• Welcome to the LegalBeagles Consumer and Legal Forum. Please register to get the most out of the forum. Registration is free and only needs a username and email address.
  • LegalBeagles® is a free forum, founded in May 2007, providing legal guidance and support to consumers and SME's across a range of legal areas.

    Please do not post your full name, reference numbers or any identifiable details on the forum.

Landmark Interest only Mortgages

  • Filter
  • Time
  • Show
Clear All
new posts

  • Landmark Interest only Mortgages

    Hi everyone

    I am getting very concerned and sleepless nights with the impending end of my Interest only Mtg in 7 years time. I have seen treads on here especially following the recent panorama programme, but does anyone know the government or anyone is trying to address this to save thousands of us being evicted at the end of the mortgage term. We took a 110%, interest only mtg with a 3 year fixed interest rate with a view to changing to a repayment. However with 6 months left to go on fixed term, Northern Rock collapsed, we lost what little equity we had and ended up in negative equity so couldn't get a mtg anywhere else. We are in our late 50's, so a new mtg would double our repayments which we can't afford. I just want to carry on paying interest only until I decide to sell rather than be evicted. Does anyone know if Landmark are evicting homeowners at the end of the mtg period?
    Tags: None

  • #2
    The FCA are trying to allow more flexibility on affordability in these cases - https://www.bbc.co.uk/news/business-46821660 - however your main issue is that you have stuck with an interest only mortgage due to being unable to move to repayment due to the collapse. Landmark, and the regulators, are well aware of the issue - they may be able to extend your mortgage term, although it sounds like your mortgage runs until you are 65 already ? http://www.landmarkmortgages.com/mor.../interest-only

    As you have a 110% mortgage was there additional borrowing ? if so how approx how much ( over £25k ? ) - was it a 'Together' mortgage originally ?

    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

    Find Solicitors offering fixed fees on our sister site - JustBeagle.com


    View our Terms and Conditions

    LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

    If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.

    If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.



    Welcome to Legal Beagles

    LegalBeagles® is a free forum, founded in May 2007, providing legal guidance and support to consumers and SME's across a range of legal areas.

    See more
    See less

    Court Claim ?

    Guides and Letters

    upgrade to vip

    Want exclusive access to forums, more privacy and a live chat box? Upgrade to become a bigger part of our community.

    only £15/yr

    Offers available. No subscription traps.

    sign up now

    Search and Compare fixed fee legal services and find a solicitor near you.

    Find a Law Firm