Re finance after a Vulture fund?

Discussion in 'Mortgage arrears & negative equity case studies' started by topaz2, 1 Nov 2018.

  1. topaz2

    topaz2 Registered User

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    Im not even sure this is the right place but would anyone know where I would get information regards getting a new mortgage to pay off Promontoria. I spoke briefly to a mortgage advisor through work who suggested it would be possible to do a Switcher mortgage to do so.
    How would I work out how much I could offer Promontoria and how would I go about this? I feel I need professional advise but I dont know where to get this either.
    Our mortgage was sold due to arrears a few years ago, they were recapitalised and we are back on track a good while now. All the issues which caused arrears are gone thankfully and we are in a much better position. Id like to get this sorted as Capita indicated that they would be open to an offer.
     
  2. Brendan Burgess

    Brendan Burgess Founder

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    36,812
    In a case like this, you should go to a mortgage broker who would present your case in the best possible light.

    Pepper does near-prime loans. Bank of Ireland appears to lend to people who had been in trouble but have got out of it.

    Is your mortgage on a tracker rate?

    If so, the write-down would need to be considerable to justify switching to another lender and paying market rates.

    Brendan
     
  3. topaz2

    topaz2 Registered User

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    31
    Thanks for the reply. We have been so busy rebuilding our life that we were just happy to keep the house. Now I would like to make things better if possible. No its not a tracker.
    The Guy i spoke to was from Bank of ireland so thats good to hear.
    What kind of write down would you think would be possible? We owe 190k, the value of the house is 280k.
    We have about 10 years left on the mortgage at this stage.
     
  4. Brendan Burgess

    Brendan Burgess Founder

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    36,812
  5. elcato

    elcato Moderator

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    2,996
    Why are you seeking a writedown or did you word it badly ? I think what the OP really wants is to just get a mortgage with BOI and pay off what is owed to the current lender/collector.
     
  6. topaz2

    topaz2 Registered User

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    31
    No , they told me come back to them with an offer. As in make us an offer if you can.
    Am I understanding it wrong?
     
  7. topaz2

    topaz2 Registered User

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    31
    Income details
    Net monthly :
    18000 ,part time Paye in multnational for the last 6 years

    Net monthly 48,000
    Self employed , limited company.
    Amount of child benefit received 280 pm
    Amount of Mortgage Interest Supplement received Zero

    Personal circumstances so we can calculate your reasonable living expenses
    The Insolvency Service has published Guidelines for Reasonable Living Expenses based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.
    One adult family or two adult family 2
    Do you need a car for work or do you use public transport? Car
    Number of children 0- 2 years old:
    Number of 3 years old children:
    Number of 4 - 11 years old:
    Number of 12 - 18 years old: 2
    Monthly childcare costs: zero
    Montly spend on special circumstances: e.g. exceptional healthcare costs zero



    Home loan
    Lender: promontoria
    Amount outstanding: 190k
    Value of home: 280k
    Interest rate: specify whether tracker or SVR or fixed rate : not sure have to check
    Monthly repayment 1365
    Amount in arrears none now

    Summary of discussions and agreements with the banke.g: capitalised arrears, back on track a few years now

    No personal debt. No business debt.
     
  8. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    36,812
    I presume you have extra zeros in here?

    It's very confusing. Is this yourself and/or your partner?

    This is fundamental and no one can give you meaningful advice without knowing this.

    Brendan
     
  9. Andy836

    Andy836 Frequent Poster

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    362
    Why would they give any discount if the LTV is <70%?
     
  10. topaz2

    topaz2 Registered User

    Posts:
    31
    Yes thats our annual net pay sorry.
    I dotn know the rate off my hea, I will get out my docs this evening.
    I dont know, thats why I was asking here. I dont know what they would accept , but the agent I spoke to said they would be interested in an offer.
     
  11. Anna B

    Anna B New Member

    Posts:
    3
    Who capitalised your mortgage was it your bank or the vulture fund> My understanding is VF do not capitalise arrears? they want money.

    From what I understand you first have to make sure you can get a mortgage, is your credit good now if you're out of arrears get a credit report.
    or have the cash to make a settlement. that's the first thing to sort out to make sure you get the funds to make an offer.

    as your self employed you need three years strong books it's harder to get a mortgage than a PAYE.
    What rate are you on? A tracker is good to be on and they will short settle your loan if you're on that.
    Other option if you can't get a mortgage, if you have a good relationship with your Credit Union, you and your other half can borrow up to 50 K each and try and raise the rent via loans etc to make an offer.

    Typically, some people are saying here why should you get a discount because of your LTV, well the vulture funds don't work like banks.
    they are in for the kill, they purchased the mortgage at a discounted rate usually so they want to make a profit and quickly, short settling would be a good case for Captia to accept with you.

    I've heard 25 - 40% short settlement figures been thrown around so start there once you have got the funds approved
    Can you please let me know how you get on with that offer as I have a friend in a similar situation that I'm trying to research and help him