Missing 1 or 2 mortgage payments

[Juniper]

Hmmm

 

I'm going to have to read up on this thread in detail. I feel for you elvis, simply cause I'll soon be going through the same thing. The woman lost her job a couple weeks ago.

 

She has one more wage coming in at end off the month, then it's just my wage to support us both. My wage isn't enough to cover the mortgage plus all our bills, so I may have to take a payment holiday (if allowed).

 

We come out of fixed rate in march however, so I'm not sure if we would qualify for it? As we're still in our 3year commitment until then.

[CaptainK]

Thanks , we are on a fairly good deal at the moment but i am self-emplyed and my work has virtually dried up.

We have made all our payments but have never overpayed so would they still consider a payment holiday ?

 

Makes no difference whether you've overpaid or not.

 

Just speak to them. They usually allow upto 6 months.

 

BTW, I'm self employed as well, so I'm feeling the pain too. Luckily my wife has a job so we can manage, but it's bloody hard.

[Elmyn Noos]

I went down this same route a few months ago mate and I have to echo the sentiments already expressed here. Call them as soon as you can and come to an arrangement. Most banks and building socs are being a lot more flexible than they used to. I'm self employed and things were getting really tough. I was dreading making the call to the bank, but as I soon as I told them my situation, they offered me a 6 month payment break straight away, which not only sorted me right out, but took a massive weight off my mind!

 

Good luck with it mate.

[RedinSweden]

This thread needs balance.

 

Don't pay. How will they know? They must have thousands of customers. They also have loads of money, so I doubt they will notice. When they finally get heavy with you (which will probably be YEARS), just say sorry and appeal to their good nature. The bank manager will probably just call you a scamp and wag his finger at you before taking you out for ice cream. You'll look back on it and laugh.

[dirty_sanchez]

1. Lots of good advise. Just don't hide and hope it goes away (which it sounds like you arent).

2. Never thought Elvis would come to this.

 

Almost as embarassing as that time he died on the shitter and was found with his naked shitty arse pointing at the ceiling.

[Bubble]

 

We come out of fixed rate in march however, so I'm not sure if we would qualify for it? As we're still in our 3year commitment until then.

 

Being in the fixed rate won't affect your ability to get the payment holiday. From the bank's point of view, they'll make more money from you in interest in the long term if you take a holiday anyway.

[Fowlers God]

Repossessions still rising - Telegraph

 

Figures released today will show whether the UK is heading for its highest level of home repossessions for 16 years.

 

A total of 24,200 people lost their homes after falling behind with their mortgage during the first half of 2009, the highest figure since 1996, according to the Council of Mortgage Lenders.

 

Repossession numbers showed a surprise dip during the second quarter of the year, but numbers are expected to begin climbing again due to rising unemployment.

 

However, it looks unlikely that the CML's forecast that 65,000 people will have their home repossessed this year - a level last seen in 1992 - will be met.

 

More than 20,000 people would have to lose their property during each of the final two quarters of the year for the predicted level to be reached - nearly double the number seen during each of the first two quarters of the year.

 

The CML has already reduced its forecast for repossessions for 2009 from 75,000 due to a combination of low interest rates, Government initiatives to help people struggling with their mortgage and increased forbearance on the part of lenders.

 

The group is widely expected to revise it down again today when it also publishes its predictions for the mortgage and housing markets for next year, alongside mortgage repossession and arrears figures for the third quarter.

 

The Government has launched a raft of schemes to help struggling homeowners, including the Mortgage Rescue Scheme, under which people can sell some or all of their home to a social landlord and rent it back, as well as the Homeowner Mortgage Support scheme, which enables people to defer paying interest on up to 70pc of their mortgage for up to two years.

 

It also introduced a pre-action protocol in November last year, under which the courts can grant a repossession order only if all alternative measures to keep people in their homes have failed.

 

But the Mortgage Rescue Scheme has come in for heavy criticism after it had helped only 14 families by the end of June.

 

The biggest factor thought to be helping people who are struggling financially to stay in their homes is low interest rates, which have made interest-only mortgage payments more affordable, and which have reduced the rate at which people are running up arrears.

 

The Ministry of Justice is also due to publish figures on repossession orders in England and Wales today as the Government is to announce the extension of its drive to encourage people facing financial problems to seek advice into 34 new repossession 'hotspots'.

 

The hotspots will be targeted where people are considered to be at a greater risk of losing their home due to higher levels of unemployment.

 

Housing Minister John Healey said: "With the risk of repossession staying high throughout next year, I am stepping up Government efforts so people struggling with their mortgages have access to the practical, impartial help and advice they need to take control of their finances.

 

"We have also tightened the rules so repossession is always the last resort and lenders have to consider all options to keep borrowers in their homes.

 

"Lenders must also inform councils if one of their residents faces court action so they can have access to the schemes we've put in place to help."

[hamstrung]

A mortgaeg is an agreement between the customer, (you) and them, If you break that agreement they are in their right to repposses your property. .

 

I'd listen to this guy. He knows this shit inside out.

[Juniper]

Being in the fixed rate won't affect your ability to get the payment holiday. From the bank's point of view, they'll make more money from you in interest in the long term if you take a holiday anyway.

 

Excelent

 

I'm guessing that the interest will go up to make up for the holiday period?.

[Bubble]

Excelent

 

I'm guessing that the interest will go up to make up for the holiday period?.

 

Basically, the payments you don't make are added to the debt. This means your debt is higher than it would otherwise have been, so there is more interest charged. The interest rate itself usually stays the same though.

 

It does cost you a lot more in the long term to take a payment holiday because you're effectively "borrowing" those payments over the rest of the term of your mortgage.

[god knows]

I hope it all goes well for you mate.

[elvis]

I hope it all goes well for you mate.

 

Thanks for that , i went to see them this afternoon and gave them some required info. They are a friendly bunch in the branch but they just refer my case to the lending/credit dept. She seems to think they will be sympathetic , but having dealt with them before i am not so sure.

The problem is as i have mentioned i live on the Isle of Man , so although the Uk government has been leaning on the banks to be leniant with lenders , i'm not so sure the IOM bank will give a toss what gordon brown says.

Thanks for all the support peeps !

[Juniper]

Basically, the payments you don't make are added to the debt. This means your debt is higher than it would otherwise have been, so there is more interest charged. The interest rate itself usually stays the same though.

 

It does cost you a lot more in the long term to take a payment holiday because you're effectively "borrowing" those payments over the rest of the term of your mortgage.

 

Thanks for the explanation, makes sense now. Repped.

[Elmyn Noos]

This thread needs balance.

 

Don't pay. How will they know? They must have thousands of customers. They also have loads of money, so I doubt they will notice. When they finally get heavy with you (which will probably be YEARS), just say sorry and appeal to their good nature. The bank manager will probably just call you a scamp and wag his finger at you before taking you out for ice cream. You'll look back on it and laugh.

 

This is good advice. I completely walked away from a mortgage once. Got behind with my payments, lender threatened to repossess the house, I told them they could have it, and fucked off.

 

I popped back to the house every so often to pick up mail etc, and they'd sent me a few cry-baby letters saying I can't just walk away from a mortgage and that I owed them thousands of quids in arrears, but eventually they got bored and stop writing to me. I assume they took possession of the house and sold it at a massive loss, and struck me off their christmas card list, and probably added me to a few other lists. They might even be still looking for me, so if anyone asks, you haven't seen me.

[RJ Fan club]

This thread needs balance.

 

Don't pay. How will they know? They must have thousands of customers. They also have loads of money, so I doubt they will notice. When they finally get heavy with you (which will probably be YEARS), just say sorry and appeal to their good nature. The bank manager will probably just call you a scamp and wag his finger at you before taking you out for ice cream. You'll look back on it and laugh.

 

You forgot to tell him to put the money on some longshots at Sandown Park. Then he could pay off all his debt or just live it up with hookers and coke.