longer able to make our minimum monthly payments

[stt]

thank you - I may give them a call !

[bagpuss]

I am sure there is a solution for you, i would 100% speek to another broker...i rang Leybridge and they sorted my remortgage out.

xx

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[mikebdomain]

stt

Sorry if I got you down at all didn't mean to, you will not find a mortgage product that will find you 170,000 with a joint income of 30000 - just not there, you are talking about 5.6 x income...

I think soulgrowths advice is perfect and would suggest you follow it.

But, I do stand by my comments about making an official complaint if you were miss advised.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[mikebdomain]

Thanks bagpuss - but this case (at least by the sounds of it) is beyond remortgaging I would suggest seeking the advice of an IP first and perhaps legal advice regarding his current mortgage.

Saying that, if you need any of your figures and the current mortgage situation confirming, please feel free to phone our advisors and go through the facts with them.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[stt]

does this mean that we will have to stay on our current interest only mortgage for the next 6 years if we are unable to change lender once the deal ends ? can't bear the thought of losing our home - think we may end up divorcing if we have to move back with parents !!!

[mikebdomain]

stt

A lot can happen in six years - don't lose hope just yet, IF you enter an IVA your affordability issues may well change. All I am saying is on the current information you have provided, if you came to us looking for a mortgage we would advise (based on your income) it would not be in your best interest.

I can not offer advice to you about an IVA as that is not my area of expertise.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Soulgrowth]

stt ... I'm not sure, for as I've said, I am not an expert. But I think the IVA may give you some protection. Remember, one step at a time, by the time you are possibly in an IVA it may be that if your mortgage repayments become hard to handle your IP may be able to find a solution for you to re-mortgage if the going gets too tough for you to handle your mortgage and your IVA payments ... as by that time it will in the interests of your IP that you can maintain your mortgage payments. Let the experts help you, that's what they are there (and paid) for [:)]

Keep it simple and uncomplicated.

And, Mike, I don't think that you should apologise for having such an ethical and moral view ... from my own profession I know just how much the charlatans out there can get your back up especially when one is adopting a professional approach in the interests of your clients ... and others may not be [:(]

Debbie

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[tracy.h]

Just out of interest how much would your income need to be to get a mortgage of £170.
Hi Stt
Please don't despair there will always be a solution.
I really do wish you good luck and agree the advise Debbie has given you is good advise.

Tracy

[stt]

think the broker put down that we earnt 6ok between us.

Thanks everyone for all your help - I just need to feel brave enough to do this !

[mikebdomain]

the basic quick calculation would be amount divided x 3.25

so for I presume you mean £170,000 (not £170) would be approx £52,300 (joint income)

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[stt]

Anyone know anything about Sell and rent back companies ? Really would break my heart to have to leave my home - its nothing much but its ours and our children are so happy here. Didn't know if anyone out there has any experience of this ?

[tracy.h]

Thanks Mike
Stt you are very brave you are addressing your problems,thats probably the hardest part.xx

[Andrew Graveson]

Lenders all look at this differently. For example one lender offering a 5 year fixed rate has different multiples depending on joint income:

£25000-£29999 - 3.25 x income
£30000-£39999 - 3.50 x income
£40000-£54000 - 4.00 x income
£55000 plus - 4.50 x income

So using this lender someone on Mike's suggested £52300 joint income could actually borrow £209200.


Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[stt]

any idea what we could realisticly borrow on joint income of approx 30k ?

[Andrew Graveson]

stt - if you're thinking about sell and rent back companies I would suggest firstly that you get multiple quotes from as many companies as possible, and secondly you only look at companies that you find (rather than those who find ways to contact you).
There's been a number of posts around the site about bad experience with this - maximum caution needed.

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk