Intelligent Finance Mortgage Changes

colnotlob

I have a slightly different question to the other people who have posted threads on this subject.
IF have sent a letter stating that from April 2010 I can no longer port my present mortgage if I move house. I am fortunate to have a very good deal at the moment which is only 0.12 above BOE rate and reverts to 0.62 over BOE rate after Nov 2010. My question is regarding the legal position of what IF are doing: obviously it is very unlikely that a deal as good as this will be seen in the future. I took out the mortgage on the basis that it was a good deal and that if I was to move in the future then this deal could be ported to my next home. IF are now saying this is not now going to be possible, is there a case for compensation here as it very unlikely that I will get a deal such as this if I move?

hopeful24

Yes, this is exactly what I want to know too.

I bought this product on the basis that it was a life time tracker mortgage that was portable. So, basically if I don`t move by April 2010 I lose out big time??

I would like to know if what they are doing is legal and if we are entitled to compensation ...

_Andy_

Portability is never guaranteed so unfortunate as it is, there is no cause for complaint/compensation.

opinions4u

colnotlob wrote: »

IF have sent a letter stating that from April 2010 I can no longer port my present mortgage if I move house. I am fortunate to have a very good deal at the moment which is only 0.12 above BOE rate and reverts to 0.62 over BOE rate after Nov 2010.

Superb!

My question is regarding the legal position of what IF are doing: obviously it is very unlikely that a deal as good as this will be seen in the future. I took out the mortgage on the basis that it was a good deal and that if I was to move in the future then this deal could be ported to my next home. IF are now saying this is not now going to be possible, is there a case for compensation here as it very unlikely that I will get a deal such as this if I move?

No, because portability is subject to meeting a lender's criteria at the time.

If they're not lending, then you can't meet the criteria. Not a guarantee of future availability of funds.

The only good news is that they've given you 6 months notice. If you're pondering a move get on to it fast!

payless

interesting one...

Are they saying they might be prepared to lend to you if you move house.. but at a different rate OR
no new lending full stop ?

---
Of course they would actually be able to avoid you porting by just refusing you anyway

opinions4u

payless wrote: »

Are they saying they might be prepared to lend to you if you move house.. but at a different rate OR
no new lending full stop ?

Linky

"As of 8pm on the 1st July 2009, Intelligent Finance no longer offers mortgage or current account products. "

payless

yep aware of that , but then on same page

Contact us 0845 605 8585 if you're an existing mortgage customer moving home

colnotlob

Thanks for your comments I suspected that the bank would have a get out clause.
I'm not looking to move at the moment so will have to bite the bullet when/if the time comes.

simytrader

If they've stopped lending full stop that's one thing. However, if they have a home mover substitute product when you come to move then it sounds like a breach of contract to me!

You really need to read through the small print.

Kiplin

hi,
I have had the same letter and a very polite response to my complaint but no change. I am now considering going to the financial ombudsman as moving in six months in a recession and a flat market is very difficult.

If anyone knows any legal info into mortgage agreements, I would welcome their advice,

• would not every mortgage bank change lending agreements if the mortgage was not making any money?
• Intellignent Finance did not go under, it was taken over and therefore lloyds knew that they held mortgages which I feel they should honour.
• Refusing a mortgage application is one thing but changing the very key parts of, the mortgage to port and the rate of additional borrowing (and pay a fee for, plus higher % rate at the time) in the first place is unfair.

Any advice would be greatly appreciated as I have to sort this out!

happybroker

Kiplin wrote: »

hi,
I have had the same letter and a very polite response to my complaint but no change. I am now considering going to the financial ombudsman as moving in six months in a recession and a flat market is very difficult.


If anyone knows any legal info into mortgage agreements, I would welcome their advice,

• would not every mortgage bank change lending agreements if the mortgage was not making any money?
• Intellignent Finance did not go under, it was taken over and therefore lloyds knew that they held mortgages which I feel they should honour.
• Refusing a mortgage application is one thing but changing the very key parts of, the mortgage to port and the rate of additional borrowing (and pay a fee for, plus higher % rate at the time) in the first place is unfair.

Any advice would be greatly appreciated as I have to sort this out!

whilst this doesn't sort your problem (and I don't think what is being done is fair) you don't have to move within 6 months but simply apply before 8pm on the 1st of April next. You will then have further time constraints set for you