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  • FIRST POST
    • lonestarfan
    • By lonestarfan 22nd Nov 16, 7:33 PM
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    lonestarfan
    Landmark Mortgages - do they grant term extensions
    • #1
    • 22nd Nov 16, 7:33 PM
    Landmark Mortgages - do they grant term extensions 22nd Nov 16 at 7:33 PM
    I have a mortgage with Landmark Mortages - was NRAM. I'd like to ask them for a term extension. Has anyone got any experiences to share about success or not. Many thanks.
Page 1
    • minimike2
    • By minimike2 22nd Nov 16, 7:46 PM
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    minimike2
    • #2
    • 22nd Nov 16, 7:46 PM
    • #2
    • 22nd Nov 16, 7:46 PM
    Did you look on their website?

    "Landmark have no current plans to return to lending and as a result are not offering further lending or term extensions."


    They do not possess the correct licenses for lending and post MMR a term extension has to be assessed for affordability as any new lending would be, thus they are unable to do so.


    Your alternative option is to remortgage elsewhere.
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • lonestarfan
    • By lonestarfan 22nd Nov 16, 7:52 PM
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    lonestarfan
    • #3
    • 22nd Nov 16, 7:52 PM
    • #3
    • 22nd Nov 16, 7:52 PM
    Did you look on their website?

    "Landmark have no current plans to return to lending and as a result are not offering further lending or term extensions."


    They do not possess the correct licenses for lending and post MMR a term extension has to be assessed for affordability as any new lending would be, thus they are unable to do so.


    Your alternative option is to remortgage elsewhere.
    Originally posted by minimike2
    Yes I did look at the website first. Thanks. That prompted me to ring Landmark. They insisted they do agree term extensions although yes of course they are based on affordability. They told me they have Underwriters and Senior underwriters who agree term extensions. I don't know if this is true or not and just wonderd if anyone has any experience to share or if I should just remortgage because they don't do term extensions. They couldn't give me an explanation as to why their website says they don't do extensions but the call handler says they do.
    • minimike2
    • By minimike2 22nd Nov 16, 8:03 PM
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    minimike2
    • #4
    • 22nd Nov 16, 8:03 PM
    • #4
    • 22nd Nov 16, 8:03 PM
    Yes I did look at the website first. Thanks. That prompted me to ring Landmark. They insisted they do agree term extensions although yes of course they are based on affordability. They told me they have Underwriters and Senior underwriters who agree term extensions. I don't know if this is true or not and just wonderd if anyone has any experience to share or if I should just remortgage because they don't do term extensions. They couldn't give me an explanation as to why their website says they don't do extensions but the call handler says they do.
    Originally posted by lonestarfan
    It would seem strange for someone on the phone to give that information out if it were not true. I haven't heard of them doing this but heard plenty of stories of customers being told they can't make any changes.

    It is possible they may have recently changed their stance I suppose, which could mean the website is outdated.

    Did you actually ask formally for a term extension? It would be interesting to hear what happens with this.
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • lonestarfan
    • By lonestarfan 22nd Nov 16, 8:14 PM
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    lonestarfan
    • #5
    • 22nd Nov 16, 8:14 PM
    • #5
    • 22nd Nov 16, 8:14 PM
    Yes I did ask formally. They have made an arrangement for an Adviser to call me to go through it all. They said it will take at least 2 hours. The appointment is weeks away. I just wanted to see if they're wasting my time and find out if anyone had any experience of requesting one and being successful or not. I'd prefer to stay with them as otherwise it's a remortgage with the inconvenience of valuations and solicitors costs etc. Or a sale with the upheaval of removals etc.
    • AnotherJoe
    • By AnotherJoe 22nd Nov 16, 8:41 PM
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    • #6
    • 22nd Nov 16, 8:41 PM
    • #6
    • 22nd Nov 16, 8:41 PM
    Yes I did ask formally. They have made an arrangement for an Adviser to call me to go through it all. They said it will take at least 2 hours. The appointment is weeks away. I just wanted to see if they're wasting my time and find out if anyone had any experience of requesting one and being successful or not. I'd prefer to stay with them as otherwise it's a remortgage with the inconvenience of valuations and solicitors costs etc. Or a sale with the upheaval of removals etc.
    Originally posted by lonestarfan
    It doesn't seem credible that they would go through all that rigmarole of interviews etc if they never give extensions, why would they bother ?
    Last edited by AnotherJoe; 22-11-2016 at 8:46 PM.
    • lonestarfan
    • By lonestarfan 22nd Nov 16, 9:39 PM
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    lonestarfan
    • #7
    • 22nd Nov 16, 9:39 PM
    • #7
    • 22nd Nov 16, 9:39 PM
    I know but the fact they can't give me an explanation makes me suspicious!
    • Thrugelmir
    • By Thrugelmir 22nd Nov 16, 9:44 PM
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    Thrugelmir
    • #8
    • 22nd Nov 16, 9:44 PM
    • #8
    • 22nd Nov 16, 9:44 PM
    I know but the fact they can't give me an explanation makes me suspicious!
    Originally posted by lonestarfan
    As a responsible lender they'll have a duty of care to their customers. This does not mean that they are actively looking to write in effect new business over extended terms.

    Are you looking to extend your mortgage term over 2, 5 or 10 years ?
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • AnotherJoe
    • By AnotherJoe 22nd Nov 16, 9:53 PM
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    AnotherJoe
    • #9
    • 22nd Nov 16, 9:53 PM
    • #9
    • 22nd Nov 16, 9:53 PM
    I know but the fact they can't give me an explanation makes me suspicious!
    Originally posted by lonestarfan
    An explanation of what ???
    • lonestarfan
    • By lonestarfan 22nd Nov 16, 9:54 PM
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    lonestarfan
    As a responsible lender they'll have a duty of care to their customers. This does not mean that they are actively looking to write in effect new business over extended terms.

    Are you looking to extend your mortgage term over 2, 5 or 10 years ?
    Originally posted by Thrugelmir
    5yrs. I think it's affordable on my current salary but if not then 10 yrs. I will have enough funds in 5 yrs time to repay completely.
    • Rosenhaus
    • By Rosenhaus 23rd Nov 16, 7:25 PM
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    Rosenhaus
    Can't say about Landmark, but while they were still NRAM my term was coming to an end and they agreed a 5 year arrangement for me to repay my outstanding mortgage.

    I had asked for a term extension and a change to repayment from interest only, while they couldn't do that they did agree an arrangement which would enable me to achieve the same thing...my monthly payment was increased to a figure which would clear the mortgage over an additional 5 years.

    My mortgage remained interest only and the term expired, but I'm now under 2 years from clearing the mortgage.

    So good luck in your discussions with Landmark.

    Edit: just to add this was arranged pre-MMR in Sept 13, things may have changed now.
    Last edited by Rosenhaus; 23-11-2016 at 8:24 PM. Reason: clarity
    • lonestarfan
    • By lonestarfan 13th Jun 17, 9:06 PM
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    lonestarfan
    An explanation of what ???
    Originally posted by AnotherJoe
    They can't explain why their website says they don't do extensions but the adviser on the phone says they do.
    • lonestarfan
    • By lonestarfan 13th Jun 17, 9:08 PM
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    lonestarfan
    Update - I wasn't able to get an extension with Landmark. They rang me frequently to say the Underwriter hadn't yet made a decision on my case. This went on and on. I complained. I got no where. I ended up remortgaging.
    • minimike2
    • By minimike2 13th Jun 17, 11:51 PM
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    minimike2
    Can't say about Landmark, but while they were still NRAM my term was coming to an end and they agreed a 5 year arrangement for me to repay my outstanding mortgage.
    [/B]
    Originally posted by Rosenhaus

    It is also worth noting that an arrangement to pay is very different to a term extension.

    The website now says this:

    "Following nationalisation, NRAM is closed to new lending and we cannot normally extend your existing mortgage term. This means that you will need to ensure you are in a position to pay off your loan in full at this point time. Although this date could seem a long way off, the steps you take now could make a big difference to your options in the future."

    So it seems they have changed the stance from "not doing it" to "only doing it in exceptional cases.

    It also appears now that they in fact WILL do new lending in VERY EXCEPTIONAL cases (contrary to the previous working on the website), so must be fully licensed up - appears to be a change from before although not sure if the website was up to date at the time of the OP. I am yet to hear of a single case where new funds have been granted though. I imagine it would be in cases where it is to fund essential and urgent property maintenance, in order to protect the asset, where the borrower is unable to remortgage elsewhere due to adverse credit or similar.
    Last edited by minimike2; 13-06-2017 at 11:59 PM.
    I am a mortgage industry professional. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
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