***If you have a mortgage then this is for you***

[midge61]

The worrying thing about this letter to me is if I only make my normal payment for june, as they have failed to advise me what i should pay then by july when they do tell me I will already be in arrears as my fixed rate ends 31/5/2008!

 

I will be paying extra to avoid this but many people may get caught out by this giving the servicers a head start for claiming that people are in arrears and therefore start threatening them.

[Hopeful1]

The worrying thing about this letter to me is if I only make my normal payment for june, as they have failed to advise me what i should pay then by july when they do tell me I will already be in arrears as my fixed rate ends 31/5/2008!

 

I will be paying extra to avoid this but many people may get caught out by this giving the servicers a head start for claiming that people are in arrears and therefore start threatening them.

 

 

Hi Midge. I rang Capstone last night to confirm what my payment would be on the 1st June, as i'd not had a confirmation letter. I pay by direct debit and she said the usual payment would go out. As said to you, they don't know what the libor rate will be until the 1st June, so the next payment will be increased.

 

I again asked about new deals and was told the same - no offers for anyone. I said i'll have to start shopping around and she just laughed - she's obviously seen my credit file :o:p

[midge61]

Hi hopeful

 

I know the cruel Barstewards know they have us by the short and curlies!

[midge61]

hi

Couls someone explain the ERC to me please.

I thought once your fixed rate ended then you only have to give 1 months notice and could only be charged 1 months interest.

 

I have just had my mort statement through and it says an ERC of 6% can be charged up to 24/8/2008 but my fixed rate ends tomorrow. I have also checked my mort papers and this says the same.

 

Surely this is unfair as it means i have no choice but to stay on their extortianate svr for another 3 months or be penalised!

[jake44]

Hi Midge61

 

The same thing happened to us with amber/redstone. Our deal was for three years. 36 months at a fixed rate . Then the remainder at the SVR.

If we repaid within the three years we had a £6000 penalty !

 

We have now arranged a new mortgage deal and are paying 6.3% over two years with NO tie in........... !!! ( which is good as credit rating is not fab ) It is still interest only but with a massive monthly saving as we are on 8.45% just now.......

[midge61]

Hi jake

 

that's good who have you gone with and is ir self cert?

Hope you don't mind me asking:o

[jake44]

We went through a broker. The deal is with beacon mortgages. There are no scary tie ins etc. After our two year discounted rate then we are free to remortage again ( hopefully with a high street lender) We will still be interest only but we are going to pay a little extra to keep the interest down................. When are you due to remortgage ....... Is your credit score bad ?.................

[midge61]

Hi

Well I've got a default care of Crap 1 and probably some late payments but haven't checked it lately...............too scared!

[jake44]

Hey I wouldn't worry ........... We have about 5 defaults on total. Four are from 2003. We also have a ccj registered against us and we STILL got a new deal........... so there is help out there......

[midge61]

Thanks for that it's very encouraging.

 

I think I will get copies of my files and then look into a remortgage then.

[groovycaz]

Brokers are supposed to give you the choice and explain the concequences of adding to the loan...Product Confirmation Letter (PCL) springs to mind, however, we are not required to send these out since the FSA took over, under the MCCB we did...

 

How long ago was this? If before the FSA took over regulation then you may have a case against the broker for not explaining properly the implications of adding to the loan, but I do not wish to get back into the witchhunt debate...so I'll stay out again...

 

The only thing I'll say is that PCL did put the whole mortgage into writting and made the brokers explain exactly why they were offering something and how etc...

 

Penfold

 

Hi Penfold, this was in 2001, I never actually got to speak to the broker, I received the papers through the post, then he wrote and said he'd sent the wrong disbursment authority (whatever that is) and sent a new one to sign, and thats the only communication I had with the broker. they then paid the money into my account, ive no way of finding out whether or not they charged interest on the fee, even though it states that no interest will be charged although they aded it up front, and they calculated the redemption fee using the rule of 78 despite their undertaking that it was unfair and would not be using thoses calculations for any loans taken out after 98 or 99,? im getting back on track with this one! Gc