Ucb Loans Mortgage Rock And Hard Place

mortgagemiffed

Hi there,

I wonder if anyone can offer any advice on the folling posting: Here are the details of my current situation.
18 months ago when I was self employed and without proof of income, I purchased a house with a mortgage from UCB Loans on a Self Certified light advers credit basis. The interest rate was a bit high but I was happy :rotfl: to pay for the pleasure of the mortgage to secure the new home. I put a deposit of 42,000 down and was soon moved in. This mortgage was a 3 yr fixed rate deal but fully portable should I move home. Last month we put the house up for sale and an offer was put in straight away on our house... We had already seen a house we wanted ( another little one means we needed another bedroom) So we put an offer on that one in turn. So, I went to UCB loans who told me they couldnt help me port the mortgage over... Heres why... I am still trying to set up my business to the level of creating a sustainable income. I also have a job too. I changed jobs 3rd February. So they tell me I need to be in employment for min of 12 months with same employer, so I ask if my husband can go on the mortgage but he has a settled CCJ that was 2 years ago paid up. they said NO, So I have to pay them 6% of the outstanding mortgage which is 4200 to get out of the mortgage. What makes me seeth is that they have already lent me the money. They lent it me as Self certified light adverse and now THEY have changed their requirements and STILL penalise me for it!!!!!!! :mad: Interestingly they are not taking any new business and wont lend to new lenders. Is this them conning me or what? Please some one who knows about this help. I dont know what to do.
To make things worse alliance and leicester turned us down for a 74000 mortgage even with 60k deposit. We want to complete and buy our new home but its looking bleak....can anyone advise??? xxx
mortgage miffed Gail

opinions4u

mortgagemiffed wrote: »

This mortgage was a 3 yr fixed rate deal but fully portable should I move home.

Portable usually means the product is portable should you move home, but doesn't obligate the lender to allow you commit to lending to you on a different property if you don't meet their lending criteria at the time.

THEY have changed their requirements and STILL penalise me for it!!!!!!!

Mortgage lenders regularly tweak their underwriting requirements. As a result of the credit crunch those tweaks have become seismic.

Interestingly they are not taking any new business and wont lend to new lenders.

They are the lender. You are the borrower.

Is this them conning me or what?

What. While unfortunate, you are a victim of the economic times we live in.

My advice?

1) See a whole of market mortgage broker to find a way out of this mess.

2) Try to negotiate on the penalty clause. I don't hold out much hope, but implying you are now staying in the house and remortgaging elsewhere, but need to reduce the settlement figure by a few thousand to qualify, may have them thinking it's a way to offload you. They probably need to reduce their overall mortgage balances and moving the whole of your debt to another provider is actually in their interests.

mortgagemiffed

Thanks for the quick reply there!! Cheers.

Hmm I did mean lend to new borrowers but I got the red mist again

My argument is that the mortgage I took out was SELF CERTIFIED.. They asked for no wage slips or books or bank statements. Nothing!! I am not asking them for anymore money. I have saved the difference so just need the same mortgage of 69k over the same years. I find it so frustrating that I was sold this mortgage as PORTABLE and SELF CERTIFIED. Why would I think there would be an issue if we moved house? This is a violation of rights. They have me over a barrell. They dont want to lend money and they have changed their requirements leaving me with a 4200 bill to pay them. They wont even take my wages into account as I only started there in feb. They said oh we need a years employment history which I then gave them just for them to move the goal post agin and come back to me saying....we need you to have been with the same employer for the last 12 months. These guys are taking the mickey out of us...God knows how many others they are doing it to...

koexelek

mortgagemiffed wrote: »

I find it so frustrating that I was sold this mortgage as PORTABLE and SELF CERTIFIED. Why would I think there would be an issue if we moved house? This is a violation of rights. They have me over a barrell.
...

I really feel for you on this one.

If UCB were still trading for new business it would be portable on a self cert basis. I guess no one at the time saw what a terrible situation the mortgage market was going to get into.

Unfortunately with most self cert mortgages now, you are not able to move without proving income.
UCB are not the only ones, but I appreciate that does not help you at all

opinions4u

mortgagemiffed wrote: »

My argument is that the mortgage I took out was SELF CERTIFIED.. They asked for no wage slips or books or bank statements. Nothing!! I am not asking them for anymore money. I have saved the difference so just need the same mortgage of 69k over the same years. I find it so frustrating that I was sold this mortgage as PORTABLE and SELF CERTIFIED.

But you won't find anything that promises you a self certified mortgage in the future.

This is a violation of rights.

Only if your terms and conditions gave you a right to a new mortgage when you moved house.

They dont want to lend money

It might genuinely be that their wholesale funders won't let them lend on a self-certified basis.

It's an unpleasant situation, but their hands are probably tied by others!

mortgagemiffed

Thankyou for your understanding and advice.

I guess we either have to pay it to move or stay put for another 18 months to save 4200.

We are going to have to look into some mortgage lenders who will lend us the money with our credit history. Only 1 account of arrears due to dispute and husband had a ccj 3 years ago.. he settled it 2 years ago fully.

I m not too optimistic with lenders being really picky over who they lend to. As a family we all feel most deflated after getting all excited about the new house with twice the amount of space.

mortgagemiffed

oh and my husband has been with his employer for 22 yrs...earns 42k... jointly we earn 60k with a new business in addition ... Barmy situation!!!

herbiesjp

Sorry- but what are the figures in this scenario?

What is the purchase price?
What is the deposit?

Depending on the whole scenario, there are plenty lenders that will lend to you based on your PAYE income even though you have been there only since February

mortgagemiffed

purchase price 134,950
deposit 65k

herbiesjp

Based on your income alone this is straight forward.

DO you have any other debts?

Is OH only one with bad credit history?

mortgagemiffed

my husband has a couple of loans amounting to appx 9k (these are to be paid off in June when our investment term ends from savings)
with a ccj 3 years ago that was fully paid . It was placed on him whilst serving in iraq and came back 12 months later to find it in his mail! grrr
I have never had a ccj but had dispute with vodaphone on my mobile so have a (8) on my credit report