British Gas Default

[JustAboutMad]

Re: British Gas Default

Great news! And obviously you saved this voicemail??

Just saying, it's spoken promises, not written, so if you haven't saved it, make sure you do now!

Re your mortgage, have you spoken to a broker? The above sounds like a complete re-mortgage. A whole of market broker would need only one credit check to be able to offer multiple lenders. There are a some good fee-free whole of market brokers out there if you look for them.

Good luck

[Never-In-Doubt]

Re: British Gas Default

Good news! I've had a message left on my voicemeail from somebody called Rachel who is going to be dealing witht he complaint on Mr Weston's behalf. She's looked into the account and has emailed the team to have the default markers removed from my credit file. She is aware that this request has been declined before but she is confident that under the circumstances this will now happen. She is away now over the xmas period and will call me when she is back in the office in the New year with an update! I will update again once I have heard from her- I don't want to count my chickens just yet, but hopefully we can now enjoy christmas! Have a good one all and I'll be in touch!

Excellent keep us updated

[SA Gold]

Re: British Gas Default

Result!

[IF]

Re: British Gas Default

Brilliant news, I am pleased A-Owen, have a Merry Christmas

[MrsD]

Re: British Gas Default

never hurts to poke the CEO

Have a lovely time

[A-Owen]

Re: British Gas Default

Good news! I've had a message left on my voicemeail from somebody called Rachel who is going to be dealing witht he complaint on Mr Weston's behalf. She's looked into the account and has emailed the team to have the default markers removed from my credit file. She is aware that this request has been declined before but she is confident that under the circumstances this will now happen. She is away now over the xmas period and will call me when she is back in the office in the New year with an update! I will update again once I have heard from her- I don't want to count my chickens just yet, but hopefully we can now enjoy christmas! Have a good one all and I'll be in touch!

[A-Owen]

Re: British Gas Default

I can't remember, I'll look it up!

[SXGuy]

Re: British Gas Default

variable rate is something that the lender sets and can change any time. a tracker, tracks the bank of england base rate above by a certain amount, can go up or down, which the lender can not change.

[A-Owen]

Re: British Gas Default

They won't due to our credit rating, that's what they have said- never missed a payment on the mortgage nothing, and our mortgage advisor has said that the other lenders have also declined on the credit rating. Monthly affordability doesn't come into play as we need less than 2 years ago and the equity in the house is now about £40-50,000, rather than £20,000 when we started.

Sorry,I'm confused whether it's a variable or tracker?! :-/

[SXGuy]

Re: British Gas Default

You don't have to accept a new tracker mortgage, once your current fixed rate term ends, the mortgage will switch automatically to variable. At least that's what Santander do with my mortgages.

Variable is much lower than your current fixed term mortgage.

Can I ask, why "wont" Santander put you on to another fixed rate mortgage? they usually, just telephone and ask if you wish to be put on another one. if you say yes, its done. There are no checks as far as I am aware.

So what has made then decide to decline another fixed rate and offer you a tracker? this bit confuses me,

[A-Owen]

Re: British Gas Default

When you say your mortgage is "up for renewal" at the beginning of January do you mean your mortgage will expire next month or do you mean that an introductory fixed (low) interest rate period comes to an end which means your repayments increase to an unaffordable level so you need to remortgage?

The mortgage on your home is your priority if you are likely to fall into arrears if you are unable to remortgage putting you at risk of repossession. Can you tell me a little more about this situation to see if I can add anything useful about your housing issue

Hi PlanB- We are currently on a fixed rate (Fist time buyer mortgage at 5.4% i think it is) We have had this for 2 years, the current mortgage supplier- Santander, won't now won't even look at another fixed rate for us and want to put us on a tracker for our next mortgage (Just over 4%). We are able to potentially apply for mortgage with interest as low as just over 2% due to the equity in our home now and the increase in property values in our area, so our mortgage bill could be dramatically reduced for our next fixed term. We have struggled for the last 2 years with the knowledge that after the first 2 years we would be able to go onto a lower rate and it would be worth the sacrifices we have made, but it's not sustainable to go onto a tracker, as we cannot take the risk if interest rates go up, and really we should be in a position to take our pick of lenders and rates with the position with are in, but due to British gas we are over a barrell as no other lenders will even consider us at the moment, and the liklihood is we well sell our home and move back into rented and try again after these bloody defaults are 'wiped' in 6 years if BG don't budge!

[SA Gold]

Re: British Gas Default

No, a mortgage lasts for the full length of the term stated on the contract (subject to no repossession). A "remortgage" means you have terminated one account and taken out another as a substitute on the same property. If the new mortgage is with the same lender it's known as an "internal remortgage". In your case at the end of the two years fixed rate your direct debit will increase but nothing else changes

Excellent, thanks for that explanation PlanB!
Merry Christmas!

[PlanB]

Re: British Gas Default

when people say re-mortgage does the whole application have to go through again?
We got a 30 year fixed rate for 2 years. If we do nothing in 2 years would it just go to whatever the base rate is at that time? Do we have to go through another Mortgage application

No, a mortgage lasts for the full length of the term stated on the contract (subject to no repossession). A "remortgage" means you have terminated one account and taken out another as a substitute on the same property. If the new mortgage is with the same lender it's known as an "internal remortgage". In your case at the end of the two years fixed rate your direct debit will increase but nothing else changes

[SA Gold]

Re: British Gas Default

Sorry to hi-jack the thread, but when people say re-mortgage does the whole application have to go through again?
We got a 30 year (i knew there was a reason to make sure girlfriends were always younger than me ) fixed rate for 2 years. If we do nothing in 2 years would it just go to whatever the base rate is at that time? Do we have to go through another Mortgage application?

Thanks
SA

[PlanB]

Re: British Gas Default

my current mortgage is up for renewal the beginning of January- Hence why I asked for a response within 7 days, I cannot afford to wait 14 days for a reply from them.

When you say your mortgage is "up for renewal" at the beginning of January do you mean your mortgage will expire next month or do you mean that an introductory fixed (low) interest rate period comes to an end which means your repayments increase to an unaffordable level so you need to remortgage?

The mortgage on your home is your priority if you are likely to fall into arrears if you are unable to remortgage putting you at risk of repossession. Can you tell me a little more about this situation to see if I can add anything useful about your housing issue