Can someone please give me advice on my mortgage and straight high interest payments

happyman70

Hi, my mortgage was one of the hundreds of thousands of mortgages that was sold to engage credit. It was sold to them in January, and i was told two weeks before it happened. Apparently, engage credit buy lots of mortgages each year.

I have never missed a payment since i got the mortgae. Since it was transfered my mortgage has gone up to nearly 6%. Because we are retired, we cannot get a new mortgage and we still have 9 years left on it. The amount owing in january was £53,887.05 and until October i have paid £3027.91  however the balance on my mortgage is £49,866,87 which is shocking. i am paying £596.67 each month.

Can anyone please explain if this is right. it says at the bottom the statement interest charged between jan and oct is £3027.91

It says i am £424 in arrears. I have never been in arrears. When they got my mortgage transfered over they said i was in arreas and my old mortgage company told them that. I spent months speaking to my old mortgage company who said i was never in arreas. The new mortgage company said they had not received a payment when the mortgage was transfered over. However, i sent the payment to the old mortgage company as i was not aware it was being sold, and then the old mortgage company said they had transfered that over to my new mortgage company.

I have been told for months off the new mortgage company that they will investigate. and now they are saying to me it is down to me to proove it. I have asked them to contact the old mortgage company and they have said they do not do that. my old mortgage company are also no longer interested.

I just do not know what to do. I would love to move to a new mortgage company but we are both retired, so i am stuck with this company. Is there any advice please, as engage credit have the worst reputation ever and very unhelpful when you ring them. i am shocked that our mortgage was transfered to them but apparrently according to what i have been told, lots of mortgage companies now after so many years sell mortgages to them

[Deleted User]

happyman70 said:

Hi, my mortgage was one of the hundreds of thousands of mortgages that was sold to engage credit. It was sold to them in January, and i was told two weeks before it happened. Apparently, engage credit buy lots of mortgages each year.

I have never missed a payment since i got the mortgae. Since it was transfered my mortgage has gone up to nearly 6%. Because we are retired, we cannot get a new mortgage and we still have 9 years left on it. The amount owing in january was £53,887.05 and until October i have paid £3027.91  however the balance on my mortgage is £49,866,87 which is shocking. i am paying £596.67 each month.

Can anyone please explain if this is right. it says at the bottom the statement interest charged between jan and oct is £3027.91

It says i am £424 in arrears. I have never been in arrears. When they got my mortgage transfered over they said i was in arreas and my old mortgage company told them that. I spent months speaking to my old mortgage company who said i was never in arreas. The new mortgage company said they had not received a payment when the mortgage was transfered over. However, i sent the payment to the old mortgage company as i was not aware it was being sold, and then the old mortgage company said they had transfered that over to my new mortgage company.

I have been told for months off the new mortgage company that they will investigate. and now they are saying to me it is down to me to proove it. I have asked them to contact the old mortgage company and they have said they do not do that. my old mortgage company are also no longer interested.

I just do not know what to do. I would love to move to a new mortgage company but we are both retired, so i am stuck with this company. Is there any advice please, as engage credit have the worst reputation ever and very unhelpful when you ring them. i am shocked that our mortgage was transfered to them but apparrently according to what i have been told, lots of mortgage companies now after so many years sell mortgages to them

That seems to be an interest rate where quite a lot of mortgages are sitting right now. I'm assuming you are now on a variable rate? What was your rate before you were moved over and was that a fixed rate?

I think your biggest issue seems to be the arrears and needs to be sorted. Can you prove this via bank statements? Have you checked what your credit file says on this currently? I'd be inclined to pay what they believe to be the arrears and then try and prove it and fight it and raise a complaint. You can then get your money back, but otherwise in the meantime you are risking this causing big issues with your credit record.

happyman70

my rate was 5 percent. now it has gone up to 5.9 percent with engage credit. just before we moved over we were on a variable rate.  my old mortgage company have said i do not owe anything, and they do not understand what is going on. i am just getting passed back and fourth. can i complain to someone. i did put in a complaint to engage credit but that has been ignored

[Deleted User]

happyman70 said:

my rate was 5 percent. now it has gone up to 5.9 percent with engage credit. just before we moved over we were on a variable rate.  my old mortgage company have said i do not owe anything, and they do not understand what is going on. i am just getting passed back and fourth. can i complain to someone. i did put in a complaint to engage credit but that has been ignored

Someone with more knowledge than me should be able to advise in regards to the complaints procedure but normally there will be a very clear structure to the complaints procedure which can then be escalated to the Financial Ombudsman if not resolved after a period of time. However, I think you are going to have to show some more evidence from your side regarding the payments though as well. Can you show the transfer/payment every month on your bank account or a payment and reference?

I really think you need to:
- check your credit files with all credit agencies
- gain any proof regarding payments that you can
- pay the disputed arrears asap and then raise complaint with Engage before escalating to Financial Ombudsman if necessary

I believe you should have been transferred on the same terms & conditions as your previous mortgage (I may be incorrect here) so I don't think the mortgage rate is necessarily relevant as this should have been the case even if you had stayed with your previous provider and is simply due to rates going up.

RelievedSheff

It sounds as though your are on a SVR mortgage. As the name suggests the rate is variable and will rise and fall as BOE rates rise and fall. Your mortgage company will inform you of any interest rate rises in advance. This is nothing to do with the new mortgage company. It would have been the same with the old one.

The BOE is expected to make further rate rises in the coming months so your mortgage rate will be rising further I'm afraid.

Gather all of the information together regarding the "missing" mortgage payment and supply that to your new mortgage company. If they still don't agree then go to the ombudsman. But make sure you have all of the relevant information first. 

silvercar

Just because you are retired it doesn’t mean you automatically can’t get a new mortgage. I would suggest seeing a mortgage broker to advise you.