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Everything posted by MortgageTalk

  1. Enoughisenough Under the terms of using the Forum I cannot "tote" for business - and I never have! However, if you can point me towards your original post and problem then I would be glad to have a look.
  2. Very difficult. One of the main factors for assessing mortgage affordability is earned income, and I am positive no responsible lender (including the Halifax) will lend whilst you have no earned income.
  3. Have you considered porting your mortgage to your new home?
  4. Please could I re-inforce Crapstone's comment about fonts, colour and size. As a mortgage broker (yes, the good ones have survived) I help with advice when I feel I can make a positive contribution, but my problem is always time. Consequently, when we post could we please keep in simple, lower case, black print, minimise exclamations and to the point. Thanks.
  5. The upfront fee payment is the giveaway! If they were confident you were mis-sold a mortgage and you had a very strong case, then they should accept their fee from any compensation. In any case, why a fee? If they are solicitors and your claim is upheld, then they can claim their legal costs for the case. Perhaps they are not that confident. Avoid like the plague.
  6. A real can of worms and possibly the tip of an iceberg. I currently have a number of clients actively challenging Barclays on the balance of their offset accounts. The problem they face is that no one at Barclays can clearly explain how the balance has been reached. Barclays either explain the theory behind offsetting (not rocket science), or forward letters full of technical terms, but no substance or clarification. Barclays appear unable or unwilling to provide actual calculations to these clients to support the relevant statements. The same problem occurs at redemption. Recently, I accompanied one of my clients to a meeting arranged by Barclays at the local branch to (in Barclays own words) ‘meet the local offset expert’, who would be able to answer any queries. Embarrassingly for the ‘expert’ and frustratingly for my client, the meeting lasted but a few minutes with the ‘expert’ readily admitting he could not explain how the balances were calculated. Following another round of correspondence, Barclays have now promised to send someone from Head Office to ‘re-assure’ my client. I am looking forward to that! Due to lack of progress and faith in Barclays, the clients have approached the FOS for assistance. MortgageTalk
  7. In my experience the majority of lender's administration is woeful and cumbersome - hence the constant aggravation over redemption totals. Why not save time and expense and pay by direct debit? MortgageTalk
  8. Have you moved home recently? If so, then you could have been refused the loan as you could not be located at the new address. Alternatively, are you associated financially with anyone else who may have an adverse credit file? The easiest action is to phone the Nationwide and ask the reason for the refusal! MortgageTalk
  9. How they explained why they cannot do it? MortgageTalk
  10. Interest is payable on a mortgage up to the redemption date, as to the ancillary charges, check the T & Cs of your mortgage offer? If they aren't documented then you shouldn't be charged. MortgageTalk
  11. Hi Jake As Manc1 states, if Redstone are not co-operative then it is difficult to remove defaults from your file, although you can personally add a Notice of Correction – see Experian/Equifax website for details. Unfortunately, credit reference agencies are more concerned with selling credit files rather than with ensuring accuracy. The fact that Clydesdale accepted the proposed arrangement should count towards you maintaining the ‘said’ arrangement However, there are Near Prime lenders that will accept one missed mortgage payment in the past six months, which just fits your profile. MortgageTalk
  12. Hi Jake I take it your ‘arrangements’ with Clydesdale are actually IVAs? If so, have you maintained payments and what is the balance of your Mastercard? Are you saying your credit file shows a mortgage default for 09/2007 and 12/2007, when in fact these payments were made? If so, you can contact Experian/Equifax and request these errors be removed. To sum up! If you deal with the CCJs (as discussed in previous post) and obtain certificate of settlement, correct credit file, maintain IVAs and, based on the limited available personal information and accepting affordability, I believe you should be able to obtain a Near Prime rate in October. MortgageTalk
  13. Hi Bona I will certainly do my best to provide up to date generic mortgage related advice in these difficult times. Charcoal are a well established group and even though they are going through a period of internal instability, you should have no hesitation recommending them - but best to check if they are taking a procuration fee from the lender or taking the proc. fee and charging a brokerage fee. Sub-prime has been an important sector in the mortgage market for the past decade - however, it just got a lot tougher both for sub-prime borrowers and for brokers trying to place this business. MortgageTalk
  14. Hi Tiglet Thanks for that advice. Being a 'newby' I have not had a lot of time to explore the site and do not want to break any Forum rules and regulations. However, I had no idea I could use my experience and knowledge to help others in such an easy way. I will make sure I use future tea breaks to good use. However, it will have to be generic advice as I am regulated by the Financial Services Authority, and as anyone would expect, I can only provide individual advice and recommendation once I have full individual details. Hence, my idea of a disclaimer. Does this make sense to you? MortgageTalk
  15. Weird! Unless they are trying to obtain confidential information for cloning identities? Personally, I would never provide personal and confidential information over the phone unless I knew the identity of the caller, and even then I would still be wary! MortgageTalk Please note I am commenting on posts in general and not providing individual mortgage advice or recommendation, which would require precise details of your circumstances.
  16. Jake Thanks for prompt reply. I am just on my way out to see a client and will respond tomorrow. Strangely, due to a fault on the office phones this morning, I had time to kill and visited a few web sites and found this one. I am happy to use my experience and knowledge of the market to provide generic mortgage advice. I suppose I should provide a disclaimer at the end of all my posts? MortgageTalk Please note I am commenting on posts in general and not providing individual mortgage advice or recommendation, which would require precise details of your circumstances.
  17. Look forward to their response as I have never heard of a Funding Charge on redemption of a mortgage. Good luck. MortgageTalk Please note I am commenting on posts in general and not providing individual mortgage advice or recommendation, which would require precise details of your circumstances.
  18. You are getting there! A SVR or discounted mortgage scheme is controlled by the lender raising or lowering their SVR. A base tracker can only be altered by the Bank of England Monetary Committee (that meets monthly) raising or lowering the BOE Base Rate. As a broker on a 'like for like' basis, I would in the majority of cases recommend a base tracker scheme over a SVR or discounted scheme, as changes with the bank base rate reflects the true underlying econimic situation rather than a lender changing their SVR purely for their own commercial advantage. Hope this helps. MortgageTalk
  19. You are right it doesn't make sense. Failing to follow up the lead wastes time and money, or perhaps your Loan To Value was too high to consolidate? Have you checked your phone bill to see how much the 0203 call cost? MortgageTalk
  20. I would assume the admin fee (for closing the mortgage account) and redemption fee for redeeming your mortgage whilst a particular scheme had not finished would be contractual charges contained in your mortgage offer and quite easy to check - if you still have a copy of your offer? Why you were also charged a funding fee (the same as your redemption penalty charge) I haven't the foggiest. I have never come across a funding fee payable on redemption! MortgageTalk
  21. Hi Jake If you clear the latest CCJ then I cannot see a problem with it. Are the defaults on your mortgage or other commitments? Have you defaulted, paid late or not met your mortgage payments? If so when (month/year)and how many, and what is the current situation? If you have made all your mortgage payments, what are the defaults? Again, when, how many and how much. Who is your current lender? MortgageTalk.
  22. If another property is to be purchased then using GMAC as the mortgage provider might have provided a refund of the early redemption penalty. Unfortunately, GMAC is one of numerous lenders that have withdrawn all their schemes (May 2008) due to a lack of funding liquidity in the market and they do not yet have a date when they will begin lending. Although you do not mention a date for Exchange of Contracts or Completion, October is not far away and you may be able to extend completion until then? Failing this, I have used the following option on a couple of occassions. Consider asking the purchaser to 'rent' the property (this will give then access to their new home) and then complete the sale process in October. This has several advantages: You hold on to your purchaser Your purchaser does not loose their sale or compromise the chain They move into their new home on time and pay an agreed rent The rent helps pay your existing GMAC mortgage You avoid the high early redemption charges You will have Exchanged Contracts and the purchaser knows that completion will be in October and the home theirs OK. You are supposed to inform your lender if you rent out your property, but................! If you do decide to go down this road, don't forget to inform your building Insurer that you are renting for a few months.
  23. Sorry to pile on the agony, it is not just the shortfall, but all the other associated costs, such as legal, selling costs, estate agents fees etc. etc. As previously stated this applies for a 12-year period.
  24. I have been a broker for many years and have never heard of Northern Trust as a primary lender, possibly, they obtained your mortgage through a securitisation from the original lender. The advice received so far is sound, there is no magic wand to wave. Check whether you can change to an interest only option (or re-mortgage to an I.O. option), take a payment holiday for a couple of months or, as a last resort and if practical, take a lodger for a few months.
  25. Cold calling for mortgages in the UK has been banned by the Financial Services Authority and they can levy severe fines. However, the FSA cannot control calls from abroad. I suspect someone has set up an 'office' outside the UK to make initial contact (not illegal), and after a dialogue you are eventually passed to the 'real' man. He claims phone trouble and asks you if it is alright to call you back. You reply in the affirmative, and consequently the call is no longer 'cold' as you have requested him to call you! If a mortgage broker is any good then he/she should not have to revert to such shoddy practices.
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