Deed of postponement

ian_aylmer

Hi

I took out a loan on my property about 2 years ago. I now wish to move house or change my mortgage product. To do this I require a deed of postponement from the loan company, as the amount borrowed is stilll largely outstanding. £34,000.00p to be precise, hence I can't just reach for loose change and pay it back.

My loan firm have refused to issue it, saying that the loan to value rate they used originally has changed and they no longer offer that product.

Is this my fault? I have now been tied into my current mortgage situation and address because of this, which I feel is completely unreasonable. I am aware I have a contract with them, and have no intention of defualting on it, but they simply will not budge. I have never missed a payment on anything in my life, but now feel as though I have 'bad credit' because I can no longer walk into a high street lender and request any sort of advance, because of this situation. And in the current market I can hardly request a 135% mortgage can I???

Has anyone else suffered this? Does anyone have any information at all about how I may be able to turn this around? Please help!!!

Thanks
Ian

jonesMUFCforever

They have given you a loan - you have given them security ie a charge on your house.
Why should they be put in a position whereby their security is diluted if you sell?
Sorry but unless you do find a lender to take on all of the lending on your property then it looks like you will be stuck there for years to come.

I think a lot of people will be in the same boat - it is starting to hit home what the credit crunch is doing.

ian_aylmer

jonesMUFCforever wrote: »

They have given you a loan - you have given them security ie a charge on your house.
Why should they be put in a position whereby their security is diluted if you sell?
Sorry but unless you do find a lender to take on all of the lending on your property then it looks like you will be stuck there for years to come.

I think a lot of people will be in the same boat - it is starting to hit home what the credit crunch is doing.

Thanks

Not really advice though is it? The thing that really knarks me further is that I will be improving my financial situation by several hundred pounds a month. I mean surely, I am not going to rip them off, I just want to move my mortgage!!!:mad: :mad: :mad:

loopylu36

ian_aylmer wrote: »

Thanks

Not really advice though is it? The thing that really knarks me further is that I will be improving my financial situation by several hundred pounds a month. I mean surely, I am not going to rip them off, I just want to move my mortgage!!!:mad: :mad: :mad:

Are you wanting to borrow further funds when you re-mortgage? If no, then I don't really see what the issue is with the Deed of Postponement. It doesn't change anything from that lender's point of view. If you want to borrow more when you re-mortgage then i can understand them not being keen as you will be reducing the amount of money that would be avaialvbe to them should you default and they repossess.

I assume that both loans in total are for more than 100% of the value of the property? I am not sure if the secured loan people (ie Picture, Firstplus etc) are still loaning up to 125% of value. If they are then I can only suggest that you try and refinance the secured loan at the same time as the re-mortgage - effectively re-mortgaging the secured loan. You solicitor would be able to assist with this -as it is quite complex us your own rather than anyone the mortgage company offers, as they are usually only capable of dealing with the straightforward re-mortgages.

ian_aylmer

Loopylu

Thanks. The company no longer offer 125% loans. My property when I took the loan was worth 117k, now it is worth 125k. I owe the loan firm 34k. My mortgage is interest only and I have been offered several mortgages where I can save almost £400 a month. Should I just go and see a solicitor and let them duke it out, or perhaps involve the FSA? I just don't know what else I can do??? I do not want to borrow anymore money, I just want to change my mortgage product, or even better, do that and move address as well.

jonesMUFCforever

You can involve who you like but if they do not want to relinquish the charge then the only way forward is for you to pay it off.
You think that I have not given you advice - well I have -stay put is your only option until A) Your property valuation rises higher than what you owe or B)You find a lender that will take the lot on.

This will not happen overnight and I would further advise that if you can afford to then you start repaying some of the capital off or you could be there for the next 10 years.

You seem to think that it is someone else's fault that you borrowed the money - you will not find the following words helpful then - you are in !!!! street the easy money has run out and now you will have to knuckle down and make some serious alterations to your way of life.

Come back if you like and throw any insult if it will make you feel better - but it won't change a thing.

ian_aylmer

JonesMUFCforever, I wasn't insulting you. Merely pointing out that what you 'gave' as advice was more a common knowledge. So I will thank you to keep your aggressive over tones to yourself. I came here for advice, nothing else, and other people are far more friendly and helpful than you so, please don't bother responding, as clearly your intelligence is running low, if you think I had in anyway insulted you. Uptil now that is.

Your first paragraph is note worthy, and good advice. As is the second. However your judgementalism in the third is misplaced in its entirety, especially given, and this is a classic, you don't know the first thing about me, save what I have openly and unreservedley revealed here. And offering me advice like knuckleing down etc is far beyond reproach, my friend. And if it is of any use to you at all, you would not have recieved a single insult from me if you hadn't been so determined to be ' HEARD.' Kindly throw your weight around somewhere else. Oik.

jonesMUFCforever

Dear dear me.
I'm not the one with a mortgage and secured loan worth a lot more than my home.
You are in negative equity.

Trollfever

Denial, Anger, Fear.

ANY_CHANCE

:smileyhea but its not what you say its the way that you say it

ian_aylmer

jonesMUFCforever wrote: »

Dear dear me.
I'm not the one with a mortgage and secured loan worth a lot more than my home.
You are in negative equity.

I don't have a mortgage worth more than my house. Merely the loan causing the issue. I will sort it. You never know what is around the corner, and it pays to stay positive.

See, I can afford easily everything that is going on in my life, just would be nice to reduce things abit. Thats all. So I am not in a bad position. Which it seems you and your hangers on have assumed . Theres always a bandwagon eh.

As I stated, you gave good advice, then you went off of on one. And as for the other two, why join in what is clearly between you and I? Tut tut. Two more with nothing to say and saying it too loudly. Friends of yours?

Perhaps we should just let the matter lie, as clearly you are not going to assist me and I have nothing for you or your crowd. If it isn't sensible advice, don't write here. How hard can it be?