Intelligent Finance Mortgage Changes

akuy

My situation is that I was beginning to look for a new property in September and having phoned IF at that time to enquire about my mortgage they comfirmed that I was on a lifetime tracker at 0.69 above base rate that was portable. I had just passed the date of my ERC period. I put my flat on the market, sold, found a house, and had my offer accepted. Then came the letter from IF. Trying to get information from the IF and Scottish Widows call centres about how it effected me was farcical. Each peron I spoke to gave me a different answer. Eventually I spoke to a Manager at Scottish Widows who told me that I could not take any 'additional' borrowing at my existing rate but that I could port my existing mortage debt at my existing rate. I wasn't at all happy with this but was concerned that if I didn't press ahead the chain would break and I would lose the property I wanted to buy. I requested a Financial Advisor to help me through the application process with Scottish Widows. Yet another farcical process! I initially applied for a 75% loan to value, which they declined as they said my credit rating did not meet their criteria. They would not disclose to me the reason for the credit rating failure, and said that the best they could offer would be a 60% loan to value! On what basis this decision was made is a mystery - my experian report shows that I have a perfect credit history, I pay all my credit cards off every month, have no loans, and have never missed a mortgage payment. I re-jiggled my finances to provide a greater deposit therefore allowing me to qualify to the 60% loan to value on offer. At this point they agreed to proceed - only to come back 2 days later to say I didn't qualify for a product transfer as my mortgage with IF was outside of the early repayment charge window. I just don't get how they can do this? I've now lost the house I was to buy due to the time it took and their incompetence of not even knowing their own terms and conditions. This smacks to me of an organisation trying desparately hard to shed 'unprofitable' customers any which way they can, and they are making the rules up as they go along! Sorry for this very long post but I'm really not sure where to turn. I googled the web on this topic and picked up a post from a newspaper report that said that customers could be taking legal action against the Lloyds group for this. The only way I can see this happening though is if customers in this situation are aware of each other and are able to band together. Is anybody aware of such a group?

Joe_Bloggs

@akyu
Will you consider starting your own thread and editing what you wrote to make it legible rather than leave things with a block of continuous alphanumeric characters.
J_B.