Case 2 Mars Capital offering me a fixed rate of 4.7% for 12 months (former EBS mortgage)

[Lightyear]

I have similar offer from Mars although longer term alternative repayment option (ARA).Key difference is I'm on tracker and have
20 per cent arrears ,although have been overpaying by 20 percent last 2 years without missing payment .
Mars want to capitalise arrears and extend term whish reduces repayment currently making by 10 per cent .
They promise it stays on tracker rate and I also am struggling to see downside although sceptic in me thinks there has to be.
I am wondering is there special overpaying fights with tracker that I am loseing or cis there something else im missing..

 

[ClubMan]

I have similar offer from Mars although longer term alternative repayment option (ARA).Key difference is I'm on tracker and have
20 per cent arrears ,although have been overpaying by 20 percent last 2 years without missing payment .
Mars want to capitalise arrears and extend term whish reduces repayment currently making by 10 per cent .
They promise it stays on tracker rate and I also am struggling to see downside although sceptic in me thinks there has to be.

Is the mortgage split at the moment? Active part on which you've been making the agreed capital + interest repayments (plus 20% extra?) and the arrears warehoused at 0% and not being repaid at the moment?

What is the rate, outstanding balance, arrears amount, and remaining term?

What is the tracker margin that they are offering you?

I am wondering is there special overpaying fights with tracker that I am loseing or cis there something else im missing..

This sentence seems garbled - I can't really make sense of it.

 

[Lightyear]

sorry losing and rights.
The mortgage is split it was top up but none warehoused I was repaying all plus 20 per cent more to try reduce arrears.
The rate they have offered is 4.75 %.
I was repaying 1500 now they looking 1330
but extended from 16 to 21 years .
I have every intention of repaying the 1500 and maybe little more in next year or 2 and hope to still keep it to 16 odd years .
They say it will be set for the 22 years and any difference sorted after or favorable rate change reducing time.

 

[ClubMan]

The mortgage is split it was top up but none warehoused

Ok, I'm confused.
What is the mortgage outstanding balance and what amount of that is arrears?
What is your current rate?

The rate they have offered is 4.75 %.

So that's a tracker margin of 0.25%?

I was repaying 1500 now they looking 1330
but extended from 16 to 21 years .
I have every intention of repaying the 1500 and maybe little more in next year or 2 and hope to still keep it to 16 odd years .
They say it will be set for the 22 years and any difference sorted after or favorable rate change reducing time.

You might want to post a Money Makeover case as it's difficult to make sense of the partial and probably incomplete info here.

Money makeover

Budgeting and dealing with debt moved to Mortgage Arrears and Debt Forum .

www.askaboutmoney.com

 

[Lightyear]

Letter was from mid July when ecb 4 percent
Plus .75 % tracker .
Total owed 225000 including arrears
Arrears 53000
The terms on letter has it extended to 22 years with any favorable interest rates comming off the capital owed and any unfavorable ones being adjusted at the end with repayment amount staying same untill then.

 

[Brendan Burgess]

If you want to get an informed answer you need to provide all the information in the following format.

Case study - Information required for mortgage arrears and negative equity questions

Please copy and paste this post into a new thread. If you give comprehensive information, it will maximise your chances of getting comprehensive and useful results. Income details Net monthly (i.e. after tax) Income self: nature of income e.g. self-employed/public servant...

www.askaboutmoney.com

Otherwise we are just guessing.

Brendan

 

[jacqi64]

I wish mars would offer us a rate that low , ours is 9.89% , luckily we are getting smi but its a loan from the dwp , better than no help , we tried to remortgage but nobody trusts us , so prisoners to mars unless we can pay off 14k arrears .