mortgage vehicle

**Paradox** · 28th July 2007, 22:03:PM

Originally posted by pam1 View Post

Hello to every one my first post :banana:

Hello and welcome to Legal Beagles.

I'm not here for bank charges but have joined to ask a question regarding the vehicle that I haven't got a long side my interest only mortgage.

I purchased my house in 2003, with the plan to do cosmetic work and resell, I became unemployed through illness in 2005 and am still in that position.

When I signed up for the Mortgage it was agreed with the sales person the vehicle was not necessary as the price of the house was much more than the mortgage and plenty of profit was already in place.

As I understand it (and I will try to clarify this when I next speak to my mate, who is a mortgage adviser) you do not have to have a specific vehicle in place to pay off the mortgage at the end of the term.

I am at this time in a situation with the mortgage company, where I have already reclaimed charges and am now with my solicitor regarding OD, and various mistakes they have made against account and loans.

To clarify, you have already claimed charges against the mortgage company?

my mortgage is with the same group as my bank accounting.

I am concerned as I am unsure if all this complaining will upset the mortgage account and what will happen if it does?

If the claims have been against the bank account, rather than the mortgage company you shouldn't encounter any problems, as they're usually kept seperate and indeed, run by seperate companies.

I have no proof at all regarding the agreement i made with the sells person and now looking into the way these banks are behaving i would be surprised if she ever had this agreement confirmed.
As i have recently received a letter asking me to check that what ever savings set up i have, and that it is growing well enough to clear my mortgage.

I'll check this

I am now improving in health and plan to sell around the middle of next year.

I wouldn't worry too much about the savings plan to clear the mortgage if you are intending to sell, this is a very similar principle to a buy to let mortgage, where 99% of them are on interest only, with no specific vehicle to pay the whole mortgage, as you generally sell the property after a few years, pay off the mortgage and keep the profit.

However if the bank decide they are not happy that i have no vehicle can they force sale. I certainly am not going to volunteer this information, or ask why they are not aware of how the mortgage was sold.

Doubtful, as you're still paying the mortgage, they have no reason to force it.

I pay the interest monthly, and have no arrears, I also have no intentions on staying in the house the full term of the mortgage.

Its very worrying and i am finding it on my mind when trying to sleep so any advice would be a help.

You're in the right place for advice, so I hope we can all help.

Thank you and look forward to getting to know you all.

Pam

Hope the above helps Pam. I'll try and clarify the other points when I next speak to my mate.

Matt

**pam1** · 28th July 2007, 22:32:PM

Thank you for replying Matt I have been worried a few weeks now and its getting worse.

you have put my mind on rest for the time being , and in the position for me to feel emotionally comfortable to actually read some of my mortgage papers, I have been to fearful to look.

My mortgage and bank accounts were mixed at one point as the bank recovery center placed them all in together when i became ill.

The charges were on the bank account only, i wouldn't dare rock the boat with the Mortgage on my home its not worth the possible back lash, I'm just keeping my head above water now.

Actually once the bank is out of my life I will have no problems which would be nice after a 2 year battle. They really do have a lot to answer for they are monsters.

I Will pop in again tomorrow.

Thanks again
P

**pam1** · 5th August 2007, 11:22:AM

Sorry had to rejoin as PAM2,

Couldn't get a reply from admin, as forgot my password and it was telling me my email was not found

thought should advise in case its a glitch.

Any more info on my mortgage status? Ive read my 1 page agreement, I think there are further terms and conditions, as it states they are in a separate booklet, but i have never held it.?

In the agreement there is no mention of needing a vehicle only that i agree to pay the interest for the years agreed.

If there was an agreement for me to have a vehicle would it be in the T&C.

Is anyone on a buy to sell mortgage that could have a look for me.

P

**Paradox** · 5th August 2007, 13:45:PM

Hi Pam.. Sorry to hear about the problems you've had with your ID! I'll get it looked at.

I've looked into a buy to let mortgage and all the ones I've looked at haven't ever had a stipulation that you must have a vehicle to pay back the original loan, as well as the interest.

These mortgages are designed to be more short term, with the mortgage companies (MC's) making the bulk of their profit in the first 5 - 10 years of the loan.

The mortgages are generally then paid off by the sale of the house, with the profit going to the mortgagee.

Obviously this is based on a buy to let mortgage, but I would assume the premise to be the same.

Who is the mortgage with?

**Mochamoos** · 5th August 2007, 17:55:PM

Just to echo matt, who the mortgage is with is impotant as they all have different ways of operating.

Also check wether you have ppi, they quite often sign people up without telling them or against their wishes.

**pam1** · 5th August 2007, 19:26:PM

Nooooo I never take PPI on anything

Cheltenham and Gloucester is the company. ( lloyds spit spit) although have never had a problem with the C&G employees or C&G.

Will be transfering as soon as back to work or can get this house sold.

Can they ask me at anytime to present the vehicle paperwork.?

I have read in my agreement that they have viewed and are happy with all documents relating to my mortagage application. ( or something along those lines, i can copy exact when pull file)

Couldn't I ask why this was not asked for at the time of the agreement and surely if it was part of the agreement they would have asked for proof of a vehicle first and i would not have the mortgage if this was the case and So why was I allowed to have a mortgage.

Also if they had and i did show it, then they would hold a copy of the paper work.

The Problem is if this ever came to being an issue, by the time I would have the chance to uphold my argument wouldnt they of started proceedings to take my house.

As they certainly never take notice of dispute situations :-(

**Paradox** · 5th August 2007, 19:32:PM

Have they specifically told you that you need to NOW produce paperwork / evidence that you have a vehicle alongside the interest only mortgage?

Does it say that you must do this in the T&C's or the original mortgage paperwork?

I can't see it to be honest, but lets get the facts straight instead of going off half cocked.. so to speak.

Matt

**pam1** · 5th August 2007, 19:46:PM

Thanks Matt
no they have not asked yet, only sent a letter advising that i check my vehicle is progressing properly, but I'm kicking Lloyd's were it hurts at the moment, and its the foot of my solicitor thats doing the kicking

The issue is regarding 2 loans and an overdraft with Lloyd's but i must take on board any risk of repercussions especially with my home.

I need to be water tight on every level.

i have considered it could be a standard letter sent to all interest only customers, but i still have to check my grounding for my own peace of mind.

Sorry don't hold T&C never have???

**Paradox** · 5th August 2007, 19:52:PM

I would imagine it's just a general letter they send out to their customers.

Basically they're showing they're a "responsible lender"

I wouldn't worry, I'd say that's what it is anyway.

**pam1** · 5th August 2007, 19:53:PM

OK matt thanks.

I will leave this in incase i need to open the thread again later.

Agreement reads

The loan conditions and the mortgage conditions are printed in a seperate booklet. You accept that you recieved a copy of the booklet before signing this agreement.

We will not make any part of the loan untill we are satisfied with teh title to the property and you have met any requirements set out in the additional conditions below. (nothing written below in reference to a vehicle)

**Mochamoos** · 5th August 2007, 20:10:PM

Just for peace of mind you may want to SAR them to get any info they have.

**pam1** · 5th August 2007, 20:22:PM

yeap am sat on the ideal, i never knew what the sales women actually said to them, but i do know they have never seen a vehicle.

Will keep you posted if the boat rocks.

Thanks
Pam

**Goldlady** · 5th August 2007, 22:37:PM

We have recently changed our mortgage to interest only due to financial problems and are about to apply for a bit more !!! As far as I understood they strongly recommend that you have a savings plan or whatever but that it is quite acceptable to work on the basis that you will either sell the house at the end or convert to a repayment mortgage when things improve. We have told them this so it must not be a problem. I think matt is right that they are just trying to show they are a responsible lender and taking care of your best interests:rolleyes:

**pam1** · 7th August 2007, 19:36:PM

Re: mortgage vehicle

Thank you Golden Lady.
I recieved a letter today advising C&G will be called LLOyds TSB after October 2007. Just reading it drains the blood from my bones. It does state there will be no change in my mortgage but it does remind me to get out when i can

mortgage vehicle

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