Engage Credit - Mis Sold Mortgage - Mortgage Audit Bureau

brunty248

My only choice for my future is carry on and just give up until I get to the end of my mortgage and them either move out and be homeless, sell my home and my aunts home for the past 35 years or as my son of 17 has suggested he takes over the mortgage
I shouldn't of been a mortgage prisoner, I should of been able to move on from this mortgage and if it was either not allowed or done properly I should have been able to move on.
I have been fighting with companies for over ten years to see how this actually effects peoples ongoing lives, you say move on but this is a major issue in my life. Affordability is more now than ever due to my age and especially my aunts age.

ACG

Is the balance on your mortgage now £30k? 
If not, is it still more or less the original balance? How did you plan on clearing the £30k smaller balance? 

MWT

brunty248 said:

Also I could never get an insurance to cover the final amount at the end of the mortgage.

If you mean something that would have enabled you to pay-off the mortgage at the end of the term, the only reason not to be able to do that would be the ability to pay the monthly cost, there should have been no other impediment to sorting something out...

With regard to your Aunt being on the mortgage, was that perhaps because she is also on the deeds of the property?

dunstonh

Also I could never get an insurance to cover the final amount at the end of the mortgage.

That didn't really exist in 2007.  The last mainstream provider of endowments withdrew in 2004.

MWT

dunstonh said:

Also I could never get an insurance to cover the final amount at the end of the mortgage.

That didn't really exist in 2007.  The last mainstream provider of endowments withdrew in 2004.

That is a fair point, I'd forgotten they went quite that early, but even without that there were still many other options, for a regular savings plan, but it sounds like a good financial advisor was the missing element in this mix as those consulted for the mortgage were not in any way obliged to provide ongoing advice after obtaining the mortgage and with a good financial advisor the mortgage would probably never have happened either...

brunty248

My mortgage will be the exact same at the end of the term as it was in the beginning, hence the interest only.
The mortgage was unaffordable from the beginning and I was advised that we could change in a few years to a repayment mortgage but due to the high amount of mortgage and my reduced income from the original mortgage I could never move my mortgage to any other company. Hence the term mortgage prisioner.
As for my aunt she would give up her name on the property if we of had a better repayment mortgage instead of being harassed over the year with over 13 threats of eviction due to the mortgage being out of our reach. 
I understand people saying oh do this and oh do that but we physically can not move out of this mortgage - is that a fair position to be in, the broker had the experience and you trust people to be fair with you not put you in a position that we have been in for the past 15 years.
She is now 90 and now being threatened again by eviction because she can not apply for SMI but also can not afford her half of the mortgage especially the last 12 months, her half of the mortgage is nearly more than her monthly income, explain to me how that was a fair deal to put her through.  I have asked to take her name off and also there is over 100k equity in the property and have asked for it to clear our arrears which is less than a quarter of that equity but whatever way I turn or try to get away from this mortgage I always hit a brick wall.

MWT

brunty248 said:

The mortgage was unaffordable from the beginning and I was advised that we could change in a few years to a repayment mortgage but due to the high amount of mortgage and my reduced income from the original mortgage I could never move my mortgage to any other company.

I'm sorry, I don't think there is anything very helpful that any of us can say at this point, but your statement above begs the obvious question of why you ever took the mortgage in the first place?

You might have hoped to move to a repayment mortgage in a few years, but even with the additional £30,000 that you said you had not expected, based on your other posts you couldn't even make it more than 3 years or so into the mortgage before you were already in arrears...

How did it ever make sense to even begin on this mortgage as even with all the dispute over what 'facts' the broker used to get the mortgage you have to have know what the payments would be?

brunty248

I understand what you are saying but at the time I thought that I could make the payments with the promise to move to a more suitable mortgage later down the line, I was very nieve in financial procedures, I was freshly single from a divorce had 5 children and wanted to secure their future.  The mortgage broker told us there were to mortgages only available to us then he called and said we only had one mortgage that would take us on. If I knew then what the future would hold I would of stayed on the repayment mortgage my aunt had on her own and just of carried on as we where. I only wanted security for my children and I was working but no where near what they said I was on but I could make the payments its only when I realised we couldn't move and then they put pressure on us to get us out, no help was offered and even now with a all I know about this mortgage I still cannot get them to help me out.  There is a way out but unless you are dealing with these mortgage companies you have no idea what they are capable of.  My aunt deserves to live her years in peace not be harassed and trapped by a mortgage at 90 she should not even be on.   

Hoenir

brunty248 said:

The mortgage was unaffordable from the beginning and I was advised that we could change in a few years to a repayment mortgage but due to the high amount of mortgage and my reduced income from the original mortgage I could never move my mortgage to any other company. Hence the term mortgage prisioner.

As for my aunt she would give up her name on the property

Contradictory statement in the context that you spent £30k on "business" activities. In a court of law a judge is going to require substantive evidence to persuade them that the borrowers themselves weren't party to the transaction. Personal responsibility cannot be absolved through a convenient recollection of events some years later. 

Did your Aunt contribute financially to the purchase of the property when you purchased it originally. Presumably she lives with you and this is her home. As a consequence she does make a financial contribution to the household finances. Despite a low level of personal income. 

MWT

Hoenir said:

Did your Aunt contribute financially to the purchase of the property when you purchased it originally.

I suspect it was the Aunts home on her own perhaps, until everyone moved in with her...

brunty248 said:

If I knew then what the future would hold I would of stayed on the repayment mortgage my aunt had on her own and just of carried on as we where

There was also mention of a 2nd mortgage and debt consolidation, and then the use of at least some of the extra £30k on the business...

I think at this point I will withdraw from this thread. There is nothing I can think of that will be helpful, and much more that could be said which is unhelpful, so I will not go further.

I hope there is a good resolution to be found, but I have no idea where it might be...