ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

[Diana M]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

You would only go to court if you couldn't negotiate your way out of the situation (or if they took you to court so you would defend your position).

Once upon a time I had a Rooftop mortgage which I started around 2006. I'll dig out my paperwork to see if there was anything obviously 'unfair' in the contract.

Rooftop mortgages were normally 'sold' through brokers but packagers did the processing before handing over the file oven ready to Rooftop's underwriters to sign off. The pre-underwriting was done by the packagers so maybe that's where things got lost in translation in your case. The broker was merely the 'introducer' of business which was executed by the packager.

The KFI and the mortgage offer (Ts & Cs) would have come from the packager (the intermediary). From memory everyone in the chain got paid massive commission.

Subprime lenders used this method to deliberately distance themselves from any criticism of unfair or dubious practices, but they're still responsible for whatever is in the ultimate contract.

Di

[Amethyst]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

Would the monthly payment amount not be massively different between the same amount over 15 years and over 30 years ?

£130k over 15 years at 8% would have been £1242 a month repayment - £130k at 8% over 30 years would be £954

I think I'm wondering what monthly payment the mortgage broker guy quoted you originally compared to what you actually started off paying. I know it's variable and 6% over base and the rates have changed but it's that first monthly payment could/should have been a 'tell' that something wasn't right ?

[Crazy council]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

Hi,

just to add a few points

One of the dodgy sales Technics used at the time by brokers and related firms, Was to take the client right up to the edge of signing, on one set of figures, then change them at the last point ( when the form offer comes in ), for terms that better suit the broker. Not giving the client time to understand the differences

The difference in bonuses are massive, and between 1998 - 2007 really did encourage brokers to act like this,

Its very hard for people not working in finance or property generally, to have a sound understanding of the long term effect that different rates make, and what difference charges, and interest on charges can make, so its easy to confuse an eager client.

On a poimnt of interest

Am fairly sure, that brokers purchases insurances that cover them for the first 2 years and i always wandered wiether this liability would cover miss selling, as thats what it protects the lender from ( bad paperwork from broker ). Am just not sure if or how this is dealt with after 2 years.

[cloudydays]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

hello
thank you all
i dont understand some of the above
at one point we was paying just under 2.000 per month when rates where high which changes every three months our monthly payments have never been under 830 per month
when we took the mortgage out it was the same base rate as everyone else then they wrote to us saying that theta period had ended and we where now on 6% above base rate
then some years ago they wrote to us saying that they had made a mistake in there calculations and that we where now in arrears as we did not pay the correct rate which was not our fault as they did the calculations not us so we had to pay that back plus charges on top
we have already paid them back over 300,000 in payments if my maths are correct
sorry if i come across as silly but i just dont understand
are you saying there is nothing we can do against rooftop except from sell up and move and pay them back
once again thank you for all your help

[Crazy council]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

Hi

Theres a few regulatory routes you can/should go down first. Once the data gathered together, Your aim i suppose would be for a ruling from the ombudsman that you were miss sold, and/or miss advised,

The best way to do this, to not confuse whoever is looking at it, is do the accounts as accurately as you can. You may also ( just guessing ) have a complaint about the costs you were charged, that were added to your loan/mortgagee, that you didnt know about or are grossly unfair.

am not bad with calculating these, if you want to list
interest rates and dates they changed for you,
Principal amount borrowed and date
Any charges you know about that were charged, and the firms names
any other charges or relevant finacial data

When you say 6% above base, do you mean standard base rate, or LIBOR
When they say they hadent calculated properly, and put you in arrears, can you give further details on that

sorry if i come across as silly but i just dont understand

not at all, these are complex things to understand, and thats how brokers got away with it untill 2007.

- - - Updated - - -

Hi

Theres a few regulatory routes you can/should go down first. Once the data gathered together, Your aim i suppose would be for a ruling from the ombudsman that you were miss sold, and/or miss advised,

The best way to do this, to not confuse whoever is looking at it, is do the accounts as accurately as you can. You may also ( just guessing ) have a complaint about the costs you were charged, that were added to your loan/mortgagee, that you didnt know about or are grossly unfair.

am not bad with calculating these, if you want to list
interest rates and dates they changed for you,
Principal amount borrowed and date
Any charges you know about that were charged, and the firms names
any other charges or relevant finacial data

When you say 6% above base, do you mean standard base rate, or LIBOR
When they say they hadent calculated properly, and put you in arrears, can you give further details on that

sorry if i come across as silly but i just dont understand

not at all, these are complex things to understand, and thats how brokers got away with it untill 2007.

[Diana M]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

I always thought a contract between had to be fair on both sides or have i got that completely wrong i just want to get rid of rooftopcould we take them to court re the terms and being charged 6% above base rate or charges on charges they put on when we did fall into arrears

Rooftop mortgages were linked to Libor rate which fluctuated around 6% in 2006 so you would have been charged at 12% (if the loan was 6% over Libor).

At the start you may have been on a low two year fixed rate and then that would have changed to Rooftop's own Standard Variable Rate which wasn't necessarily linked to anything.

The loans were sold on the basis of the low introductory rate and most borrowers didn't take a lot of notice at the massive hike around the corner because the broker would always say you could remortgage with another lender on another low rate at the end of the fix. That option went belly-up when the Credit Crunch arrived and lenders stopped lending.

But I do remember Rooftop offered an "internal remortgage" whereby you could remortage with them on a low fixed rate after the two years.

There's a difference between a contract being unfair and a contract being fair but expensive.

They would argue that at the time their rates were higher than high street lenders to reflect the higher risk they were taking. Rooftop's customer base was largely borrowers with impaired credit, or people buying properties that other lenders wouldn't finance such as ex-local authority or non-standard construction. They offered 'self-certified' mortgages where no proof of income was requested.

However, if there was something in the contract that put you in a disadvantaged financial position (caused your arrears) then that could be looked at. There's a lot to scrutinize before you start your negotiations with them.

What was the basis of your complaint to them?

Di

[cloudydays]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

Hello
thank you to those who helped re the sar
we thought we would give an update
we have decided to sell our house as we can no longer afford to stay
its a shame we never got to take on the mortgage company
but thank you
cloudy days

[Amethyst]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

That is such a shame cloudy, but understandable, it would be a really tough, stressful battle to get things sorted back to the 15 years you thought you signed up for originally, with no guarantees of success bastards.

Will the house sale give you enough to get rooftop off your backs and still enable you to start over?

[cloudydays]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

hello
and thank you we will have to rent which is dead money but (cheaper) better than having a mortgage till we are past 70
its a shame as we did so want to get or try to get some of what they have overcharged us for
cloudydays

[cloudydays]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

will this nightmare ever end with rooftop
on friday we gave them notice that we wanted to sell as our agreement states we have to
they have said they want 1.5 percent of whats left on the mortage as we are ending early also they are also stating that we now also owe them 7569 pounds on top of that from when they took us to court but when in court the judge said no fees could be added as they where allready added and paid when we paid off arrears but rooftop have said in writing that they dont care what the judge has said they can charge extra fees on top which they are adding interest on its a never ending nightmare

[Crazy council]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

hi

do you have any of the paperwork from them thatdetails costs and charges,

[cloudydays]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

hello
yes we have the original ones when we took out the mortgage

[cloudydays]

help

hello
we have just had a letter today stating that rooftop mortgages have sold us to a company called lakehouse mortgages limited
the letter states that they will be setting all new terms and conditions and interest rates how can they do this
please help us

[cloudydays]

Re: ROOFTOP mortgage - applied for 15 years - told its for 30 years !!!!!

hello
things seem to go from bad to worse we have not managed to finish the house ready to sell
now we have a letter from rooftop stating that they have sold all mortgages to a company called lakehouse mortgages limited
the letter states that they will take over on the 19th april 2017 and that the new company will be setting new rates and charges and terms and conditions
what do we do know we just feel at wits end and are very worried
please can anyone help us

[Diana M]

Re: help

we have just had a letter today stating that rooftop mortgages have sold us to a company called lakehouse mortgages limited
the letter states that they will be setting all new terms and conditions and interest rates how can they do this

That's a good question since according to Companies House Lakehouse Mortgages Ltd is a non-trading/Dormant company.

https://beta.companieshouse.gov.uk/company/08763016

https://beta.companieshouse.gov.uk/c...filing-history

Maybe they're about to spring back into life.

Di