Tory Country

[Scott_M]

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[Scott_M]

Although the base rates are increasing people’s arrears figures, they are actually surprising people’s cycle of delinquency.

 

You are in breach of the your mortgage contact at 2 missed payments. 
 

However, the amount of people bouncing between 1 and 2 is quite large, most lenders won’t start legal action until 3 cycles and that’s only if you’re unengaged, if you speak to the bank, make payments, carry out actions etc it will be significantly longer. 
 

Anyway, say your monthly payment is £500 and you have missed 3 payment and have £1500 arrears. Legal action could begin. Another rate rise and your payment becomes £550. You’re arrears figure stays the same but your payment is higher and you are now 2.7 payments behind, which gets rounded down to 2.

 

Every time there is a rate rise, the missed payments gets squashed further despite the money owing getting higher. 
 

Once the rate rises stop and accounts properly begin to have true arrears positions, there is going to be an awful lot heading for legal action. 
 

If anybody is struggling with their mortgage, send me a PM. 
 

I work in Mortgage Collections for one of the biggest lenders around and am happy to help out where I can. 
 

I’ll treat the PM’s in the strictest confidence. I’ll be able to tell you the process and what will be expected of you. I won’t be able to wipe arrears and fudge accounts. 

I appreciate it’s an emotive / stressful issue, people might even feel ashamed / embarrassed. Burying people head in the sand is the worst thing that can be done. Engage with the bank and work together.

[Fugitive]

12 minutes ago, Scott_M said:

Although the base rates are increasing people’s arrears figures, they are actually surprising people’s cycle of delinquency.

 

You are in breach of the your mortgage contact at 2 missed payments. 
 

However, the amount of people bouncing between 1 and 2 is quite large, most lenders won’t start legal action until 3 cycles and that’s only if you’re unengaged, if you speak to the bank, make payments, carry out actions etc it will be significantly longer. 
 

Anyway, say your monthly payment is £500 and you have missed 3 payment and have £1500 arrears. Legal action could begin. Another rate rise and your payment becomes £550. You’re arrears figure stays the same but your payment is higher and you are now 2.7 payments behind, which gets rounded down to 2.

 

Every time there is a rate rise, the missed payments gets squashed further despite the money owing getting higher. 
 

Once the rate rises stop and accounts properly begin to have true arrears positions, there is going to be an awful lot heading for legal action. 
 

If anybody is struggling with their mortgage, send me a PM. 
 

I work in Mortgage Collections for one of the biggest lenders around and am happy to help out where I can. 
 

I’ll treat the PM’s in the strictest confidence. I’ll be able to tell you the process and what will be expected of you. I won’t be able to wipe arrears and fudge accounts. 

I appreciate it’s an emotive / stressful issue, people might even feel ashamed / embarrassed. Burying people head in the sand is the worst thing that can be done. Engage with the bank and work together.

Good man

[Fugitive]

I’m renting at the minute and my monthly payment went from £600 to £900 pretty much over night around February. My landlord is sound as fuck and absorbed a lot of the rise for a while before they put it up.

They only own this as a rental and I know them well and I was literally paying what they pay on the mortgage. They felt like shit putting it up and sent me pics of their mortgage payments to show they were not taking the piss. 
 

This increase is defo going to push up their repayments and I’m just waiting for the next hike I need to pay. It’s quickly becoming totally unaffordable and I’ve been looking elsewhere but the rental market is fucking insane. There are barely any decent places available for affordable prices and the ones you find, about 30 others are also after it and they are now taking bids on the places.

 

Pretty shitty time to be going through a divorce at the minute and trying to keep your head above water. I got to the point the other week that I was looking into taking on a takeaway delivery job to get some extra cash in after I finish my actual job. 

[Kevin D]

34 minutes ago, Scott_M said:

I’ll treat the PM’s in the strictest confidence. I’ll be able to tell you the process and what will be expected of you. I won’t be able to wipe arrears and fudge accounts. 

.

Negged.

[Scott_M]

5 minutes ago, Kevin D said:

Negged.

I offer to help people potentially losing their homes and this is the thanks I get…

[Bjornebye]

6 minutes ago, Scott_M said:

I offer to help people potentially losing their homes and this is the thanks I get…

You don’t come on the GF that much do you. Wasn’t long ago a fella was on his hospital bed getting offered a straightener on here 

[Strontium]

18 minutes ago, Fugitive said:

They only own this as a rental and I know them well and I was literally paying what they pay on the mortgage. They felt like shit putting it up and sent me pics of their mortgage payments to show they were not taking the piss.

 

Sounds like they're taking the piss a bit, to be honest. They need to keep up with the mortgage payments whether or not they can find some other mug to pay on their behalf. And at the end of it they get to own a house without actually shelling out for it.

 

This is why house prices are so high in the first place, too many rentier parasites buying houses and getting other people to pay astronomical rents.

[Scott_M]

13 minutes ago, Strontium said:

 

Sounds like they're taking the piss a bit, to be honest. They need to keep up with the mortgage payments whether or not they can find some other mug to pay on their behalf. And at the end of it they get to own a house without actually shelling out for it.

 

This is why house prices are so high in the first place, too many rentier parasites buying houses and getting other people to pay astronomical rents.

Unfortunately the very nature of renting is paying somebody else’s mortgage for them. 
 

Price hikes are going to be passed onto the tenants, it’s the way it works. 
 

I would be asking them if they could get a Term Extension or Product Transfer though, even moving to a fixed rate would stop anymore nasty surprises - not sure what a fixed rate on Buy-to-let would look like though as they are generally variable.

[Fugitive]

4 minutes ago, Strontium said:

 

Sounds like they're taking the piss a bit, to be honest. They need to keep up with the mortgage payments whether or not they can find some other mug to pay on their behalf. And at the end of it they get to own a house without actually shelling out for it.

 

This is why house prices are so high in the first place, too many rentier parasites buying houses and getting other people to pay astronomical rents.

They are not, I know them well and they lived here for years but bought a house and rented it out to a friend because they wanted to keep the flat for their kids. The place was available when I separated and it was far far far cheaper than any other rentals in this area. The area I live in is great and I was happy to cover the mortgage and stay around here and it also gave me the opportunity to save a bit and I spoke to them about eventually buying the place once I got a deposit together.

 

They we’re going to sell it due to the massive increase in their repayments and went about 3-4 months of paying the higher mortgage without passing it on because they felt shitty about it. She had to take maternity leave and obviously, they could not sustain the increase so eventually told me and I just took on the extra cost. It’s been tight but I love the place and want to stay here but any further increase will be too much.

 

The rental market in Glasgow is fucking mental right now and I’ve looked further afield but they are literal shitholes that I can’t bring my little girl up in. I’ve even been looking on the coast for cheaper alternatives but when you factor in my fuel costs to get to work, I’d be no better off.

 

Landlords can be scum but mine are genuinely good people.

[Strontium]

3 minutes ago, Scott_M said:

Unfortunately the very nature of renting is paying somebody else’s mortgage for them. 
 

Price hikes are going to be passed onto the tenants, it’s the way it works.

 

But it's the reason house prices, and as a corollary, rents, are so high in the first place.

 

Imagine if every tenant refused to pay increased rent. What would happen is that landlords would shit themselves, and either (a) sell their houses at a hugely reduced price, thus lowering market prices, and therefore rents or (b) swallow the loss and just charge the lower rent themselves.

 

These landlords are inflating the housing market because they know they can get someone to pay wacky rents.

[Scott_M]

3 minutes ago, Strontium said:

 

But it's the reason house prices, and as a corollary, rents, are so high in the first place.

 

Imagine if every tenant refused to pay increased rent. What would happen is that landlords would shit themselves, and either (a) sell their houses at a hugely reduced price, thus lowering market prices, and therefore rents or (b) swallow the loss and just charge the lower rent themselves.

 

These landlords are inflating the housing market because they know they can get someone to pay wacky rents.

They could evict the tenant and get somebody new in. Any payment from a new tenant, minus letting costs, should be passed to the bank until the arrears are cleared or capitalised. 
 

There is no guarantee they’d sell at a loss. 

[Strontium]

3 minutes ago, Scott_M said:

They could evict the tenant and get somebody new in. Any payment from a new tenant, minus letting costs, should be passed to the bank until the arrears are cleared or capitalised. 
 

There is no guarantee they’d sell at a loss. 

 

Well then they'd be losing money, wouldn't they.

 

Either way, the value of the asset has dropped. Congratulations, housing is now more affordable.

[Fugitive]

The mad thing is I changed jobs last year so I could have more time with my little girl. Took a drop in pay but my hours are brilliant and it was not hurting me to lose the extra cash. My new job, I work 12 hour shifts managing a smaller team and work 2 days one week and 5 the next which allowed me to properly Co-parent and have her on a 50-50 basis but now the loss of earnings is battering me and I’m now worrying about paying the bills.

 

Its a fucking nightmare.

[Scott_M]

4 minutes ago, Fugitive said:

The mad thing is I changed jobs last year so I could have more time with my little girl. Took a drop in pay but my hours are brilliant and it was not hurting me to lose the extra cash. My new job, I work 12 hour shifts managing a smaller team and work 2 days one week and 5 the next which allowed me to properly Co-parent and have her on a 50-50 basis but now the loss of earnings is battering me and I’m now worrying about paying the bills.

 

Its a fucking nightmare.

How long is your tenancy agreement? When is it up for renewal again? They shouldn’t be putting anything up while you still have an agreement. 
 

If you get on with the landlords, talk to them about changing the product or extending the term to lower payments.

[Scott_M]

6 minutes ago, Strontium said:

 

Well then they'd be losing money, wouldn't they.

 

Either way, the value of the asset has dropped. Congratulations, housing is now more affordable.

 

It doesn’t work that way.

[Strontium]

2 minutes ago, Scott_M said:

It doesn’t work that way.

 

Of course it does. If I'm renting out something that costs more than people are willing to pay, then my options are to reduce the rent, or sell it.

[Anubis]

 

[Curly]

15 minutes ago, Fugitive said:

The mad thing is I changed jobs last year so I could have more time with my little girl. Took a drop in pay but my hours are brilliant and it was not hurting me to lose the extra cash. My new job, I work 12 hour shifts managing a smaller team and work 2 days one week and 5 the next which allowed me to properly Co-parent and have her on a 50-50 basis but now the loss of earnings is battering me and I’m now worrying about paying the bills.

 

Its a fucking nightmare.

I appreciate you get on with them and trust them mate - are they on a variable mortgage then if they are getting another hike in mortgage payments so soon after the last one?

 

Regards to takeaway delivery - I’ve done that before now mate. I enjoyed it mostly and still feel immensely proud of myself for doing extra work when extra money was needed, and I’d do it again at the drop of a hat. If you can get somewhere that offers flexibility so you don’t affect the time you’ve managed to put aside with your little girl, I’d go for it. I used to get £100 a night on busy weekends sometimes - tunes or podcast on and you’re away mate

[Fugitive]

7 minutes ago, Scott_M said:

How long is your tenancy agreement? When is it up for renewal again? They shouldn’t be putting anything up while you still have an agreement. 
 

If you get on with the landlords, talk to them about changing the product or extending the term to lower payments.

It’s not an official agreement and they are friends. I could literally walk out now but I’m holding on because I love the place and anywhere else around here right now to rent is a lot more than I’m actually paying. I’m paying £900 and there is a place a few doors down that is going for £1200 and it’s identical. I’ve been looking elsewhere but the rental market in Glasgow right now is horrific and to get somewhere affordable is basically a one bed in a shit area which does not work with a little girl.

 

As I said, I was saving to buy the place off them and they were on board with that but  it’s not possible at the minute. People are now bidding against each other for anything in Glasgow due to the severe lack of rental places and the high demand.

 

Think I’ll just take on the extra hours doing an additional job after I finish work. They will definitely drop the rent when the interest rates go down. It’s just a matter of when. I just want my little girl to have stability and to live in a nice area.

[Fugitive]

4 minutes ago, Curly said:

I appreciate you get on with them and trust them mate - are they on a variable mortgage then if they are getting another hike in mortgage payments so soon after the last one?

 

Regards to takeaway delivery - I’ve done that before now mate. I enjoyed it mostly and still feel immensely proud of myself for doing extra work when extra money was needed, and I’d do it again at the drop of a hat. If you can get somewhere that offers flexibility so you don’t affect the time you’ve managed to put aside with your little girl, I’d go for it. I used to get £100 a night on busy weekends sometimes - tunes or podcast on and you’re away mate

Yeah, would just do it after work when I’ve not got her so it does not affect my time with her. I have her 7 days over a 14 day period and I’m not giving that up.

[lifetime fan]

6 hours ago, Strontium said:

It's funny how attitudes to interest rates have changed. They were 6% when Labour came to power in 1997, and they promptly increased them to 7.5%.

 

They were 0.5% through the entirety of the evil coalition years, of course.

 

What's even funnier is how people can be negged just for stating facts.

It’s the deliberate ignorance of context and near on bare faced lying you were negged for. 

[Fugitive]

2 hours ago, Fugitive said:

So what you are saying is that when labour took over in 1997, interest rates were sky high at 6%. By the time they lost they lost power, they were around 0.5%. I’d say that was pretty good fucking going to be fair.

 

Now after 13 years of Tory rule, they are sky high again!!!

Any response to this @Strontium

[Strontium]

37 minutes ago, lifetime fan said:

It’s the deliberate ignorance of context and near on bare faced lying you were negged for. 

 

Don't really understand because context is only relevant if I'm offering an opinion, and I wasn't offering an opinion. Maybe you should stop seeing things that aren't there.

[Strontium]

38 minutes ago, Fugitive said:

Any response to this @Strontium

 

I agree with you that the coalition did a great job keeping interest rates at 0.5% for five years.