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As of the 26th April 2014 This is my current situation
I have a Joint Interest Only Mortgage with my partner for £131,150 which was taken out in December 2004 and is due to end term in 14 December 2014. We were initially approved by Intelligent Finance a branch of Halifax Bank for a 25 year repayment and all was going to plan. Then due to a change in their mortgage criteria, where the accessed earning then switched to affordability half way through the purchase, the mortgage company did a u-turn and only offered a 10 year term.
Their reason for choosing 10 year term is my partner was older than me and the retirement age is 65 with Halifax at that time. I had already invested in getting the property with usual survey fees and solicitors, etc so I was advised by the financial advisor to accept this deal. We were told once we secured the mortgage we could then switch to a normal 25 year repayment mortgage once the equity in the property increased the loan to value. We purchased the property for £137,000 in Dec 2004.
Now as I write this today the mortgage is due in 8 months I have saved some money but not enough to pay off the mortgage it does not matter how far short it is it simply is not enough and I am not sure I want to put my life savings into a mortgage to leave me penniless without any sort of an emergency fund. I also cannot remortgage as my partner is too old and I have problems with my credit files with defaults on there so that option is out of it.
My query is simple this and despite talking to so called solicitors and financial advisors not many have had anything worth knowing about that I could not of googled in about 30 seconds. I have been on forums where people have poked and prodded me for more information which I supplied but most are full of bs and often promised to help but never even got back to me.
Don't get me wrong here I am not blaming anybody or claiming to be a victim all I want to know is the procedure and if anyone has got a solution or real advice on what to do?
The problem with most financial or legal people they don't liven the real world I spoke to one guy who simply said pay your debts, I know that but I can't pay them at moment otherwise I would!
As someone who has had a professional career, I am amazed at how a situation like this dies not seem to have a plausible solution ?
it is highly unlikely that someone else has not been in this situation before and it’s highly frustrating when you speak to any financial or legal people you can literally see their minds turning on how to monetize this towards their advantage trying to say I could get a remortgage etc at high cost - again this is bs, no mortgage company is going to give me a mortgage with my credit file and also I am unemployed at moment.
The only option I see is to sell the property and try to get best market price for it?
The mortgage company if not paid would start repossession proceeding and force sale the property possibly leaving me with more debt as they sell regardless of market price.
The other option I have is ask mortgage company to extend the term, I had asked them previously but the turned me down without reason and were totally uncooperative. I don’t know if this is a complete waste of time.
I also asked them about switching to repayment mortgage but the informed me the payments would be huge as still refused to extend term who can pay of 130k mortgage off in 10 years for Christ’s sake ?
Needless to say my partner is really distressed about this and I feel I have failed her I just want some advice other than some lame rubbish like declare yourself bankrupt as that will not solve anything either as looked in to it as option.
I feel like I have been really forced into a corner by the mortgage company and don't know if I have any grounds for appeal or to complain to somebody or organisation that actually gives a damn I really don’t know I have throw this around my head so many times but what even way it looks I have gotten a raw deal, I can hear people now saying yes but you took the mortgage, yes I know that but only after getting approved for a repayment and also following a financial advisors advice I know I ultimately made the decision but I just want to get the best solution and move on.
If you can offer GENUINE advice please let me know otherwise please don't bother as I am tired of false promises , pure bs and people saying it will all work out in the end , bs like that does not help - I live in the real world where money talks everything else walks
I am going to write directly to mortgage company to see if they offer any sort of extension or option I would appreciate if anyone has done this or any legal advice on how to approach it - as someone out there might know some regulation or guidelines they need to follow.
Once December comes if I do not pay the mortgage how long does it take the mortgage company to get you out ? not saving this as a plan but just like to know procedure in layman's terms someone mentioned about 6 months, but this option would mean forced sale and would lose advantage of selling for best price I could then use any profit for my rental income
Any help or advise is appreciated, apologies if seem annoyed it just frustration at being in the situation which no one seems to have a clue about frankly I think its unbelievable.
I have a Joint Interest Only Mortgage with my partner for £131,150 which was taken out in December 2004 and is due to end term in 14 December 2014. We were initially approved by Intelligent Finance a branch of Halifax Bank for a 25 year repayment and all was going to plan. Then due to a change in their mortgage criteria, where the accessed earning then switched to affordability half way through the purchase, the mortgage company did a u-turn and only offered a 10 year term.
Their reason for choosing 10 year term is my partner was older than me and the retirement age is 65 with Halifax at that time. I had already invested in getting the property with usual survey fees and solicitors, etc so I was advised by the financial advisor to accept this deal. We were told once we secured the mortgage we could then switch to a normal 25 year repayment mortgage once the equity in the property increased the loan to value. We purchased the property for £137,000 in Dec 2004.
Now as I write this today the mortgage is due in 8 months I have saved some money but not enough to pay off the mortgage it does not matter how far short it is it simply is not enough and I am not sure I want to put my life savings into a mortgage to leave me penniless without any sort of an emergency fund. I also cannot remortgage as my partner is too old and I have problems with my credit files with defaults on there so that option is out of it.
My query is simple this and despite talking to so called solicitors and financial advisors not many have had anything worth knowing about that I could not of googled in about 30 seconds. I have been on forums where people have poked and prodded me for more information which I supplied but most are full of bs and often promised to help but never even got back to me.
Don't get me wrong here I am not blaming anybody or claiming to be a victim all I want to know is the procedure and if anyone has got a solution or real advice on what to do?
The problem with most financial or legal people they don't liven the real world I spoke to one guy who simply said pay your debts, I know that but I can't pay them at moment otherwise I would!
As someone who has had a professional career, I am amazed at how a situation like this dies not seem to have a plausible solution ?
it is highly unlikely that someone else has not been in this situation before and it’s highly frustrating when you speak to any financial or legal people you can literally see their minds turning on how to monetize this towards their advantage trying to say I could get a remortgage etc at high cost - again this is bs, no mortgage company is going to give me a mortgage with my credit file and also I am unemployed at moment.
The only option I see is to sell the property and try to get best market price for it?
The mortgage company if not paid would start repossession proceeding and force sale the property possibly leaving me with more debt as they sell regardless of market price.
The other option I have is ask mortgage company to extend the term, I had asked them previously but the turned me down without reason and were totally uncooperative. I don’t know if this is a complete waste of time.
I also asked them about switching to repayment mortgage but the informed me the payments would be huge as still refused to extend term who can pay of 130k mortgage off in 10 years for Christ’s sake ?
Needless to say my partner is really distressed about this and I feel I have failed her I just want some advice other than some lame rubbish like declare yourself bankrupt as that will not solve anything either as looked in to it as option.
I feel like I have been really forced into a corner by the mortgage company and don't know if I have any grounds for appeal or to complain to somebody or organisation that actually gives a damn I really don’t know I have throw this around my head so many times but what even way it looks I have gotten a raw deal, I can hear people now saying yes but you took the mortgage, yes I know that but only after getting approved for a repayment and also following a financial advisors advice I know I ultimately made the decision but I just want to get the best solution and move on.
If you can offer GENUINE advice please let me know otherwise please don't bother as I am tired of false promises , pure bs and people saying it will all work out in the end , bs like that does not help - I live in the real world where money talks everything else walks
I am going to write directly to mortgage company to see if they offer any sort of extension or option I would appreciate if anyone has done this or any legal advice on how to approach it - as someone out there might know some regulation or guidelines they need to follow.
Once December comes if I do not pay the mortgage how long does it take the mortgage company to get you out ? not saving this as a plan but just like to know procedure in layman's terms someone mentioned about 6 months, but this option would mean forced sale and would lose advantage of selling for best price I could then use any profit for my rental income
Any help or advise is appreciated, apologies if seem annoyed it just frustration at being in the situation which no one seems to have a clue about frankly I think its unbelievable.
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