intelligent finance morgages help

susieanne

I have a morgage with intelligent finance ive got a letter from them saying about changes to morgages .It says they no longer do morgages ,so even if i wanted to change products for example we are on there SVR at the moment we cant even change to a fix .If we want to fix or borrow more to move home in the future we would have to apply for a new morgage with halifax.This is a worry to me because both me & my husband are on DMP so our credit rating is bad also we are paying interest -only i was planning on going back to a repayment morgage in a few years im thinking i wont be able to do this either would i ? When did this happen with intelligent finance no longer doing morgages is it a recent thing & why ? IM am unsure whether i should be worried or not im not really that keyed up with morgages

Joe_Bloggs

When did this happen with intelligent finance no longer doing mortgages is it a recent thing & why ?

My guess is that they did this on the 1st of July 2009 at 8pm according to the first item on their Main page under Customer Updates.

They were/are part of the HBOS group. The were taken over by the Lloyds Banking Group. Money is hard to find, these days, so they probably prefer to offer savings opportunities rather than get involved in riskier business like mortgages and current accounts. This way they can just rake money in rather than lend it in competition against themselves.
J_B.

marshallka

susieanne wrote: »

I have a morgage with intelligent finance ive got a letter from them saying about changes to morgages .It says they no longer do morgages ,so even if i wanted to change products for example we are on there SVR at the moment we cant even change to a fix .If we want to fix or borrow more to move home in the future we would have to apply for a new morgage with halifax.This is a worry to me because both me & my husband are on DMP so our credit rating is bad also we are paying interest -only i was planning on going back to a repayment morgage in a few years im thinking i wont be able to do this either would i ? When did this happen with intelligent finance no longer doing morgages is it a recent thing & why ? IM am unsure whether i should be worried or not im not really that keyed up with morgages

We have had a letter to say

As from 1st October, 2009 when you move home you'll no longer be able to increase your mortgage with us if you are taking your intelligent finance mortgage with you. If you are considering moving home and want to increase your mortgage loan, we have put in place a range of alternative mortgage products with "Scottish Widows Bank". If you are within your special rate period you can apply for one of these alternative products and there will be no early repayment charge.....

BUT Subject to Scottish Widows lending criteria

which is




We look at each case individually rather than sticking to any strict formula. And we also take into consideration whether you can afford the monthly repayments. But as a general guideline you could borrow:

• Single applicants - 3.5 times your basic salary
• Joint applicants - 2.75 times your combined basic annual salaries, or 3.5 times the higher basic annual salary plus the full amount of the lower
• Self-employed – typically we will lend you 3.5 times your net annual earnings, and it is also likely that we will request some information from your accountant.

Now "intelligent finance did a LARGE loan for us which was based on "affordability" and not basic salary and i think we are now very stuck.

Then from 1st April, 2010 you will no longer be able to

Apply for additional borrowing on your mortgage
Switch your mortgage to another intelligent finance mortgage product
take you mortgage with you if you move home.

If you want to borrow more money or transfer to another mortgage product after this date you can choose to remortgage to one of the alternative products (subject to scottish widows lending criteria) we've put in place with Scottish widows from 1st October, 2009. If you remortgage to one of these alternative products and you're still within your special rate period, we won't apply the early repayment charge and we will also pay our legal and valuation costs.

Now this is all fair well and done but the lending criteria are VERY different?? Also their loan to values are 75% maximum and ours is much higher.

As of April 2010 we are stuck with IF and whatever we are all paying by the sounds of it or move to somewhere else and there are not many lenders who actually loan as much as IF. I am totally confused.

psoley

susieanne wrote: »

I have a morgage with intelligent finance ive got a letter from them saying about changes to morgages .It says they no longer do morgages ,so even if i wanted to change products for example we are on there SVR at the moment we cant even change to a fix .If we want to fix or borrow more to move home in the future we would have to apply for a new morgage with halifax.This is a worry to me because both me & my husband are on DMP so our credit rating is bad also we are paying interest -only i was planning on going back to a repayment morgage in a few years im thinking i wont be able to do this either would i ? When did this happen with intelligent finance no longer doing morgages is it a recent thing & why ? IM am unsure whether i should be worried or not im not really that keyed up with morgages

Hi, even if IF still did mortgages, there would have been a very good chance they would have run a full credit search and valuation when you apply for a new product with them.

Are you sure they can't switch direct to a repayment mortgage with the product your on, I think you would be able to as your not changing products

Freddie_free_bus

marshallka wrote: »

We have had a letter to say

As from 1st October, 2009 when you move home you'll no longer be able to increase your mortgage with us if you are taking your intelligent finance mortgage with you. If you are considering moving home and want to increase your mortgage loan, we have put in place a range of alternative mortgage products with "Scottish Widows Bank". If you are within your special rate period you can apply for one of these alternative products and there will be no early repayment charge.....

BUT Subject to Scottish Widows lending criteria

which is




We look at each case individually rather than sticking to any strict formula. And we also take into consideration whether you can afford the monthly repayments. But as a general guideline you could borrow:

• Single applicants - 3.5 times your basic salary
• Joint applicants - 2.75 times your combined basic annual salaries, or 3.5 times the higher basic annual salary plus the full amount of the lower
• Self-employed – typically we will lend you 3.5 times your net annual earnings, and it is also likely that we will request some information from your accountant.

Now "intelligent finance did a LARGE loan for us which was based on "affordability" and not basic salary and i think we are now very stuck.

Then from 1st April, 2010 you will no longer be able to

Apply for additional borrowing on your mortgage
Switch your mortgage to another intelligent finance mortgage product
take you mortgage with you if you move home.

If you want to borrow more money or transfer to another mortgage product after this date you can choose to remortgage to one of the alternative products (subject to scottish widows lending criteria) we've put in place with Scottish widows from 1st October, 2009. If you remortgage to one of these alternative products and you're still within your special rate period, we won't apply the early repayment charge and we will also pay our legal and valuation costs.

Now this is all fair well and done but the lending criteria are VERY different?? Also their loan to values are 75% maximum and ours is much higher.

As of April 2010 we are stuck with IF and whatever we are all paying by the sounds of it or move to somewhere else and there are not many lenders who actually loan as much as IF. I am totally confused.

I too received this letter.! My position is that i am very happy with my mortgage, particularly as it currently tracks at BOE +0.5%. What i am unhappy about is that the mortgage is no longer portable after April 2010. One of the main reasons for selecting this mortgage was for its portability. I am amazed that they are able to withdraw this feature of the mortgage. Does anybody know if this is legal or what might be a good avenue of investigation to establish the legality of what they appear to be forcing onto its customers. :mad:

opinions4u

Freddie_free_bus wrote: »

What i am unhappy about is that the mortgage is no longer portable after April 2010. One of the main reasons for selecting this mortgage was for its portability. I am amazed that they are able to withdraw this feature of the mortgage. Does anybody know if this is legal or what might be a good avenue of investigation to establish the legality of what they appear to be forcing onto its customers. :mad:

1) If the business had ceased trading, they wouldn't have been able to port your mortgage.

2) The business has ceased offering new mortgages. So it is much the same as the ceasing trading scenario.

3) A portable mortgage has never been a guarantee of being offered a new mortgage on a new property. If you don't meet their underwriting criteria, you can't port. If their underwriting criteria is "no new mortgages" then you're snookered.

Perfectly legal.

Not necessarily perfectly nice though.