Topic ID 4111
Does anyone know how to avoid a possible repossession? My mortgage is up for renewal and as I went Self Cert (as advised by a mortgage broker) before declaring way more than I really earn I am finding it impossible to get a new mortgage for the same amount. Has anyone else encountered this? Is repossession my only choice? Any help would be appreciated. Thanks.
Reply ID 59816
I am afraid that I haven't got an answer as I too have been looking for a new mortgage deal and there is nothing available. At least you are not alone aubend.
Reply ID 59820
why do you need to remortgage? Isn't your lenders SVR cheap enough if you are out of a fixed deal?
Reply ID 59821
Reposession is the last thing you should consider. If you really can't find a lender and you can't stay with your current lender your only option is to sell the property yourself. If your property is repossessed you are liable for any shortfall between the sale price and the amount you owe. Fine if the lender waits around for their money but their not going to. They'll sell it for a pittance then come knocking on your door for the shortfall.
Reply ID 59822
Agreed. If nothing else is available, stick with the mortgage you have. I'm assuming yours is one of the high percentage of value mortages which led to the current banking problem. If so, it's even more important to keep it going at all costs. Such loans are not available anymore and if you let it go to repo, you'll still owe a tidy sum when you no longer have your home. Grit your teeth, ride it out and don't wait too long to ask your lender for help, if you think you might get into trouble. It is in their interests to help you avoid repo. If all else fails, clean toilets before and after your normal job. Anything to get that income up. You must not give in. Good luck.
Reply ID 59827
If you are really desperate and have a spare room you could always take in a lodger for a short while. I believe the first £3000 is tax free.
Reply ID 59828
If you feel you are going to struggle on your lenders standard variable rate you should let them know asap. There may be other options available to you such as a change in the payment basis or payment holidays but you need to talk them. Lenders are under pressure from the Govt to avoid repossession where possible, so yours should be willing to negotiate.
Reply ID 59830
Thanks for replies and advice. I realise I need to speak to mortgage lender and try to sort it out. I wish I'd never got such a big mortgage now - I guess I just got carried away with the 'houses can never go down' mentality.
Reply ID 59832
quote:If you are on a capital + interest repayment schedule ask to switch to interest only until your finances catch up.
Originally posted by aubend
Thanks for replies and advice. I realise I need to speak to mortgage lender and try to sort it out. I wish I'd never got such a big mortgage now - I guess I just got carried away with the 'houses can never go down' mentality.
Reply ID 59852
I am an independent mortgage broker (Lifestyle Mortgages) in Hertford - why not give me a call on 0845 123 5808 or 01992 500551 - it'll cost you nothing and I'll be able to give you ALL of your options. The only thing I can say to anyone talking about mortgages is beware of 'the bloke at work/in the pub' syndrome. Everyone's case is different and should be looked at as such by a professional. My website is http://www.lsmortgages.com - you can also submit a basic enquiry through the site if you wish.
Reply ID 59855
quote:I'm no professional advisor for such matters so please excuse my humble opinion here, but as Aubend has mentioned "repossession" this would point to the fact he has little or no equity and little money. In fact if he purchased recently, he probably has negative equity. I for one would be delighted to hear how you proposed to re- mortgage a property in negative equity. Thanks.
Originally posted by David Yates
I am an independent mortgage broker (Lifestyle Mortgages) in Hertford - why not give me a call on 0845 123 5808 or 01992 500551 - it'll cost you nothing and I'll be able to give you ALL of your options. The only thing I can say to anyone talking about mortgages is beware of 'the bloke at work/in the pub' syndrome. Everyone's case is different and should be looked at as such by a professional. My website is http://www.lsmortgages.com - you can also submit a basic enquiry through the site if you wish.
Reply ID 59856
quote:Admin! Do you allow such outrageous blatant advertising on here?
Originally posted by David Yates
I am an independent mortgage broker (Lifestyle Mortgages) in Hertford - why not give me a call on 0845 123 5808 or 01992 500551 - it'll cost you nothing and I'll be able to give you ALL of your options. The only thing I can say to anyone talking about mortgages is beware of 'the bloke at work/in the pub' syndrome. Everyone's case is different and should be looked at as such by a professional. My website is http://www.lsmortgages.com - you can also submit a basic enquiry through the site if you wish.
Reply ID 59859
quote:So you don't think a mortage advisor is qualified to advise on mortgages, repossession being a function of the withdrawl or foreclosure of a mortgage. Maybe a repossession advisor might be better. [:D]
Originally posted by exiled_in_Readingquote:I'm no professional advisor for such matters so please excuse my humble opinion here, but as Aubend has mentioned "repossession" this would point to the fact he has little or no equity and little money. In fact if he purchased recently, he probably has negative equity. I for one would be delighted to hear how you proposed to re- mortgage a property in negative equity. Thanks.
Originally posted by David Yates
I am an independent mortgage broker (Lifestyle Mortgages) in Hertford - why not give me a call on 0845 123 5808 or 01992 500551 - it'll cost you nothing and I'll be able to give you ALL of your options. The only thing I can say to anyone talking about mortgages is beware of 'the bloke at work/in the pub' syndrome. Everyone's case is different and should be looked at as such by a professional. My website is http://www.lsmortgages.com - you can also submit a basic enquiry through the site if you wish.
Reply ID 59860
I would say try a mortage broker, i used one in the City (a big wll known firm) and totally thought they were ripping me off asking for a £500 fee but when i spoke to the bank they got the deal with they pointed out i only got the deal as i had used a mortage broker and the mortgage they had agreed for me has turned out to be utterly brilliant. Basically the bank told me that the mortgage brokers take the mortgages out in their name (the big firms name) so have the equity behind them to get great deals and they take a chance on you and what you say you can earn, i'm in media so many banks and insurers say no way). Look around and try a few brokers, its far better than repossesion, unless you don't want the poperty anymore, or sell Hertford still seems to have more people wanting to buy than sell. Good luck!
Reply ID 59863
What exactly is a 'mortage' advisor or broker??
Reply ID 59865
quote:Someone who sells a wide range of products connected with mortgages. Independent advisors are regulated. It would be far too cynical to automatically assume David's offer to be purely commercial and he may well be able to clarify the options for aubend, who is under no obligation to accept them. Aubend has asked for advice on a serious dilemma and David is probably more qualified by experience to help with that than most of us are, however much we wish to assist or sympathise.
Originally posted by buzz
What exactly is a 'mortage' advisor or broker??
Reply ID 59868
quote:I asked how you can remortgage a house that has no equity. Simple enough question.
Originally posted by Stevequote:So you don't think a mortage advisor is qualified to advise on mortgages, repossession being a function of the withdrawl or foreclosure of a mortgage. Maybe a repossession advisor might be better. [:D]
Originally posted by exiled_in_Readingquote:I'm no professional advisor for such matters so please excuse my humble opinion here, but as Aubend has mentioned "repossession" this would point to the fact he has little or no equity and little money. In fact if he purchased recently, he probably has negative equity. I for one would be delighted to hear how you proposed to re- mortgage a property in negative equity. Thanks.
Originally posted by David Yates
I am an independent mortgage broker (Lifestyle Mortgages) in Hertford - why not give me a call on 0845 123 5808 or 01992 500551 - it'll cost you nothing and I'll be able to give you ALL of your options. The only thing I can say to anyone talking about mortgages is beware of 'the bloke at work/in the pub' syndrome. Everyone's case is different and should be looked at as such by a professional. My website is http://www.lsmortgages.com - you can also submit a basic enquiry through the site if you wish.
Reply ID 59874
That as may be. I asked what is a 'mortage' advisor. I have a pretty good idea of what a 'mortgage' advisor might be.........still think it's blatant advertising. ./
Reply ID 59885
quote:Don't know - an anagram of mortgage advisor is grave doom gratis though [:)]
Originally posted by buzz
That as may be. I asked what is a 'mortage' advisor.
Reply ID 59892
Can someone PLEASE tell me how you remortgage a property that has no equity as is likely the case here? I am not a mortgage advisor, so thats ALL I want to know. Thank-you.
Reply ID 59897
Why do you all assume that Mr Yates is trying for new business here? Maybe he is just offering his expertise to help someone who desperately needs some impartial advise and assistance. Where does he mention that he will help Aubend to remortage? It's rather sad that what is most likely a genuine offer to help just gets ridiculed by the cynics.
Reply ID 59899
quote:We don't know that and aubend has quite rightly not given that much detail.
Originally posted by exiled_in_Reading
Can someone PLEASE tell me how you remortgage a property that has no equity as is likely the case here? I am not a mortgage advisor, so thats ALL I want to know. Thank-you.
Reply ID 59900
quote:Er , if you look at David's advert at the top of the page ,just under the Discover Hertford logo , you will have your answer . [:D]
Originally posted by buzzquote:Admin! Do you allow such outrageous blatant advertising on here?
Originally posted by David Yates
I am an independent mortgage broker (Lifestyle Mortgages) in Hertford - why not give me a call on 0845 123 5808 or 01992 500551 - it'll cost you nothing and I'll be able to give you ALL of your options. The only thing I can say to anyone talking about mortgages is beware of 'the bloke at work/in the pub' syndrome. Everyone's case is different and should be looked at as such by a professional. My website is http://www.lsmortgages.com - you can also submit a basic enquiry through the site if you wish.
Reply ID 59907
quote:That appears to be a paid for banner advert.......not an advert in the general thread as appears to be the case here
Originally posted by Donostiaquote:Er , if you look at David's advert at the top of the page ,just under the Discover Hertford logo , you will have your answer . [:D]
Originally posted by buzzquote:Admin! Do you allow such outrageous blatant advertising on here?
Originally posted by David Yates
I am an independent mortgage broker (Lifestyle Mortgages) in Hertford - why not give me a call on 0845 123 5808 or 01992 500551 - it'll cost you nothing and I'll be able to give you ALL of your options. The only thing I can say to anyone talking about mortgages is beware of 'the bloke at work/in the pub' syndrome. Everyone's case is different and should be looked at as such by a professional. My website is http://www.lsmortgages.com - you can also submit a basic enquiry through the site if you wish.
Reply ID 59908
All land/property has some value so there will always be some equity. Whether said equity would satisfy todays mortgage lenders is another matter. Does the SVR not work in this case....my mortgage fix ran out in october, switched onto SVR, now I pay less than on my old fix.
Reply ID 59909
quote:If he wants to remortgage onto another product and has purchased in the last 2 years or so, he will have no equity because he borrowed more off the bank than the property is worth today.. Like you said, if he lets it fall out of a fixed term product the SVR should be cheap enough... The last thing people default on is their mortgage, they'll pay it with other lines of credit first before they default on the roof over their head. Hope he gets it sorted soon.
Originally posted by carlos fandango
All land/property has some value so there will always be some equity. Whether said equity would satisfy todays mortgage lenders is another matter. Does the SVR not work in this case....my mortgage fix ran out in october, switched onto SVR, now I pay less than on my old fix.
Reply ID 59915
quote:What David is offering is to have a look at this case at no cost, and advise of all the options open. This will not necessarily get David any new business. Would it have been blatant advertising if someone else said "Try Lifestyle Mortgages.....?"
Originally posted by buzzquote:That appears to be a paid for banner advert.......not an advert in the general thread as appears to be the case here
Originally posted by Donostiaquote:Er , if you look at David's advert at the top of the page ,just under the Discover Hertford logo , you will have your answer . [:D]
Originally posted by buzzquote:Admin! Do you allow such outrageous blatant advertising on here?
Originally posted by David Yates
I am an independent mortgage broker (Lifestyle Mortgages) in Hertford - why not give me a call on 0845 123 5808 or 01992 500551 - it'll cost you nothing and I'll be able to give you ALL of your options. The only thing I can say to anyone talking about mortgages is beware of 'the bloke at work/in the pub' syndrome. Everyone's case is different and should be looked at as such by a professional. My website is http://www.lsmortgages.com - you can also submit a basic enquiry through the site if you wish.
Reply ID 59916
Well i'll give him some blatant advertising , i remortgaged with him a year ago , my tracker mortgage is currently 2.83% .
Reply ID 59917
quote:That is an assumption. The problem could equally be the income multiplier used at the time, or a recent drop in income level, or any number of factors. Aubend has wisely not been specific. It would also be untrue to say that all properties purchased in the last two years are in negative equity or even that they are all worth less now than the price paid.
Originally posted by exiled_in_Reading If he wants to remortgage onto another product and has purchased in the last 2 years or so, he will have no equity because he borrowed more off the bank than the property is worth today.
Reply ID 59918
If he was a first time buyer with less than 50% to put down in the last 2 years I would bet he has no equity.
Reply ID 59919
quote:<-------off to email David right now!
Originally posted by Donostia
Well i'll give him some blatant advertising , i remortgaged with him a year ago , my tracker mortgage is currently 2.83% .
Reply ID 59921
aubend, you could downsize and move somewhere less chavvy like Stevenage or Hoddesdon.
Reply ID 59922
quote:You may win that bet.[:D] As someone who has experienced a catastrophic collapse of personal credit in the past, I'd offer the following advice which I found to apply to any type of credit, including mortgages. If you suspect there to be a problem looming, always take professional advice and always contact creditors before they contact you. Act early, while your credit is still good and you'll avoid the domino effect and be able to spread the load long enough to recover. They say experience is something you only gain just after you need it.[B)]
Originally posted by exiled_in_Reading
If he was a first time buyer with less than 50% to put down in the last 2 years I would bet he has no equity.
Reply ID 59927
quote:Basically, a salesman who deals in mortgages and earns their living by raking in commission on what they manage to sell.
Originally posted by buzz
What exactly is a 'mortage' advisor or broker??
Reply ID 59928
quote:less chavvy? [:0]
Originally posted by JohnSmith
aubend, you could downsize and move somewhere less chavvy like Stevenage or Hoddesdon.
Reply ID 59932
quote:You need to understand the context of this remark and previous comments made by aubend about Hertford on another thread
Originally posted by newcomerquote:less chavvy? [:0]
Originally posted by JohnSmith
aubend, you could downsize and move somewhere less chavvy like Stevenage or Hoddesdon.
Reply ID 59933
quote:I think you might have missed that it was a, perhaps cruelly timed, joke at aubend's expense, regarding some historic posts. I've often crossed swords with aubend (and just about everybody else[:I]), but right now, my fingers are firmly crossed that he/she gets it sorted out.
Originally posted by newcomerquote:less chavvy? [:0]
Originally posted by JohnSmith
aubend, you could downsize and move somewhere less chavvy like Stevenage or Hoddesdon.
Reply ID 59945
I cannot recommend David Yates highly enough. Thanks to him I am on a tracker mortgage and have just had a letter from my lender stating my interest rate will drop again to an amazing...............2.39% from 01.02.09. Thanks David.
Reply ID 59949
quote:Oh, another thread. I only thought to re-read this one! [;)]
Originally posted by Steve You need to understand the context of this remark and previous comments made by aubend about Hertford on another thread
Reply ID 59953
All I can say is I contacted David for (free) re-mortgage advice and he was very helpful, whilst completely up front and honest to say that the deal I'd already found was as good as he was able to find i.e there was absolutely no hard sell tactics involved whatsoever [:)]