I'd like some ideas on any better plan than this. Long story so I'll try not to waffle. Putting a few mortgage & pension statements away and P60s etc prompted me to look at my budget & write a little note of dates down. To my horror I noticed my mortgage statement said my mortgage has 4 years left. :eek: I know its got 14 years left not 4.
My endowment matures in 2027 so thats the date in my mind to make sure I'd got a solution to the endowment shortfall. I've had this mortgage since 2004 which was a remortgage through a broker. I've just not noticed the term as I've only ever looked at the money and making sure its not going up lol. So I looked at all the mortgage offers and statements and they all say 2017 not 2027. After passing out and thinking omg I'll have to sell the house etc I pulled myself together. I contacted the broker and asked for a copy of my mortgage application form and he said he'd get it out of archive but it would take a week. That was 3 weeks ago and he's since not answered any of my phone calls or emails so I think he's just trying to ignore it as its his mistake as well as mine. It's my mistake too as I've just signed the app & offer but we have both made a mistake.
So I rang the mortgage company and they provided a copy of the app this week and its written in the brokers handwriting as a 13 year loan so he's calculated 2027 minus 2004 as 13 not 23 and we've both not picked the mistake up and I've gone on for the last 9 years just not noticing. Now I'd think it was as simple as ringing the company and saying can you change your records please lol. But it isn't. Glad I noticed it now and not in 2017. :rotfl:
I rang the mortgage company and they won't extend term without me going through full underwriting and getting money advice service to get all the credit card companies to take less than the minimum payment to prove that the mortgage is being prioritised above other debt. This will shoot my credit rating to pieces so I'd prefer not to do that and just see what position I can get to in 48 months. I don't earn enough for full underwriting as when I took the mortgage out I earned about £40k plus.
So info you might need :
Age 48
Current Salary £24174
House value £160,000
Outstanding loan £115,000
Unsecured debt £18,000 on credit cards
Savings £6500
Pension forecast from 1st employer payable in 10yrs age 58. pension pa £7893.25. Lump sum £52600
Pension forecast current employer probably payable at age 66 pension pa £7320.30. lump sum £48802
Endowment maturity May 2027 forecast at £28900 at 3.5%
Endowment surrender value in May 2013 is £14,600 and in 2010 was £10767
Endowment Fund value in 2013 is £12886 and was £10767 in 2012 so its improved a bit compared to previous years.
Salary forecast for 2017 £24905
So I have between now and 2017
I was thinking that perhaps I need to get a remortgage in 2017 at age 52 on a salary of £24905 if I want to stay in my home.
So how much do I need to get the balance down to in order to get a mortgage for 10 years or even 13 years in 2017 to take me to age 62 or 65. I can't get state pension til age 66.
I need to get the cc debt of £18k paid off by 2017 also so that a mortgage lender will consider me. I get £400 pm from my brother as I lent him a lot of money so I use it to pay the credit card debt so i think I could get that paid off by 2017.
I could surrender the endowment but would I be better to do that in 2017 if I can't get the balance down to an amount a mortgage company would lend me. I'd like to get the maximum mortgage I can so that I don't leave myself too short now and fail.
If you have a suggestion on a plan then it might give me a different perspective.
What would you do about the broker?
TIA.
My endowment matures in 2027 so thats the date in my mind to make sure I'd got a solution to the endowment shortfall. I've had this mortgage since 2004 which was a remortgage through a broker. I've just not noticed the term as I've only ever looked at the money and making sure its not going up lol. So I looked at all the mortgage offers and statements and they all say 2017 not 2027. After passing out and thinking omg I'll have to sell the house etc I pulled myself together. I contacted the broker and asked for a copy of my mortgage application form and he said he'd get it out of archive but it would take a week. That was 3 weeks ago and he's since not answered any of my phone calls or emails so I think he's just trying to ignore it as its his mistake as well as mine. It's my mistake too as I've just signed the app & offer but we have both made a mistake.
So I rang the mortgage company and they provided a copy of the app this week and its written in the brokers handwriting as a 13 year loan so he's calculated 2027 minus 2004 as 13 not 23 and we've both not picked the mistake up and I've gone on for the last 9 years just not noticing. Now I'd think it was as simple as ringing the company and saying can you change your records please lol. But it isn't. Glad I noticed it now and not in 2017. :rotfl:
I rang the mortgage company and they won't extend term without me going through full underwriting and getting money advice service to get all the credit card companies to take less than the minimum payment to prove that the mortgage is being prioritised above other debt. This will shoot my credit rating to pieces so I'd prefer not to do that and just see what position I can get to in 48 months. I don't earn enough for full underwriting as when I took the mortgage out I earned about £40k plus.
So info you might need :
Age 48
Current Salary £24174
House value £160,000
Outstanding loan £115,000
Unsecured debt £18,000 on credit cards
Savings £6500
Pension forecast from 1st employer payable in 10yrs age 58. pension pa £7893.25. Lump sum £52600
Pension forecast current employer probably payable at age 66 pension pa £7320.30. lump sum £48802
Endowment maturity May 2027 forecast at £28900 at 3.5%
Endowment surrender value in May 2013 is £14,600 and in 2010 was £10767
Endowment Fund value in 2013 is £12886 and was £10767 in 2012 so its improved a bit compared to previous years.
Salary forecast for 2017 £24905
So I have between now and 2017
I was thinking that perhaps I need to get a remortgage in 2017 at age 52 on a salary of £24905 if I want to stay in my home.
So how much do I need to get the balance down to in order to get a mortgage for 10 years or even 13 years in 2017 to take me to age 62 or 65. I can't get state pension til age 66.
I need to get the cc debt of £18k paid off by 2017 also so that a mortgage lender will consider me. I get £400 pm from my brother as I lent him a lot of money so I use it to pay the credit card debt so i think I could get that paid off by 2017.
I could surrender the endowment but would I be better to do that in 2017 if I can't get the balance down to an amount a mortgage company would lend me. I'd like to get the maximum mortgage I can so that I don't leave myself too short now and fail.
If you have a suggestion on a plan then it might give me a different perspective.
What would you do about the broker?
TIA.