Court date for Possession order re- no mortgage/credit agreement in place

[tunz]

Hi

I'm not sure if anyone can give us some advice on this... I will try to keep it brief -

 

In 2008,

having enquired about new baby break mortgages we'd seen advertised

and after a meeting with the branch mortgage advisor we ended up changing our mortgage to interest only.

 

 

At the time we had approx 7 years left on our repayment mortgage!

We had no idea what interest only was (sounds so stupid now, but it's true!

somehow we were under the impression it was an interest free break

reducing our monthly payments for a short time to cover my maternity leave

also Due to some arrears our payments were only reduced slightly

which is another reason we failed to realise the significance of the changes)

 

 

The advisor didn't discuss how we would pay the mortgage balance and didn't complete any financial checks etc.

In fact, according to the building society, they have no record/documentation in relation to the changes,

apart from a hand written note to the advisor.

 

our mortgage ended with us still owing 7 years.

(We have ensured we continued to pay a monthly payment for the last 6 months btw)

 

We complained to the lender regarding the above who sent us all the documents they held on our mortgage

which consisted of 7 years, yearly statements and a hand written note

(which has no account number and was jotted down at the request of the advisor we saw in branch)

 

We then took our complaint to the FOS,

who did get our court case adjourned for a few weeks,

but the adjudicator stated that

- the lender has no record/documentation in relation to the changes

therefore, there is no evidence that any advice was given to us

so the lender has done nothing wrong.

 

 

Also rules and regs changed later in 2008 so the lender didn't need to do financial checks

or make any record of such mortgage changes at that time apparently.

We have appealed this decision and it is now with an ombudsman.

 

We realise how stupid we've been . By the time we realised what had happened it was way to late to rectify it.

 

We have struggled to communicate with our lender as they are unwilling to help us at all,

they refuse to even consider other options. We also do not trust them!

 

 

They have offered us another 25 year mortgage where we will be paying interest for the 3rd time on the same money!

it will end when my husband is 75 years old

alternatively we can save ourselves £10 per month and extend it over 35 years until my husbands 85 th birthday?

(How can that be responsible lending?)

 

 

When I asked about lower interest rates or interest free

I was told that they may consider interest free for 12 months whilst we sold our home

however they would more than likely just continue with the repossession if we chose that route.

They have ensured we have no other option but to pay our mortgage for 50 years

 

we don't know which way to go with all this now..

.. It's so frustrating as we trusted our lender to treat us fairly and they have made complete fools of us

 

Do we just accept another 25 year mortgage?

 

Do we take our chance in court? (Although this option truly terrifies me)

 

As the lender has no documents in relation to our mortgage where do we stand

 

What should the lender have done in 2008 when changing our mortgage..

. What checks should of been done... Records?

(I did request this info from the lender but was told they were unable to disclose this type of information)

it seems very convenient that they have no record of anything

and how can that make them innocent of any wrong doing?

 

Is there anything else we should be doing..

(We've spoken to citizens advice and debt line etc..

.They all just say to communicate with our lender)

 

Any advice would be appreciated

[dx100uk]

have you sent the lender an SAR?

 

 

dx

[tunz]

have you sent the lender an SAR?

 

 

dx

 

We sent the template letter from the 'which' site requesting everything they hold.

[sillygirl1]

If they try to take you to court with no documentation they will have a difficult job convincing the judge that they have a claim in the first place. I think they are huffing and puffing to put pressure on you to pay them even more money.

[tunz]

If they try to take you to court with no documentation they will have a difficult job convincing the judge that they have a claim in the first place. I think they are huffing and puffing to put pressure on you to pay them even more money.

 

Part of me thinks you're right but it's so terrifying thinking we could walk out of court without a home....

 

We assumed that with the ombudsman being involved that had the lender held further info it would of been disclosed to them.

But it seems the ombudsman was also only sent similar things apart from some standard letters

which had been printed off in relation to the arrears we'd had

and a fax cover note from the mortgage advisor which clarify his involvement.

There were no forms or records of any type in relation to the actual change of mortgage.

 

I will send the SAR to cover our back and see if anything new shows up.

 

But what to do in the mean time?

We're scared to sign anything else as they will obviously hold us to it.

 

 

Even though we are communicating with them we are still receiving letters from the lenders solicitors

regarding our court hearing

[honeybee13]

Hello there.

 

I'll flag this for our repos expert.

 

When is your court date please?

 

HB

[BazzaS]

Colour me confused.......

If in 2008 you had (say) £40,000 as a redemption figure for your repayment mortgage, which had 7 years to run.

 

You swapped to a interest only mortgage, and paid the interest??

So, at the end of that you would still have the £40k to repay.

 

With interest rates being lower now than then : why are they suggesting a 25 year term?. Why not a 7 year term?

(With lower monthly payments than back in 2008 as interest rates are lower!)

 

Are you offering them a much lower monthly repayment than back just before you swapped mortgages?

[dx100uk]

eh..strange idea

but go check land registry site

does the mortgage show???

[tunz]

Hello there.

 

I'll flag this for our repos expert.

 

When is your court date please?

 

HB

 

 

 

It's the 2nd of August 2016

[tunz]

Colour me confused.......

If in 2008 you had (say) £40,000 as a redemption figure for your repayment mortgage, which had 7 years to run.

 

You swapped to a interest only mortgage, and paid the interest??

So, at the end of that you would still have the £40k to repay.

 

With interest rates being lower now than then : why are they suggesting a 25 year term?. Why not a 7 year term?

 

(With lower monthly payments than back in 2008 as interest rates are lower!)

 

Are you offering them a much lower monthly repayment than back just before you swapped mortgages?

 

We have got slightly less coming in at the moment and it seems that now they are suddenly going above and beyond and doing every thing by the book (pity that wasn't the case back in 2008) but that's all they have offered us.

 

 

We have asked about a shorter term but they say 'we still have to wait for senior management to ok this first' its all very strange.

[BazzaS]

We have got slightly less coming in at the moment and it seems that now they are suddenly going above and beyond and doing every thing by the book (pity that wasn't the case back in 2008) but that's all they have offered us. We have asked about a shorter term but they say 'we still have to wait for senior management to ok this first' its all very strange.

 

Can you get a quote elsewhere for a 7 or 8 year repayment mortgage for the outstanding amount?

[tunz]

eh..strange idea

but go check land registry site

does the mortgage show???

 

Hi

I've just searched but it says - sorry, there is no price paid/value stated information available for this property on the land registry and via Gov.uk the service is offline until tomorrow. Would this info normally be available for free?

[dx100uk]

no I think its £4 per address

 

 

dx

[tunz]

Can you get a quote elsewhere for a 7 or 8 year repayment mortgage for the outstanding amount?

Hi

Possibly - we are currently looking into it - the lender has recorded defaults against us so we're struggling to go elsewhere.

[dx100uk]

how can they report to the credit ref agencies with no signed mortgage agreement?

 

 

dx

[tunz]

no I think its £4 per address

 

 

dx

I've registered and paid but the systems are down! I will try again tomorrow though.

We have got a very large pack of documents that were sent to us a couple of years ago. It contains all previous owners info/ legal docs etc im not sure if we were supposed to have them.

 

how can they report to the credit ref agencies with no signed mortgage agreement?

 

 

dx

They told us they have registered defaults against us. I havent looked tbh but I will check on it - I didn't really think about the having no agreement part tbh with everything else going on. Thank you.

[dx100uk]

make sure you've got that sar running.

 

 

dx

[tunz]

make sure you've got that sar running.

 

 

dx

 

Yes I sent it yesterday

[tunz]

It's 19th of July. Thank you

Ignore that previous date sorry...It's the 2nd of August 2016

[tunz]

eh..strange idea

but go check land registry site

does the mortgage show???

 

I've checked the land registry and the building society name is on it

[tunz]

We've had a final response from the ombudsman and they're not up holding our complaint.

- I wasn't really surprised as the adjudicator had it all wrong from the beginning

and I couldn't seem to get her to change her initial incorrect assumptions....

 

I've never felt so confused, irritated, frustrated and utterly helpless in my entire life....

The response totally contradicts itself.

 

How can we be made aware of an 'interest only mortgage' and be made aware that the capital would need to be repaid in full at the end (according to the lender and ombudsman) but then were told that they cannot uphold our complaint because there is no proof we were given any advice by the lender?

 

 

I assume informing people about a product mustn't be classed as advice even though he was giving us monthly figures?

If we'd not spoken to someone how would we know what our monthly repayments would be?

Either we spoke to them or we didn't.

Just because the lender has no evidence shouldnt mean they're innocent

 

The message this sends to lenders is submit no evidence either for or against the complaint

and they will win every time. Sorry I'm just moaning out loud!

[tunz]

Hi I just have a couple of questions if anyone can help....

 

At the moment we have no credit agreement in place but recently our total amount owed has increased?

Can it increase with no agreement in place?

 

We have also received a document to sign to increase our mortgage term

which has a clause in it relating to arrears being added to the total (we didnt have any arrears)..

 

. I may be being paranoid but can the lender back date this agreement and create arrears?

[sillygirl1]

Do not sign anything they ask, wait to the court date and see what happens then.

 

How can they increase a mortgage term when you don't have a mortgage with them?

[tunz]

Do not sign anything they ask, wait to the court date and see what happens then.

 

How can they increase a mortgage term when you don't have a mortgage with them?

 

I thought exactly the same thing but I'm scared to death of going to court and losing our home.

I can't help but feel that they're going to rip us off somehow!

 

Can anyone tell me if we should of signed a new credit/loan agreement when we changed our mortgage to interest only? Or is everything based on the original mortgage agreement?

[tunz]

Can the lender charge us £1000 legal costs for a court date that was postponed by the FOS?