Quick!!! Hurry and read!!! Now!!

[Jon L. Obscene]

Nice rhyming, Jonno

*bows* Thankyou thankyou, I will be here all week, refreshments available at the front desk

Jonno

[Lilmiss]

No need to move away, lilmiss.

Why?
The ones I love will be here forever.

And I have had too much bad luck in this town.
Im fed up of it. :crying:


At the moment, I have a variable morgage.
I dont think I have any kind of insurance plan though, and the company I pay my ground rent to, want to make me a director of my building. I find this odd, as if they go bankrupt, I will be in big trouble.

Plus, they have added some odd things on top of my ground rent this year.
Electric, gardening, decorating....when I pay for these myself.
I gotta get out of the flat, so I may as well aim at a new start.
Obviously it wont be for a while, but I have to start thinking about it.

[manker]

Why?
The ones I love will be here forever.

And I have had too much bad luck in this town.
Im fed up of it. :crying:


At the moment, I have a variable morgage.
I dont think I have any kind of insurance plan though, and the company I pay my ground rent to, want to make me a director of my building. I find this odd, as if they go bankrupt, I will be in big trouble.

Plus, they have added some odd things on top of my ground rent this year.
Electric, gardening, decorating....when I pay for these myself.
I gotta get out of the flat, so I may as well aim at a new start.
Obviously it wont be for a while, but I have to start thinking about it.

I wouldn't move from where I live because I wouldn't see my loved ones as much. That is what I meant but if everyone thought the same as me it would make society much more boring, I think

You need to get some insurance on your mortgage, at least buildings insurance as that is a requirement of their lending terms! Repayment insurance is also a good idea altho' if you're self-employed (?) it can be difficult to claim cause they're bastards

As to them adding stuff to your rent and citing things that you already pay for, that isn't allowed. The Citizens Advice Bureau can tell you what to do.

I don't know what they mean when they say they want to make you a director of a building ...

[Lilmiss]

I think im gonna skive off early.

I'll have a look at what kinda mortgage I have.
But I'm useless at money issues.
I put a down payment of 6 grand down to start with, and pay the rest off monthly.

As for moving away, I plan on doing it sometime or other anyway.
And I know for a fact, that my family and true friends would visit, so I wouldn't be alone for long.

I dunno, I guess i have to have a good long think about where I wanna be.

[Lilmiss]

Ok.

It's a leasehold property.
I have a monthly premium for mortgage protection.
It is a repayment mortgage, and my loan type is a Tracker.

I don't quite understand the director buisness either, but Im not signing anything til I have taken it to a laywer.


Any help appreciated.
(when/if I move, I want at least a 2 bedroom house instead of a flat.)

[Jon L. Obscene]

lilmiss, no disrespect to anyone on here, but when dealing with stuff like this you gotta get proffesional independant advice
Mortgage and lease traps can be very costly

Jonno

[Lilmiss]

I knows that.
But Im not going anywhere for a bit, so no point going to see them yet.
It would be nice to know what I want though, instead of being talked into something binding.

[Jon L. Obscene]

True

Just don't rush into anything

Jonno

[Lilmiss]

Me?
Never.

[manker]

Ok.

It's a leasehold property.
I have a monthly premium for mortgage protection.
It is a repayment mortgage, and my loan type is a Tracker.

I don't quite understand the director buisness either, but Im not signing anything til I have taken it to a laywer.


Any help appreciated.
(when/if I move, I want at least a 2 bedroom house instead of a flat.)

As Jonno said, it is better to go to someone independent.

However finding such a person is like finding rocking horse shit. If someone IRL asks me for mortgage advice I refer them to a guy who gives me 5% commission of whatever he leeches out of them. So I'm not independent, the guy isn't independent cause he presumably recomends the company which gives him the biggest cut ... so ... it's tricky.

A tracker loan just means that the rate of interest you pay follows that of the Bank of England. It's a standard thing, it's good that you've got a repayment mortgage and that protection.

You have a leashold property which means that you've bought the right to live in the property rather than the actual property. This doesn't matter a great deal as usually the leases are usually for 99 years. When you bought it if the lease had less than 70 years to run then the solicitor would have built in a lease extension to your contract and thus the cost of the purchase.

With regard to the director of the building thing. Once you have a bit more info I might be able to help.

Btw, all I've said is just an opinion. I'm definitely not a qualified mortgage advisor - if such a qualification exists