bank refused loan but offered re-mortgage

shelovestobuystuff

feisty1 wrote: »

why is yr original mortgage company not just offering you a further advance of 10k on the existing mortgage.
why would haifax refer u to C&G for a new mortgage?

They say their system is being cautious re valuations because of the current climate and the max 75% mortgage they do wouldnt be enough for us so they passed us to someone who does up to 90%.They are basically the same comopany now anyway,halifax is now part of lloyds tsb and lloyds tsb use c&g for their mortgage lending apparantly.According to halifax computer valuations our property has dropped over 50k in last few months,actual valuation may be better though.

Trollfever

feisty1 wrote: »

why is yr original mortgage company not just offering you a further advance of 10k on the existing mortgage.
why would haifax refer u to C&G for a new mortgage?

I think that it is on Monday that C&G will own Halifax.

feisty1

When they fone tomorrow can u ask them the following:

Do you recommend having assessed our needs, that we take out this mortgage.

or is it giving you information so we can make our own choice?

If it is the latter, you are not receiving advice, which means in the future should you feel this mortgage wasn't right for you, you can't complain as you haven't taken advice....

feisty1

Trollfever wrote: »

I think that it is on Monday that C&G will own Halifax.

Yes,they all become the Llyods Banking Group .....but i can't understand why an existing customer of the Hally would be referred to C&G and suggested redeeming an exisiting mortgage with ERC's rather than just a further advance on the Hally............

feisty1

shelovestobuystuff wrote: »

They say their system is being cautious re valuations because of the current climate and the max 75% mortgage they do wouldnt be enough for us so they passed us to someone who does up to 90%.They are basically the same comopany now anyway,halifax is now part of lloyds tsb and lloyds tsb use c&g for their mortgage lending apparantly.According to halifax computer valuations our property has dropped over 50k in last few months,actual valuation may be better though.

I know who is who (as i am an independent adviser) and max 75% is a load of twaddle, I have just written a 90% halifax today.........................Here is a Halifax calculator

http://www.hbosplc.com/economy/HousePriceCalculator.asp

Bestthingsinlifearefree

feisty1 wrote: »

You are not authorised to give advice. You do not know the clients circumstances or how DMP could affect them ie workwise...If I see many more threads like this I will be reporting it to the FSA

Silly post of the week. The whole of MSE is based on ordinary people giving advice to other people about their financial situation. That is the whole point of MSE. You don't need to be authorised to give advice on money saving expert whether some one should remortgage or not. It's just a matter of opinion. On all the forums people are always making suggestions when others ask for advice about debt, mortgages, loans etc etc.

Stop being silly or I will report you to the SPA (silly poster authority)

dimbo61

Please check with the new lender if the mortgage you are applying for allows overpayments and any limits on overpayments.
IS the 3.5% fixed for the full length of the term 25 years cos thats one hell of a deal for a 90% mortgage.
As you would be £800 a month better off and have no other debts IF ALLOWED you could overpay by £500 a month and still be better off than now.
You also need to take a long hard look at what you are spending(shelovestobuystuff !!!) each month and income coming into the home GOOD LUCK

confused31_2

feisty1 wrote: »

I know who is who (as i am an independent adviser) and max 75% is a load of twaddle, I have just written a 90% halifax today.........................Here is a Halifax calculator

http://www.hbosplc.com/economy/HousePriceCalculator.asp

And not a very good one either, you need to be re trained you gave me the wrong information on paying one fee and getting two seperate mortgages.