BOS 100% Mortgage Trap

Hi Guys

I'm sure this has been asked a thousand times before but I would really appreciate any advice that people have regarding my 100% mortgage situation, although if you are one of the condescending few on here who like to deal out smug comments, please don’t. It’s not helpful, the situation is what it is and we can’t undo decisions made in the past.

When we took our mortgage everything was going swimmingly; the family business was thriving, my wife had a good job and we were comfortably making our mortgage payments as well as saving.

Then the crash…

My wife was laid off and the family business contracted massively. Luckily we had our savings to see us through the initial shock, and our fixed rate came to an end and our mortgage payments dropped.

However, we are with BOS and seem to be on an awful SVR compared to other lenders. Not sure of the exact percentage as I don’t have the paperwork with me. I have spoken to the mortgage adviser who set us up initially and he tells me that BOS are no longer in the mortgage game themselves and are filtering all new business through to Halifax and that in essence they are deliberately uncompetitive in order to try to force people away. However, they cannot offer any kind of deal with Halifax as this would not be a product shift but a move to a new lender.

So, we find ourselves in a position with no equity, our savings depleted, a much lower joint income than before and trapped in an uncompetitive mortgage.

Obviously I’m working on winning the lottery, but in the mean time any suggestions or advice as to what can be done mortgage wise would be much appreciated. :)

Thanks in advance,

Tom.