Not so Portable Mortgage - and In DMP

9belowzero

Hi,
My house has been on the market now for over a year and we have just accepted an offer on it. However we have just entered into a DMP with payplan.
We were originally told that our mortgage (with Halifax) was portable and if we moved we could switch it over to the new property. However after speaking to the Haliax they have told me that i need to apply for a new mortgage and our current fix rate will port over.
This is all very well but they will not give me a new mortgage because i am on a DMP. As you can immagine i was furious when I found this out.

The issue i have now is that we are going to a sub-prime mortgage (waiting for decision) so we can move out and have a smaller mortgage to give us more spare income to go towards the DMP. However as we are fixed until Aug 10 on the Halifax mortgage they want £3K when we sell as a redemtion. So again I am furious as i would quite happily stay with them to quash the redemption but they won't offer us a mortgage.

Are there any guidlines in regards to mis-selling mortgages or any subsequebnt procedures i can go through to argue about the redemption ?

Thanks

Comyface

I think you'd be lucky to get anyone to agree your mortgage was mis-sold. It's always the product that's portable to a new mortgage, so you have to take out a new mortgage for a new property and port the product.

That said, I'm sure Halifax used to waive ERCs in this instance. If they decline you for a mortgage so you're unable to port, have you asked them if they'll waive the £3k?

I'd contact Halifax complaints dept first and put it to them that you'd be happy to port if only they'd let you (I assume you've applied and been turned down?) so would they waive the ERCs in this instance? Following info from their website:

Where you first make your complaint

We aim to resolve your concerns within 24 hours. Sometimes it may take longer to look into the matter fully. If this happens, we will let you know within 5 working days who will reply.

Often the people you first raise the matter with are able to help, but there may be occasions when a specialist area needs to be involved. If you don't know who to contact, you can:

• Telephone Customer Relations on 08457 25 35 19*
• [FONT=Arial, Helvetica]Contact us using Textphone if you have a hearing impairment on 08456 00 17 50*[/FONT]
• [FONT=Arial, Helvetica]Write to us at:[/FONT] [FONT=Arial, Helvetica]Halifax, Customer Relations, PO Box 548, Leeds LS1 1WU[/FONT]
• [FONT=Arial, Helvetica]Fax us on 08451 28 13 85*[/FONT]

Our lines are open between 9:00am - 5:00pm Monday - Friday (except Wednesday when they are open from 9:30am).
[FONT=Arial, Helvetica]We will then arrange for the right person to look into and respond to your concerns[/FONT]

beecher

There's never any guarantee to port a mortgage as they will always use current criteria to decide if you're eligible. So your mortgage is portable, but you don't fit the criteria so I don't see how you can claim for mis-selling.

9belowzero

Thanks for the replies, i will definately try to see if they will waiver the fee.

We obviously had a trainee advisor at the time who did not point out the definition of portable :-(