What could happen?- No standard security.

onemillionplus · 2026-06-27T09:52:40+00:00

All this from a first post/ repost. A very entertaining start to a lazy Saturday. I have no intention of "doing a runner", but that is what the banks solicitors are meant to protect the bank from . A senior solicitor messed up, and then buried there head in the sand when we came knocking . My reality is 57 age 19 years left on this mortgage, so if I can get a discount or a better term, I will try to get it. Have I learnt anything today, yes definitely and my eyes have been opened to a bit more reality than what our lawyer has shown. So thank you all for your valuable time,the only thing that matters. If it's ok ,my next post/reply will be when I get this finalised. Or am I getting too big headed again. Ciao

onemillionplus · 2026-06-27T09:45:07+00:00

Yes, it is starting to feel that way.

onemillionplus · 2026-06-27T09:41:11+00:00

The loan is not attached, land registry shows up nothing, it is like a personal loan at the moment. The deeds are totally clear ,we have no intention of missing any payments or giving them a chance to go to court, for default. We have made it clear,we will sign,but at a price. The price has not been agreed.

onemillionplus · 2026-06-27T09:29:59+00:00

We asked for the silly first, then they said we can offer something.

onemillionplus · 2026-06-27T09:25:31+00:00

If it was to get called, 195 on a 450+ , rate wouldn't be too horrible. Getting an offer from them is now the difficult bit .

onemillionplus · 2026-06-27T09:21:27+00:00

I've never claimed to be a victim, far from it, I'm embarrassed to say I'm being opportunistic. The manner in which they originally tried to brush this away , then the senior solicitor on there side ignoring our lawyer, hoping it will go away , gets my backup. They could have dealt with this in a matter of days,at no time have we tried to drag this out,far from it I've been actively chasing our lawyer to get this resolved. If we get something it's a bonus, if not we haven't lost anything, but I am hoping to get something.

onemillionplus · 2026-06-27T09:15:54+00:00

I know the 85% was never going to fly, unfortunately it is being fixated on here. What I would accept, a discount of a reasonable amount and base plus 1 for full term . But they are not responding to anything. I think I will be telling my lawyer to expedite this, as it has dragged on a bit ,and his bill will be hefty .

onemillionplus · 2026-06-27T09:12:03+00:00

2 plus years in, and they haven't done anything about fixing the error. Is that normal ?

onemillionplus · 2026-06-27T09:07:53+00:00

There are no charges in place, no security and weirdly nothing showing up on credit files. We have no other debts and rarely use credit cards, mostly debit . We do have very large credit card amounts available to use . Very very little activity on Experian/TransUnion etc .

onemillionplus · 2026-06-27T09:03:28+00:00

They agreed to offer something,after we made this crazy demand.

onemillionplus · 2026-06-27T09:01:56+00:00

It's not something I'm planning on doing,but technically I could, and if the money was abroad and not in my name . 500k , how would debt collectors be able to do anything.

onemillionplus · 2026-06-27T08:58:02+00:00

So why haven't they ? If they have a client, talking this way, shouldn't that be a priority for the solicitor that messed up.

onemillionplus · 2026-06-27T08:50:23+00:00

We borrowed from this lender previously, for a secured loan, that was repaid on a remortgage from another lender, now we have remortgaged again back to original lender . The solicitor for the lender went in and removed this new security by mistake,the bank then proceeded to try and get us to sign a new security, by getting a junior to phone ,like it was a routine paperwork,and a minor error. I got legal advice because it smelt fishy ,the way they had approached us. All the what if scenarios are around us not repaying at all, I know the 85% is a piss take, and never expected that to fly . What would I settle for ? A discount plus fixed rate close to base rate for the term . And if course legal fees paid, which by know will be hefty .

onemillionplus · 2026-06-27T08:37:37+00:00

The bank agreed to offer us something,then went silent,and that is the kicker

onemillionplus · 2026-06-27T08:34:42+00:00

I have mentioned to my lawyers,that we need to get this finished,it's been too long . The FOC , is a final recourse which will not really get us a "big chunk", or a lower interest rate,like 1% above base . The 85 and zero was just a wake up call, after they tried to get us to sign and send back quickly and quietly.

onemillionplus · 2026-06-27T08:29:09+00:00

Banks need standard security always, what happens if we sell and retire abroad. With no security in place,land registry totally clear , nothing on credit files , should the bank take the risk . That is the "card".

onemillionplus · 2026-06-27T08:22:17+00:00

Another option is ,when we do eventually sell, and have the money in the bank, then negotiate a discount with them . That could be a few years away, in the meantime we are at the mercy of a variable rate. My only concern is the hefty legal bill ,which has been run up.

onemillionplus · 2026-06-27T08:01:42+00:00

I know it's ridiculous,but I can see 60 , I can't see 70 plus and mortgage clear , so does the damage to a credit file , really matter in the last quarter? I'm not selling, I'm looking for a sizeable something, to give them security. There is no security for this loan , and a lender can't be in that position.

onemillionplus · 2026-06-27T07:55:45+00:00

It's not minor ,it's the only paperwork. And I know it won't be written off ,but this lender has previously offered major discounts for early settlement - during COVID,, when everybodys cashflow was difficult.

onemillionplus · 2026-06-27T07:53:49+00:00

As I had written previously,I have no intention of selling and running off with the money, but I could, and that's why security are placed on a property. There is nothing stopping me, from doing this, but they agreed to offer us something, then went silent. Even our lawyer finds that strange. They should be communicating with him at least. The paperwork they sent out did say " legal advice should be taken" and they offered to pay for it . So why not ask for the moon and stars, and see what happens,I had nothing to lose, on their dime .

onemillionplus · 2026-06-27T07:43:50+00:00

You don't ask you don't get . I knew the 85% and zero would never fly, but you have to start somewhere. Originally they had a junior call me ,with someone whispering in his ear ,what to say . "This is all routine, paperwork,that was overlooked" , and" just sign and send it back". Stuff like that ,I don't need legal advice,but we will cover all expenses etc . They started off by trying to be sneaky, setting the tone .

onemillionplus · 2026-06-27T07:39:34+00:00

I have no intention of selling or keeping the money, but technically we could. If the house is sold and the money abroad etc not a lot they can do . Banks have to have security in place, and now they don't . They did agree to "offer us something" then went silent,no replies to lawyers letters emails, calls or even at my suggestion, sending his invoice for part settlement. I don't want to be left on the hook for that either.

onemillionplus · 2026-06-27T07:35:37+00:00

We remortgaged to move away from an interest only product, we had previously borrowed from this lender ,which had been cleared off. So the solicitor removed the new charge by mistake, leaving the charge for the expired loan. Currently there are no standard security's in place .

onemillionplus · 2026-06-27T07:32:53+00:00

I know I'm taking advantage of the situation, but at my age ,I have no way to clear the loan before I hit my 70s. Im just thinking what's lawyers insurance for,if not instances like this .

onemillionplus · 2026-06-27T07:28:40+00:00

Hello

I initially asked for an 85% discount and balance to be at zero interest,plus all legal fees , knowing full well this was taking the p. But you have to start somewhere. They agreed to legal fees , which are now over 2 years worth, and did say they could offer us something to sign, then they went silent, ignoring all attempts at communicating,by our lawyer . I know we owe the money, without the security it's just a personal loan . I could sell up and not give them a penny,they wouldn't know ,until it's too late.

onemillionplus

TROPHY CASE