Some converted to repayment, but others were still out there, prisoners of Mortgage War held captive by their lenders on interest only with no way out, hoping that a rescue mission was coming their way to give them freedom of choice and their independence back.
I armed myself with every bit of artillery; Virgin Money, Accord, Aldermore and even Halifax Product transfers, and ‘choppered’ into the jungle to launch my rescue mission.
Shoe polish on my face, head band on, I began my rescue mission Rambo-style to see who I could rescue and bring back home with me.
Many had given up hope of escape, with communication lines detailing repayment being the only way out. But Broker Squadron Independence had other options.
We needed to show that we had not forgotten our troops, that we had not left them abandoned with their current lenders and that our aim was to offer them alternatives that would grant them their freedom back. Freedom of choice.
The interest-only restrictions have left many feeling they are trapped, but brokers offer alternatives. Many of us will not have shoe polish on our face or head bands on, but we will be able to offer guidance in these uncertain times.
Quite how we ended up here remains a mystery. Some blame the brokers for mis-selling this niche product, others blame the lenders for being complicit in the advice by actually lending without question in the first place. Some even blame the government!
Whoever is to blame, numerous clients are trapped with a lender on interest only, above the thresholds offered by alternative lenders, and are looking for a route out of the war.
In spite of the negative press, there are still options open and we aim to make people aware of this.
As I look down over the jungle, knowing there are more Prisoners of Mortgage War out there, I am happy that I have saved a couple of them this week.
Others from Broker Squadron Independence will have also performed such rescue missions, and for those still out there held in captivity, fear not.
We will find you, and we will bring you home as we are your Brokers in Arms:
“Through these Apps of repayment,
Interest only has tired.
I’ve witnessed your suffering
As the payments got higher.
And though they did hurt me so bad
In the fear and alarm
You did not desert you
My Broker in Arms”
The Great Mortgage War of 2012 continues…
Lea Karasavvas is managing director of Prolific Mortgage Finance
