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Hi , a very close family member was in difficulty 9 yrs ago ,took financial advise d because of the situation at the time was advised to remortgage with Engage Ltd at interest only. They have no defaults now but do have a couple of cards live and no probs.They now would like a repayment but do not know whom to turn to, they have spoken to a couple of lenders but were told husbands wages aren't enough.Has anyone any pointers please they could try.many thanks xx
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if you do it today and you like it you can always do it again tomorrow
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Re: best mortgage provider?
A few quick questions to set the scene.
Is the mortgage term coming to an end so they are forced to remortgage or is time on their side?
Was the loan originally with Engage or another lender such as Future Mortgages? I ask because I thought Engage only bought existing mortgages and a lot of them were from Future Mortgages.
Engage don't deal direct with the public so was this mortgage taken out through a broker? I'm always on the lookout for misselling especially in the high interest rate sub-prime market.
Plan B x -
Re: best mortgage provider?
Hi PB they have a good deal of time on their side , I think it was taken out via a broker ,will confirm when I speak to them tomorrow.I think it was the only way at the time but with hindsight now they wish they had waited .They prefer not to leave it till end term as they think they are unlikely to be able to pay it off.Yes they do have some years. They did have an existing mortgage to I don't know who with so Engage must have bought it .Thank you xif 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
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Re: best mortgage provider?
If they want to pay off the capital as well as the interest then there maybe nothing to stop them making overpayments each month. BUT they need to check the Ts & Cs of their mortgage which may limit the amount of overpayments they can make without adding penalty interest.
They will need to check that the interest is re-adjusted (i.e. reduced) when the capital balance reduces due to the overpayments. Some lenders only do the recalculation once a year which is not helpful.
I know that sounds barmy but some lenders penalize you for paying off the capital component of a loan because they've done their profit calculations on that scenario not happening.
# greedisnotgood
Plan B xComment
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Re: best mortgage provider?
That does sound completely mad but banks again shouldn't be surprised really, I'll pass that on thanx so much .xif 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
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Re: best mortgage provider?
I've got your PM and replied
I look forward to getting the information surrounding this mortgage.
Knowledge is power.
If your friend was recommended a bum deal by their broker (who would have made a small fortune out of selling them the product) then we can look at that too.
Plan B xComment
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Re: best mortgage provider?
Hi Plan should someone have their deeds or should the mortgage provider have them? I always thought the latter or maybe its irrelevant. Xif 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
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Re: best mortgage provider?
Most deeds have been electronically copied by the mortgage holder, and also by the Land Registry. Where this has been done, there is no need for paper copies except as an historic document that bears bad type face and real seals. Some mortgage providers will return the docs to you after scanning onto their systems if not previously held electronically, as it costs more to keep and review paper docs.Comment
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