Mortgage Advise

[Realist]

Hi all,

 

 

Have an interest only mortgage with 11 years remaining and our mortgage company we have been with changed us over to someone else. Well we need to sort this mortgage out asap and switch to repayment but the company that now holds our mortgage does not allow changes like this.

 

 

We contacted a mortgage advisor whom finally came back to me today and said due to the amount of unsecured debt we have the only company whom looked at ourselves said no and now we are stuck up a creak without a paddle.

 

 

Does anyone have pointers, advise etc.

 

 

We have never missed a mortgage payment in 9 years of having this mortgage but our outgoing are high and if we contact our creditors with reduced payments that will stuff our chances of a re-mortgage.

 

 

HELP.

[unclebulgaria67]

Have you spoken to a mortgage advisor with access to the whole of the market ? Some advisors only deal with one or a small number of companies. It might be the case that a mortgage broker with wider access knows of small Building Societies that might help or they have better relationships with big companies.

 

What other options are there ? Extend the period of the mortgage, borrow more depending on income to pay off unsecured debts. A finanicial advisor armed with more information might be able to discuss your financial situation and you need regulated advice from someone qualifed, rather than from an internet forum.

[Realist]

The guy mortgage advisor said he was whole of the market so I presume he has done all he can hence why I said only one company was interested.

 

 

This is taken from their web site.

 

 

We source our mortgage products from the whole of the market and also have exclusive deals offered through Legal & General mortgage club.

 

So I presume we are stuffed

[Realist]

Extend mortgage company we are with don't allow this.

Cannot borrow more house value low against amount owed.

[theoldrouge]

https://www.fca.org.uk/publication/guidance-consultation/gc13-02.pdf

[Realist]

So where they said to me via phone point blank NO with other options in fact that's against what the FCA has stated.

 

 

So what do I do now?

 

 

Contact them again?

[unclebulgaria67]

You might want to contact the Money Advice Service, which is a helpline set up by government to answer questions about these type of issues.

 

https://www.moneyadviceservice.org.uk/en

[Realist]

Thanks.

[theoldrouge]

So where they said to me via phone point blank NO with other options in fact that's against what the FCA has stated.

 

 

So what do I do now?

 

 

Contact them again?

 

put your proposals in writing and see what they come back with

what they say on the phone and what they say in writing is often two different stories

They have to be much more careful when writing replies