Mortgage annoyance!

[Piamed]

Not having missed a mortgage payment in several years i was rather put out by a phone call I received on 2nd January.

After verifying personal details the conversation went as follows:

Mortgage Lender Rep: Is you mortgage payment going through this month? We can't tell as yet cause your payments go through on the 30th of every month.

Me: Of course it will. So why did you not wait and see rather than calling me today in this manner?


Mortgage Lender Rep: Due to the recent interest rate fall your monthly payments have been reduced. As a result of this and because you switched your payments to the end of the month rather than at the beginning of the month, you are now in arrears by more than a month because of when the funds arrive in your mortgage account.


Summary: I apparently 'owed' a couple of hundred which arose cause I switched my payment date. I did it as i had changed jobs and i liked the idea of gaining a month 'free' so to speak. Anyway, as i had over paid in the past what I 'owed' was less than a months payment so noone bothered about it.

When the reduced interest rates kicked in I suddenly was in arrers but the great some of approx. £50 quid hence the very alarming phone call.

I paid the whole arrers on the phone but cant help thinking that common sense should have prevailed here. And why make me think there was something wrong with my payments per se? Hmmn!

[somebody]

They are getting desperate for money most likely. I have heard several people say they have the bank chasing them asap for simple issues like you say.

Dont forget to chase it up on your credit rating and ask that any entry is corrected if they have made a mistake.

[benb]

Hi Mate, which bank is this?

1.5% now! Hurray!!!!!!!!!! Tracker finally benefiting many. Savers lose out, but there is the stock market option for them.

Cheers

[KeithD]

Easy to make a profit from a mortage now

[Ann07]

We dont pay mortgage we just rent, but we always save monthly and its not looking good for us

[benb]

We dont pay mortgage we just rent, but we always save monthly and its not looking good for us

In theory your rent should come down too. Talk to your landlord and negotiate.

Best Wishes

[Ann07]

In theory your rent should come down too. Talk to your landlord and negotiate.

Best Wishes

we are under the housing association so its already low

[benb]

we are under the housing association so its already low

Then perhaps, it time to buy a place using savings or/and invest in bonds etc.

Cheers

[Ann07]

Then perhaps, it time to buy a place using savings or/and invest in bonds etc.

Cheers

We actually thought about it, after my scan last week of this month. If its a girl we need a bigger place anyway

Hope its a baby girl this time

[benb]

We actually thought about it, after my scan last week of this month. If its a girl we need a bigger place anyway

Hope its a baby girl this time

Excellent. Best Wishes.

[Ann07]

Excellent. Best Wishes.

Thanks Ben

Hows your cutee baby now?

[benb]

Thanks Ben

Hows your cutee baby now?

He is very good! sleeps mostly at night. But active during the day. Pictures in my profile.

Cheers

[Ann07]

He is very good! sleeps mostly at night. But active during the day. Pictures in my profile.

Cheers

I've seen the pixz gorgeous baby
Wow, lucky you he is really a good boy

[benb]

I've seen the pixz gorgeous baby
Wow, lucky you he is really a good boy

Many Thanks! But i suspect that his sleep pattern will change, as he is only 4 weeks old. we'll see.

[Ann07]

Many Thanks! But i suspect that his sleep pattern will change, as he is only 4 weeks old. we'll see.

It will, my wee boy was so good when he was few months old. He sleeps through the night

And it changed eventually Now he has a sleeping pattern

[Sim11UK]

Maybe as well, to remind everyone to pay their council tax on time too.
Have heard, many councils are clamping down hard & sending the bailifs round, after one missed payment.

[Ann07]

Maybe as well, to remind everyone to pay their council tax on time too.
Have heard, many councils are clamping down hard & sending the bailifs round, after one missed payment.

Really? dunno that. thnaks for that info

[KeithD]

Of the 100% of employed people in the UK, 98% of them now work as bailiffs

[Piamed]

Thanks guys. It was C&G. I do need to check my credit rating. Thought about moving and checked possible rates. They are not so good: 5% plus and 25% down.

Unfortunately Ann, not a good time for savers. There may be some good long term saving plans available though.

[KeithD]

Betfair is great for saving, and they give me free holidays

[somebody]

Maybe as well, to remind everyone to pay their council tax on time too.
Have heard, many councils are clamping down hard & sending the bailifs round, after one missed payment.

Crazy and councill tax is one of the debts you should never mess about with. Cant wait for my two months of freedom when its all paid off for last year

[KeithD]

Crazy and councill tax is one of the debts you should never mess about with. Cant wait for my two months of freedom when its all paid off for last year

I paid mine in a wheelie bin with 1p's.....told them to recycle it

[somebody]

I paid mine in a wheelie bin with 1p's.....told them to recycle it

Did they fine you for incorrect use of a wheelie bin

[KeithD]

Did they fine you for incorrect use of a wheelie bin

It had Joe's address on it, ask him

[joebloggs]

Maybe as well, to remind everyone to pay their council tax on time too.
Have heard, many councils are clamping down hard & sending the bailifs round, after one missed payment.

they will send a couple reminders telling you to pay first, then i would have thought you will get lots of threatening letters from bailifs b4 anyone turns up on your doorstep.

thou the problem is the council can stop your right to pay monthly, and ask for all the money in one go

[benb]

Thanks guys. It was C&G. I do need to check my credit rating. Thought about moving and checked possible rates. They are not so good: 5% plus and 25% down.

Unfortunately Ann, not a good time for savers. There may be some good long term saving plans available though.

Try HSBC, they do 1.95% above BOE which gives you 3.45%. But require 40% deposit, booking fee of £799.

How is PIA doing? eating more than you now?

Cheers

[Sim11UK]

they will send a couple reminders telling you to pay first, then i would have thought you will get lots of threatening letters from bailifs b4 anyone turns up on your doorstep.

thou the problem is the council can stop your right to pay monthly, and ask for all the money in one go

Yes, the majority will get a letter first, I've had one myself.
Heard it on the radio, the other day. Some bloke had never missed a payment before, he missed 1 & the bailifs turned up a few days later. Think it might have been in Devon?
I understood, a couple of London councils, were taking up this policy & 1 or 2 elsewhere.

[Jay&Zobel]

MORTGAGE:

I am getting more and more confused...

I read an article saying it s best to buy a house now because it is rather cheap...
Phil & Kirsty in Location, location, location said to grab those cheap prices...

And what about the financial market? house prices arent stable at the moment... not best to invest on falling prices because you will be paying more than what you have bought...

Others said: Best not to buy now. Economic Crisis. The doom & gloom, recession whatever they call it!!!

Hmmmmm....

Anybody can help us please?

Thank you!

P.S.
We are renting a 2 bedroom apartment and it is really reasonable... But i still don't have an idea what's he best option? Pay monthly rate and forget about high interests on mortgages? Rent for life? Own a house?

I'll review also our council tax payments as we might be overpaying it...

[nigel]

MORTGAGE:

I am getting more and more confused...

I read an article saying it s best to buy a house now because it is rather cheap...
Phil & Kirsty in Location, location, location said to grab those cheap prices...

And what about the financial market? house prices arent stable at the moment... not best to invest on falling prices because you will be paying more than what you have bought...

Others said: Best not to buy now. Economic Crisis. The doom & gloom, recession whatever they call it!!!

Hmmmmm....

Anybody can help us please?

Thank you!

P.S.
We are renting a 2 bedroom apartment and it is really reasonable... But i still don't have an idea what's he best option? Pay monthly rate and forget about high interests on mortgages? Rent for life? Own a house?

I'll review also our council tax payments as we might be overpaying it...

I've heard that house prices will come down another 15%! My advice is buy! Prices may come down a bit further..but buy! Buy! Buy! When you buy a home it's not just a place to live, it's an investment! An asset! It seems to me that there will never be a better time to buy! Haven't the government let the first time home buyers buy without having to pay stamp duty (tax) at the moment? (or something?)

Definately buy while the prices are low I'd say...house prices will inevitably go back up at some point...when that happens you might find yourself saying we can't afford it now..


Buy!Buy!Buy!

[somebody]

MORTGAGE:

I am getting more and more confused...

I read an article saying it s best to buy a house now because it is rather cheap...
Phil & Kirsty in Location, location, location said to grab those cheap prices...

And what about the financial market? house prices arent stable at the moment... not best to invest on falling prices because you will be paying more than what you have bought...

Others said: Best not to buy now. Economic Crisis. The doom & gloom, recession whatever they call it!!!

Hmmmmm....

Anybody can help us please?

Thank you!

P.S.
We are renting a 2 bedroom apartment and it is really reasonable... But i still don't have an idea what's he best option? Pay monthly rate and forget about high interests on mortgages? Rent for life? Own a house?

I'll review also our council tax payments as we might be overpaying it...

Depends on your area.

But i would not listen to estate agents and the like, even my brother in law who works in a propety related businessis convinced prices will rise this year or at least very soon. Personally it will take a good few years as the banks have said before anything like the lending people used to get was offered. Also both banks and indivuals as a whole have debt levels that need reducing.

Seems to be a lull at the moment as companies soon have to pay rent and major bills, plus companies will be calling in more debts before april and trying to restructure things will not be good. This recession will take a whille to hit various secotrs due to the complicated way business now works.

I would wait a little longer prices will come down further, at least though the begining of 09. Nothing to complicated but basically theres in most parts of the county an oversupply of houses (even though many are wanting them) and prices are higher than most people can afford.

As i mentioned in another post in our area and surrounding areas houses are having huge discounts taken off there orignal price and most simply dont move the only ones that do are way below market price. Soon people will need to move or sell for various reasons and price will not matter so they will drop further.

Look around if you see the propety you really like and plan on staying in it for a long time then most likely any short term loss will be ironed out. Even if its not why not see beyond the profit and loss thing and enjoy your home?

You buy a car and it loses its money, but doesn't stop you buying it but having said that if you rent the moneys gone.

Worth looking at new bulids many house buliders are desperate to shift them seen some shared ownership flats round our way at 60-70 k when the full price is nearer 250-299 ( i thinking they are dreaming but still)

Getting a part share and apying part rent maybe help you on the road. Most you can buy a bigger share as you go along. Some shared ownership schemes offer houses.