Future Mortgages

[alisono]

Hello

 

I'm new to this but wondered if anyone can help me.

This maybe a bit long so sorry for that but I'm at my wits end.

 

I have been trying to re-mortgage my house for the last 9 months I have had 3 mortgage offers but I also have a secured loan through Future Mortgages for £100k.

 

Because I don't earn enough money to get a mortgage for the whole amount each company that has offered me money has suggested I get Future to do a DOP (Deed of Posponement) which they will accept.

 

I called Future and they told me to supply them with a whole host of information, Valuation, Mortgage Offer, Consent to do a credit search, Redemption figure on old mortgage, monthly mortgage payment and payslips for the last 3 months which I did. ohh and a cq for admin £125.

 

They then told me I didn't qualify I needed 90% LTV in my property, this was Sept 06, I then at my own cost got another Valuation done to see if I could get the valuer to up my property Value, he actually said yes not a problem, so I went through the whole process again with Future, and the £125 again. They then declined it again, they said I was a credit and risk now and couldn't afford to do this, I was actually saving £1300 per month.

 

To say the least I was distraught as I was having financial difficulties because my mortgage had come out of its fixed rate and had jumped from the Original £1300 per month it's now at £2228 per month.

 

Future suggested to try and re-mortgage and pay them off, I could only do that by paying the £100,000 back but not the ERC of 6% which they won't accept.

 

I have now managed to get another Mortgage offer so that I can clear all my unsecured debt plus pay Future a lump sum of £50k saving myself £1600 per month, just gone through the whole process again and another £125 admin to charge to be told becuase I had 1 months arrears in the last 6 I wasn't eligible, plus if I paid £50k off the loan I would incur penalties becuae I was paying over 10% it would only reduce my term and I still couldn't afford to do this, please try again in October.

 

I now have serious arrears on my first mortgage and they are threatening Court Action.

 

Any suggestions would be most welcome.

[powelll]

I think you need to speak to an independent financial adviser to be honest. In terms of basic advice it's never usually a good idea to remortgage to include unsecured debt - at the moment, if you don't pay an unsecured loan or credit card you home isn't directly at risk; it's what's known as a 'non priority' debt. If you remortgage you turn this into secured 'priority' debt as your home is directly at risk if you cannot meet the payments.

 

You may also want to speak to National Debtline for free confidential impartial advice on 0808 808 4000. You can stay anon if you wish but they can give structured advice to deal with mortgage arrears and non priority debt. They will advise you to draw up a budget sheet listing income then essential outgoings only ( no payments to unsecured debts at this stage ). Any surplus you have left is what you have to offer to your creditors; in your case you should consider offering non priorities a token of £1 per month while you get the mortgage back up to date.

 

This is just a taster and you need to be aware that financial advice and debt advice are very different. A debt adviser will help you prioritise debts & draw up a structured plan of action by giving you a choice of options to deal with what you owe. A financial adviser will look at what financial products would be suitable for you ( ie when remortgaging ). You can try Find an independent financial adviser - IFA - www.unbiased.co.uk for a list of IFAs in your area; look for one that will offer a free initial consultation

[alisono]

Thank you very much, I will give them a call tomorrow.

 

It's strange that Future Mortgages just don't seem to want to help even it's making our risk of missing payments less to to them, and being offered a £50k off the loan. When I was only 2 weeks late in a payment they constantly called from 0800 numbers day after day.

 

Thanks again