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  • #1

    [CLOSED] - Continues in AAD+ - Advice needed about mortgage

    I have an interest-only mortgage, due to be repaid very soon - months. I have had no problems with the mortgage, but I have a poor credit rating at present.
    The house is currently on the market, after having looked at other options which might be available - there are none. My income is low, and my age a hindrance.
    I need an extension of time to enable me enough to sell the house - I am thinking to write now to the bank as time is running out, and need advice as to what to say, other than the obvious.
    I did tell them I would sell the house to repay the mortgage when I was contacted by letter. I don't know how banks are treating people in these situations currently.
    Are they likely to do a credit search and means test etc, even for a smallish extension? How is it best to approach them?
    Thanks
    DT
    Last edited by DoubtingThomas; 28 September 2015, 22:49.
    Tags: advice, bank, banks, checks, con, credit, debt, email, financial, free, help, ico, income, interest, letter, mas, mat, mis-selling, money, mortgage, paid, pension, poor, poor credit, privacy, problems, rent, repay, repayment, size, wrong
  • #2
    Re: Advice needed about mortgage

    could you not change it over to repayment? We had a lump of interest only and d-day was fast approaching with no way to pay it although I had been making valiant efforts. The bank allowed us to add it as repayment to the rest of our mortgage. It was a sizable lump and added a couple of years to the mortgage which didn't matter in the long run as we sold it last year and paid the lot off. Might be a possibility, that way they still get some money, you get time to sell and hopefully emerge relatively free. Worth a try, it took one phonecall for us.

    Comment

    • #3
      Re: Advice needed about mortgage

      Similar to our situation hence paying it off from sale and looking to rent. xx
      if you do it today and you like it you can always do it again tomorrow

      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

      • #4
        Re: Advice needed about mortgage

        Thanks Mrs D - but no way is that possible. Income, age, credit rating, size of mortgage etc as outlined.
        Circumstances been very difficult last few years and still are.
        But need advice on how best to approach them.
        DT

        Comment

        • #5
          Re: Advice needed about mortgage

          Nanna 58 - do you have a thread on this I can look at?

          Comment

          • #6
            Re: Advice needed about mortgage

            I am not aware that checks are taken when you already have a mortgage in place but I may be wrong . xx
            if you do it today and you like it you can always do it again tomorrow

            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            • #7
              Re: Advice needed about mortgage

              Who is the lender?

              You refer to your "age" being a barrier. Will you be past retirement age when this mortgage term expires?

              Did you take out the mortgage through a bank/building society direct or was it through a broker/IFA?

              When you took out this interest-only mortgage were you asked to provide evidence of a financial vehicle to pay off the sum originally borrowed at the end of the term (such as an endowment policy or a pension)?

              I'm not going to tell you why I'm asking these questions so you won't second-guess the reasons The only clue I'll give you is that I'm always on the lookout for mortgage mis-selling.

              Plan B x

              Comment

              • #8
                Re: Advice needed about mortgage

                Thanks Plan B - bless, I can see that.
                1. Already am - seriously so! Expires before Christmas.
                2. Broker. Bank of Ireland.
                3. Had an endowment which was ok for part of it, then that failed
                Have always known will have to sell up, but circumstances have made finances far harder over last 4-5 years. I believe that I understood what I was being sold, and at the time it was only way I could get a mortgage. Was a re-mortgage, vital at time and I was still working.
                Income could not be lower, and am struggling seriously.
                There are other complications that I would have to pm, as too private
                I put house on market as soon as possible. Reason I need advice how to approach them is that I need more time I think to sell, and don't want to aggravate the situation.

                DT
                Last edited by DoubtingThomas; 29 September 2015, 11:04.

                Comment

                • #9
                  Re: Advice needed about mortgage

                  Originally posted by DoubtingThomas View Post
                  There are other complications that I would have to pm, as too private
                  Email rather than PM because that's easier for me (I don't have to keep logging in to read) using planb@all-about-debt.co.uk

                  Plan B x

                  Comment

                  • #10
                    Re: Advice needed about mortgage

                    Ok - thanks

                    Comment

                    • #11
                      Re: Advice needed about mortgage

                      Originally posted by DoubtingThomas View Post
                      Broker. Bank of Ireland. . . . Had an endowment which was ok for part of it, then that failed
                      I notice this is the Bank of Ireland who have been in hot water with the FCA and have been made to refund thousands of pounds to thousands of its customers

                      Are you on a Base Rate tracker?

                      Was the endowment policy sold to you by the broker at the same time as you took out the mortgage?

                      Was there any PPI on the mortgage?

                      Was/is this a Flexible mortgage which enabled you to overpay and borrow more?

                      Plan B x

                      Comment

                      • #12
                        Re: Advice needed about mortgage

                        Originally posted by PlanB View Post
                        I notice this is the Bank of Ireland who have been in hot water with the FCA and have been made to refund thousands of pounds to thousands of its customers


                        NOT THEM ORIGINALLY, THEY BOUGHT BRISTOL AND WEST FEW YEARS AGO

                        Are you on a Base Rate tracker? NO

                        Was the endowment policy sold to you by the broker at the same time as you took out the mortgage? NO. SEE EMAIL

                        Was there any PPI on the mortgage? NO

                        Was/is this a Flexible mortgage which enabled you to overpay and borrow more? YES, BUT NOT TO BORROW MORE. FINANCES DID NOT ALLOW FOR OVER-PAYMENT. TEN-YEAR TERM
                        Plan B x

                        More info in email sent to you x
                        Last edited by DoubtingThomas; 29 September 2015, 12:35.

                        Comment

                        • #13
                          Re: Advice needed about mortgage

                          I've got your email and replied.

                          Based on what you've said I think it would be wise to move your thread to AAD+ for privacy since you are a member. Only if that's what you'd like of course.

                          That way as much as possible can be said on the forum which will help others in a similar situation. Anything sensitive will remain exchanged by email

                          Plan B x

                          Comment

                          • #14
                            Re: Advice needed about mortgage

                            Yes, I would agree totally, but knew you had to have enough info to justify.

                            Comment

                            • #15
                              Advice needed about mortgage - Thread CLOSED - Continues in AAD+

                              Originally posted by PlanB View Post

                              Based on what you've said I think it would be wise to move your thread to AAD+ for privacy since you are a member. Only if that's what you'd like of course.

                              That way as much as possible can be said on the forum which will help others in a similar situation. Anything sensitive will remain exchanged by email

                              Plan B x

                              Thread now - CLOSED -


                              Continues in AAD+ —> http://forums.all-about-debt.co.uk/s...about-mortgage


                              To join AAD+ please click on link ---- > AAD+ Members Portal
                              "If wishes were horses, beggars would ride"

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