BOS Mortgage advice - please help

[enoughisenough]

STARTING THIS THREAD ON BEHALF OF NEW CAGGER WHO WASN'T SURE HOW

 

SHE IS CALLED ONE STRESSED WOMAN

 

Need advice about mortgage PLEASE

 

I have a fixed rate of 6.25 on £300,000 with Bank of Scotland fixed for 5 years however as receiving Social security these payments don't cover it now nearly 5 months in arrears - Worried sick !

 

Does anyone know if They will allow me to change my product in these circumstances to tracker rate - currently required payment £1551 interst only - think if I change it repayment would be more like £950 also think charge for changing product is £9000

 

Should I could I do it ??

 

Would be glad of any advise need it badly!

[onestressedwoman]

Thanks EIE

 

I have no thread starter prompt your assistance is greatly appreciated

 

OSW

[onestressedwoman]

STARTING THIS THREAD ON BEHALF OF NEW CAGGER WHO WASN'T SURE HOW

 

SHE IS CALLED ONE STRESSED WOMAN

 

Need advice about mortgage PLEASE

 

I have a fixed rate of 6.25 on £300,000 with Bank of Scotland fixed for 5 years however as receiving Social security these payments don't cover it now nearly 5 months in arrears - Worried sick !

 

Does anyone know if They will allow me to change my product in these circumstances to tracker rate - currently required payment £1551 interst only - think if I change it repayment would be more like £950 also think charge for changing product is £9000

 

Should I could I do it ??

 

Would be glad of any advise need it badly!

 

 

That should read change to tracker not repayment can you tell I'm a Onestressedwoman ?

[enoughisenough]

You must speak with them first. I'm not sure you are going to get anywhere though. But in any action you must show that you have attempted to seek a compromise solution and that they have rebutted these attempts.

 

Forgive my blunt approach here but this is a very large mortgage. Did you self certify? Also you re now on social security who must be paying the interest. Are your arrears 5 months payment element or 5 months interest and repayment?

 

Changing products is usually a no-no when there are arrears. Have they written to you. Have they threatened repossession?

[onestressedwoman]

DWP only pay interest on 100k + 56k for allowable expenses - interst only mortgage

I have recieved many letters from them but as of yet no threat of repossesion - I am awaiting a back dated payment that will satisfy arrears and payments for a year but with all payments they may have a lenghty delay - I suppose the only ones with the answers are the providers but so nervous about speaking with them

 

I thought if I changed products they may add arrears into new figure i.e charge for change £9000 + arrears I still have around 100k in equity

 

My life has changed so much since being incapacitated