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Model customer, yet Abbey no longer want my custom!
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Cleansanchez
Posts: 2 Newbie
My job has recently changed (going self-employed) so my family no longer need to live in Wiltshire. We intend to move back to London to be nearer friends and family.
When I called Abbey to start the ball rolling they basically said they can't move the mortgage (which expires in Jan 2010) to the new house as I don't have 3 years self-employed books. That's fine, but I'm now looking at a £10k early redemption fee, despite the fact that I don't actually want to change mortgage providers!
The conversation then went something like this.
Me: "But I've had a mortgage with you for over 6 years (never missed or been late on a payment) I've banked with you for over 20 years (you can count the number of times I've used my overdraft on one hand) I have a savings account with you, I had a pension with you (until you sold it!), we have no loans, our credit cards get paid off every month, my wife and I have an impeccable credit ratings, we have £85k of equity in our house, yet you no longer think we're a safe bet?
Girl at Abbey "very sorry, we don't do self-certified mortgages as we simply don't want to be repossessing houses sir"
:mad:
Any suggestions? Or is it a simple case of wait here until Jan to avoid the £10k 'fine', or move sooner and pay up?!
And anyone got any good suggestions on where we should go shopping for a 70% (ish) self-cert mortgage when the time comes?
When I called Abbey to start the ball rolling they basically said they can't move the mortgage (which expires in Jan 2010) to the new house as I don't have 3 years self-employed books. That's fine, but I'm now looking at a £10k early redemption fee, despite the fact that I don't actually want to change mortgage providers!
The conversation then went something like this.
Me: "But I've had a mortgage with you for over 6 years (never missed or been late on a payment) I've banked with you for over 20 years (you can count the number of times I've used my overdraft on one hand) I have a savings account with you, I had a pension with you (until you sold it!), we have no loans, our credit cards get paid off every month, my wife and I have an impeccable credit ratings, we have £85k of equity in our house, yet you no longer think we're a safe bet?
Girl at Abbey "very sorry, we don't do self-certified mortgages as we simply don't want to be repossessing houses sir"
:mad:
Any suggestions? Or is it a simple case of wait here until Jan to avoid the £10k 'fine', or move sooner and pay up?!
And anyone got any good suggestions on where we should go shopping for a 70% (ish) self-cert mortgage when the time comes?
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Comments
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Wait til January, in this market it could take you that long to sell your house.
Or price high, if some mug comes along and pays a good price that will be the 10k to pay the redemption fees!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If you do sell and move back to london you may have to
rent for 2/3 years before you can buy again !0 -
If you need self cert then you are not a model customer. Sorry.
Wait until January when you are free to move without ERC. With prices still dropping, thats not really a bad thing.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You were a model customer.
Now you are a high risk customer...0
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