I have read mortgages have credit protection

Mrsmoneypenny

Last year we bought a BTL property we got approximately 30,000 mortgage, i have been paying off large chunks so it is down to around 15,000, i decided today to ring my provider RBS and ask for a further advance of approximately 10,000.

They asked a few questions, the bank said they couldnt lend more money because we live in a country they dont lend to.

I asked when did that happen bc we only got the mortgage late last year and it was never mentioned at any time, the bank hasnt written to us to explain their policy was about to or had changed. She said she would have to take advice from the underwriters and would ring me back within 20 minutes

At our meeting with their mortgage advisor nothing we mentioned about living in Saudi would effect any future borrowing.

We only have property in UK, we have lived in the Middle East for 20+ years, filled in the forms correctly, answered all the questions honestly - we did everything by the book. We are British Citizens. We havent missed a payment in fact we have always paid on time and overpaid.

Almost three hours later the bank rang back to ask a few more questions; where did we pay tax, what country we live in, how long is the mortgage for (3 years total. Two remaining left to pay).

The person went off the phone to run through it with the underwriter again, who she told me she had been speaking to before she rang me back.

The last word was that they could not lend any more money because we dont pay UK taxes. I tried to find out when this policy had come about and she wasnt sure but has now passed us over to their "concerned team" who will write to us within the next two days to acknowledge that they will look into the matter. This should then be followed up within 10 days with the results of their findings.

What puzzles me is this considered to be a miss sold mortgage? We have done everything by the book, we now want an advance and because they have either changed their policy, not looked into our application properly or just completely made a mess of things it looks as if we wont be eligible.

I can't see that this would be written off, although it would be a nice thought, it would seem a little extreme. What i would like to know is where I stand with this. Could they ask for the money back at any time, I have read somewhere but cant find it now that mortgage have the same protection as any other credit agreement and that if you are miss sold you have rights.

Hope someone out there can answer or help out, i posted this in mortgage but at first but i think this is the right place.:beer:

_Andy_

I don't agree that it was mis-sold. No mortgage comes with a guarantee of further advances and any lender is entitled to change their lending criteria.

feisty1

if you have overpaid a 30k mortgage by 15k, i'm assuming this is a fully flexible mortgage, therefore can you not "borrow back" 10 of the 15k overpaid?