Deed of postponement

_Andy_

ian_aylmer wrote: »

I don't have a mortgage worth more than my house. Merely the loan causing the issue.

Mortgage or secured loan is irrelevant - you are still in negative equity thus jones' post was factually correct.

Regards to the DOP, it is frustrating however the secured loan company is under no obligation to agree a DOP.

ian_aylmer

Andy,

Thanks. Are you a mortgage advisor? If so, DOP aside, what would you advise? Is this a question you can answer here without me coming under further fire?

I find mortgages fairly difficult to understand at the best of times, given there are so many options. Also given the current financial climate.

Again thanks
Ian

jonesMUFCforever

ian_aylmer wrote: »

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?

A secured loan is a mortgage just like the mortgage you took out to pay for the property.
The 2 combined are worth more than the present value of your house.
Therefore if you sold the property today (or remortgaged) there would be insufficent funds to pay the 2 loans off. This is negative equity.

Up to a few months ago you may have been able to borrow your way out as some lenders as you have quoted would be willing to lend more than the value of the house to you. This is no more - the credit crunch has stopped this in its tracks - banks are loathe to lend to themselves never mind customers at the moment.

Other than what I have already posted on this thread I really do not have any other advice to offer you.
(I take it that handing the keys back and going bankrupt is not an option?)

ian_aylmer

Hand the keys back? Bankrupt? I am no where near that desperate my friend, just looking where and how to reduce the greater areas of outgoings.

I have seen some lenders online who are still willing to do that, but as I said, I have always been able to use the high street and I will get back to that one way or another.

If it comes to it I could raid my savings and pay a hefty extra for settling early, but then I lose both ways - reduced savings and early settlement charges. I think I will stay put for now and see what happens over the next 6 - 12 months. I may talk to one of those internet remortgagae firms, but I just don't trust them? Maybe this is the wrong attitude? I just prefer high street names when it comes to borrowing etc.

Thanks
Ian

_Andy_

As per the above - can't think of any solutions at the moment as there aren't any 100%+ LTV mortgages available.

jonesMUFCforever

ian_aylmer wrote: »

Hand the keys back? Bankrupt? I am no where near that desperate my friend, just looking where and how to reduce the greater areas of outgoings.

I have seen some lenders online who are still willing to do that, but as I said, I have always been able to use the high street and I will get back to that one way or another.

If it comes to it I could raid my savings and pay a hefty extra for settling early, but then I lose both ways - reduced savings and early settlement charges. I think I will stay put for now and see what happens over the next 6 - 12 months. I may talk to one of those internet remortgagae firms, but I just don't trust them? Maybe this is the wrong attitude? I just prefer high street names when it comes to borrowing etc.

Thanks
Ian

You mean like Northern Rock?

ian_aylmer

jonesMUFCforever wrote: »

You mean like Northern Rock?

Yeah, like everyone except them.

I mean for example, I may get the best deal ever tomorrow, by filling in a page on the internet, but never actually walk through the doors of the place, or it may be 200 miles from where I live. I guess it all has to do with familiarity.

_Andy_

Ian there aren't any 135% LTV mortgages on the market at all I'm afraid (internet or not).

ian_aylmer

Yeah, I think the highest I saw was 125% LTV, yesterday. Or at least that is what the banner said. I thought I might personally fund the other part myself just to be rid of it.

Thanks for looking Andy.