Hello i am new to this forum and i am looking for advice
here is were i am
3 years ago a friend told me to speak to his friend who was an accounts manager for a bank about setting up an account which we did
he then after changing our account over got us to change our mortgage to them
we had a previous mortgage of 275k on intrest only.He tried to get us a mortgage for 275 but said he couldnt get it because the value of the property so he told to us to get the better deal take out a loan with the bank and pay off 30k of your old mortgage which we did
now 3 years on our mortgage changes from intrest only to repayment and jumps up 800 per month so along with the loans we took out with them means we no longer have any money to live on even if we cut back on all but the essentials
i have contacted the bank and asked for help and they have declined but during the conversation they were amazed that we took out a loan to pay off our old mortgage-and a very bemuzzed account manager said they would look into and call me back-no call yet
i feel like we have been given some very bad advice and miss-sold into the mortgage
now i know i am old enough to understand what i am signing for and i think we got carried away with the so called good advice-but i think there was something untoward done to get our mortgage
any advice would be great
here is were i am
3 years ago a friend told me to speak to his friend who was an accounts manager for a bank about setting up an account which we did
he then after changing our account over got us to change our mortgage to them
we had a previous mortgage of 275k on intrest only.He tried to get us a mortgage for 275 but said he couldnt get it because the value of the property so he told to us to get the better deal take out a loan with the bank and pay off 30k of your old mortgage which we did
now 3 years on our mortgage changes from intrest only to repayment and jumps up 800 per month so along with the loans we took out with them means we no longer have any money to live on even if we cut back on all but the essentials
i have contacted the bank and asked for help and they have declined but during the conversation they were amazed that we took out a loan to pay off our old mortgage-and a very bemuzzed account manager said they would look into and call me back-no call yet
i feel like we have been given some very bad advice and miss-sold into the mortgage
now i know i am old enough to understand what i am signing for and i think we got carried away with the so called good advice-but i think there was something untoward done to get our mortgage
any advice would be great
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