having to jump through numerous hoops.  Various schemes sold to them through marketing ploy is as a grand idea when in fact Leone actually help the developers honestly I can’t believe anybody would be so naive therefore I’ll assume you’re just being facetious

if you want to discuss your own circumstances and life views then create your own thread and don't pollute someone else's please. This one is for a different reason

eidand

OP, I would do what others suggested.

Take the mortgage you can take right now and as soon as your credit history looks better then you switch to a mainstream bank / offer. That seems to be your only solution at this point in time

SuseOrm

eidand said:

SuseOrm said:

Of course lender’s stitch people up and move the goalposts almost constantly, the market is quite clearly rigged with first-time buyers having to jump through numerous hoops.  Various schemes sold to them through marketing ploy is as a grand idea when in fact Leone actually help the developers honestly I can’t believe anybody would be so naive therefore I’ll assume you’re just being facetious

if you want to discuss your own circumstances and life views then create your own thread and don't pollute someone else's please. This one is for a different reason

The points are entirely relevant to the topic in discussion.  

Dancaw

Sorry for the late reply, busy life got in the way, thanks for advice, it appears that lender now wants 30% deposit, im not to fussed about the apr it would be same as renting really and like people have suggested id be looking to remortgage after 2 years hopefully get a better rate then. 

Obviously location i need and a  minimum 3 bed and a second child custody battle up coming at end of April. Time is ticking.. 

another lender has said they would lend with  20% but got wait till September. 

But 4 month past my hearing so not any good. Ive had excellent credit for majority of my life everything paid on time and  a little blip due to a divorce, its all taken away  and been treated like ive been a bad payer all my life. 

Sistergold

Dear OP, sorry to hear that you are in this position. Divorce does tend to mess finances about. If getting a house is critical to increase chances of a positive outcome on custody, then just do what you have to do now. In the grand scheme of things it’s better to get a house now than later even if it’s not the best mortgage deal. You will now just make sure between now and remortgage you stay really ontop of your finances so that this high interest arrangement does not carry on longer than necessary. 

Good luck