| Author |
 Topic  |
|
|
harryboy
Starting Member
10 Posts |
 Posted - 28 September 2012 : 16:09:47
|
I was discharged earlier this year, allowed to keep my house as in negative equity etc. My issue is, im coming to the end of my fixed term mortgage and i need/want to reduce my interest rate as still high. My lender has stated that unless house has a better LTV currently 116% in their eyes ! I will not be considered for a better rate. I have asked for a valuation to be carried out but i dont think this will help, judging by the valuer who came out (Mr Personality).
Now do i call the lenders bluff and tell them unless i get better rate they can have the house as i cant afford it and they lose out financially. Or will they just laugh at me and say so what ? Im already bankrupt so things cant get any worse for me. I could actually rent a property like mine for 400 less than my mortgage anyway, although i do still want to remain a home owner. Am i wasting my time ? Is it just a case of tough s**t im in this mess and nothing can be done ?
Any advice would be great, even if its to tell me my idea is crazy ?
Cheers in advance. |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 September 2012 : 16:18:25
|
Hi,
I don't think you will get a better rate to be honest.
You can always ring our resident mortgage expert Ryan (details under the expert link or under the members link) and get some free advice from him. |
 |
|
|
xmas baby
Average Member
537 Posts |
Posted - 01 October 2012 : 15:52:25
|
To be honest I would try and stick with the mortgage rather than renting. I would much rather be paying my own mortgage than somebody else's. I have been renting for the past 25 years and I hate to think how many tens of thousands of pounds I have paid and have nothing to show for it at the end of the day.
xmas baby |
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 October 2012 : 18:12:39
|
As Niobe has said, speak to Ryan for some advice. I think you have to be discharged for 3 years for him to be able to find a deal for you though, although this may have changed.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
|
|
|
harryboy
Starting Member
10 Posts |
Posted - 01 October 2012 : 19:28:40
|
Im certainly sticking with owning a home. I just wanted to call their bluff and tell them they can have the house, to see if they would give me a better rate.
Ill give him a call to see what he can do.
Cheers |
|
|
|
RHB
Senior Member
1159 Posts |
Posted - 07 October 2012 : 11:25:05
|
| Personally I think if I were the bank I would think, he had trouble with finances hence he went BR & now he says he can't afford repayments & maybe look to cut my losses. Up to you but not sure that the bank would be bothered in all honesty. |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 07 October 2012 : 12:13:51
|
| I can't see them giving you a better rate and I certainly wouldn't try and call their bluff. |
|
|
| |
Topic |
|
Remortgage Time - To Bluff or not ?
