My Mortgage - Ripped Off

Paulw

kleefarr wrote: »

Do you mean you knew it was fixed rate mortgage but didn't know the rate or you didn't know it was a fixed rate mortgage or the rate either?

From reading, it really seems like nothing was read, and nothing was understood. Might as well have just signed a blank page.

TheBigLebowski

Iri$hKeLt wrote: »

Its a basic email, but hopfully they can do something for me

(I lied about losing my job but hopfully it will sound more.....)

Will keep you updated with the reply

Seriously mate...

redarmy

grinder23 wrote: »

I just sent an email to IIB with a link to this page hopefully they will refuse your request and actually help people who have really lost their jobs and are struggling to repay their mortgage while raising their family and are not only worried about their rental income from their 2 properties

well done:)

Iri$hKeLt

Paulw wrote: »

The bank can always request copies of your P45 (to prove you've lost your job), your last P60, and information from Social Welfare that you are signing on. They will also have details of your bank account, and will be able to see your wages being paid through. Banks are good at getting money out of people.

Very foolish to make false statements. :rolleyes:

As I said, it doesnt benifit them. It benifits me either way. I have a oversized mortgage for value of property.

Lads I dont need all these silly replys, If you have nothing to say that will help me keep your comments... Or stick them

grinder23

Iri$hKeLt wrote: »

Do you think I give two if you sent a email to kbc..... Do it

It wont go agaisnt me.

It doesnt benifit them if i stop making my repayments either. I took out a oversized mortgage for the value of my house now.

You seem like a very mature and intelligent person

Good luck in life(i think you may need it)

delly

I think i'll refrain from posting further tbh, its a bit like hitting your head against the wall.

OP you really don't have a clue what's going on, are you sure you don't work for Anglo Irish?

Paulw

Iri$hKeLt wrote: »

As I said, it doesnt benifit them. It benifits me either way. I have a oversized mortgage for value of property.

Of course, it won't only effect you, but will also effect your gaurantor. So, your father may be getting a letter (based on the claims made by you in your email), and asking him about his ability to pay any difference due.

You really didn't think any of this through.

kleefarr

Paulw wrote: »

From reading, it really seems like nothing was read, and nothing was understood. Might as well have just signed a blank page.

Quite bizarre! Those are the two things you need to know before taking out any mortgage.

Bloody cheek!

Should also change the subject title! No way should it be "Ripped off".

brianc123

Put it down to experience................................... I bet you'll read the details next time

Mountjoy Mugger

I spent a weekend going through my unsigned contract with my Building Society before I signed it, two weeks weighing up which product to opt for...and then you meet someone like this....

Classic!

bobbiw

If rates go up you cant say "wah wah wah, I want a lower rate"

Typical stupid Irish mentality. Constantly moaning.

I would be more concerned about negative equity.

steof1984

So you thought you would make a killing in the property market. Buy houses rent them out and make yourself a nice little earner on the side (as you said previously you have a job)

But you fcuked up and your gamble didn’t pay off. Now while your still not loosing money you’re not earning as much as you could. Well Boo-Hoo for you

It’s your dads fault for telling you to go with IIB
You said you were young. How young? Too young to stand up to your farther and put across a logical argument as to why you wanted to go with a different lender. I’m sure had you broke down the figures of both package and if indeed Halifax was the cheaper option then only a moron would go for the higher rate (unless it was the only lender willing to lend to you. and in that case it wasn’t your dads fault it would be just that you had no other choice but to use those lenders)

Its the solicitors fault for not informing you what you were signing
Don’t you think if solicitors were held accountable for people signing their mortgages then recently we would have seen a lot of FTB suing them because of 100% mortgages?

And now you’re trying to weasel your way out of this and using the fact people are loosing their jobs as a sob story. I hope the banks don’t allow you to break your agreement. There are thousands of people struggling to live at the moment and you go looking for sympathy because your life is not as comfortable as it could be.

i hope your house's fall down.

People have a right to comment on you. You post up trying to appear like your this victim of banks who "locked" you into this terrible agreement. My 12yr old brother knows the difference between fixed and variable mortgages. Its up to you to read what you sign and live with the aftermath

I’m sure you had it all worked out in your head. “Oh daddy i want to earn loads of money but don’t want to work, can you put your home at risk so i can become a property tycoon, i seen it on the telly it looks really easy. Basically i buy a house and charge people the mortgage repayments to live there, then after a few years i sell it on and make 100k. See how easy it is". You spent too much time thinking how you’re going to make the easy money and not enough time doing the research

Well I’m sorry my friend your greed got you into this. It’s obvious that you have been helped throughout your life as i can guarantee if it was all your own money and you didn’t have a guarantor. Then the very least you would do is read the fine print.

jimmycrackcorm

Op is not alone. Independent.ie has an article on feb. 3rd about this issue with KBC. There's no getting out of the responsibility. It works both ways though. Banks are trying to dump people off tracker mortgages now they lose them money.

bobbiw

why do the irish always moan about everything instead of doing anything responsibly.

Taxi drivers crying in their sleep bacause their is competition.

Dell employees wah wah becasue they were uncomeptitive.

Bus drivers going on strike becasue they are being laid off (only in Ireland)

And now we have this fellow, moaning because he could have got a lower rate if he was not fixed. He wouldnt be moaning if rates went up would he.

his biggest worry should be that his house will be worth 50% what it is now in the next 2 years.

NewFrockTuesday

Woah. Steady on. Hoping his house falls down? And a ton of other abuse.

This is a KID. He took his Dads advice and tried to make a bit of money while times were good. He didnt kill anyone, he didnt injure anyone so the harshness is a bit beyond reason. This is usually one of the more reasonable forums here, turning it into a pitch fork rally isint helping the OP, just because hes in teh situation hes in....and thousands more like him Im sure, doesnt open the gates of hate on a free for all basis.

OP, its unlikely you'll be let off....and saying youre losing your job is not a solution to your problem. Youre just going to have to do what everyone else in your boat is doing - tighten your belt and get through it.

Quote:
Originally Posted by Rojomcdojo
You might wanna consider removing your real name and the letter. Really bad idea leaving it around for some disgruntled person with a big mortgage themselves to get some satisfaction out of reporting it..

Too late...........

Im stunned it was reported. grinder...seriously? Angry man.

steof1984

its OK if his house falls down . . . . He has another one

anyway you dont know if he is a kid he never gave his age he is at least 18.

while i don't agree with his greed i understand it. everyone wants to get rich quick (even if it is on the back of others)

the anger is because he was big enough to get into this and now he wants out without taking his hit. he was happy enough to enjoy the good times now doesn't want the bad times

and trying to use the situation of loosing a job ( a real serious problem for thousands of people who are struggling just to survive)just so he can go and line his pockets is just sickening

it will teach him a very harsh lesson in reading over contracts of 200k mortgages

but its also his greed thats gotten him into this situation

read over his posts his tax relief and rent is covering the costs so he is not at a loss. he is just bitching because he cant make extra cash

Carawaystick

Iri$hKeLt wrote: »

Tis is the facts:

...
...

My father sorted everything for me for the switch, He made all phonecalls etc. All I had to do was sign.

See what you did there, you left out the bit about reading and understanding what you were to sign.

Deepsense, he's not a child, because he bought a property in 2007, when he was at least 18.

Senna

I can understand how a lot of FTB's dont understand about different rates and what the solicitor actually does. But how does someone with two house, two mortgages and re-mortgaging atleast once not understand how this works??


Also from the sounds of it you chose a fixed rate of 5% in mid 2008, at that time the ECB was rising and most standard variables were moving above 5% (some up at 6%). You (your father) took a gamble that many others did as well, all information at the time said interest rates was rising. You gambled and lost, thats life.

Iri$hKeLt

I posted here looking for advice, If you have nothing useful to say please keep it to yourself. I thought you might try to help but no you'd rather shoot me down calling me stupid that I didnt look into everything I was signing etc etc.

I told you the facts yet you still persist with the same bullsh*t thats not relevant to my topic. Whats done is done im looking for a way out. I did my homework in mortgages when I was switching but as I said my father inisited what i chose.

I dont see why all you are posting just keep comments to yourself.

Mod you can now lock this thread.

Sleipnir

You're the one persisting with the bullsh*t. You said you did your homework in mortgages but you had no idea that you were signing up to a fixed rate? It's really quite easy to tell because it says "fixed" or "variable" beside the mortgage rate. As I said before, it's not even small print.

You posted looking for advice and ended up sending an email to them (which they rarely act on) lying about the fact that you lost your job. Do you really think their going to wave €12,000 goodbye based on an email?

Paulw

Iri$hKeLt wrote: »

Whats done is done im looking for a way out.

There is none. You have to pay the €12,000 to get out of your current mortgage.

That's life - live with it.

dan_d

Having flicked through this thread, there seems to be something weird going on here.
OP I can see why you're feeling ripped off at paying over the odds. But common sense should tell you that that's the decision you and your father made at the time, and that's what it costs to get out of it. There are plenty of people out there (I know a good few) who are stuck paying a fixed mortgage, and want to change to variable, but it costs a lot of money.And they went in to the deal with their eyes open, no parents or guarantors involved.Sin e.
Furthermore, how can you be just a kid, but old enough to own 2 properties, one in a different country?? You may have been young (around 18?)at the time one or both mortgages was taken out, and you may not have paid a lot of attention to what your dad was saying and doing, but unfortunately (and I'm honestly trying not to be condescending here) you're an adult and you've got to take responsibility for it.And that doesn't include sending emails about losing a job...
You want advice...here's some. If you want out of the situation you're in, then go talk to your bank(s) again, tell them what you can get elsewhere (even what you can get elsewhere on a fixed rate). All you can do is lay the whole thing out in front of them. If you can't afford changing to a variable rate, then what could you get out of moving the fixed rate to another bank?You have hurt your case very badly by sending them that email...if you do end up unemployed long term in the future, they'll find it hard to believe you.Plus, it makes it more difficult for you to try negotiating with them again, because you've basically lied to them.(setting aside any legal implications there may be in what you've done)
Furthermore, it may now be time to stop letting your dad make your decisions for you. Again, you're a kid, old enough to own 2 properties, old enough to enquire about making changes to 2 big mortgage payments and work full time,yet your dad makes those big financial decisions for you??You need to put a stop to that one, whether or not he's guarantor.Take responsibility for it, make your own bad decisions, and that way you'll only have yourself to blame.
Bottom line is go talk to your bank again, don't mention the email , don't expect them to act on it, and to be honest don't hold out too much hope of anything changing.Your next option would obviously be to try and sell one or both properties if you're that concerned.
And think long and hard about what kind of emails you send in future.Banks don't deal very well with messing around like that, and you're only hurting yourself.

godtabh

Funniest thing I've read in ages.

Iri$hKeLt tought **** for you but welcome to the real world

n0fX

Iri$hKeLt wrote: »

Heh,

Six months ago I switched my mortgage to IIB now known as KBC homeloans. I am signed up to a 3 year fixed deal which I never knew until two months ago. Now with interest rates coming down im losing a fortune. I am currently paying interest only my problem is I should just be paying the interest, this is a joke it being fixed.

My repayment interest only is 890euro per month for 208000
I got a quote from another company yesterday for 600euro per month for 208000

I rang my mortgage company today and they told me to break out of my contract would cost me 12,000euro ONLY.

This is a joke im paying 300euro a month dead money. The 890euro would cover a repayment mortgage. I want to break this deal but im not paying 12,000euro :eek:

Does anyone have any information to help me? I didnt even know I was signing up for fixed!! Its stupid paying interest only and being on a fixed rate

:mad:

Any help much apprciated,
brendaN

All you can really do is hold out and be thankful you are only locked in for another year or so. say 18 months (if you bought in mid 2007), "losing" 300 a month from now equates to 5,400 so as you can see paying 12,000 to save 5,400 doesn't make sense.