YBS Mortgage Product Transfer help

soxon

Would be grateful if anyone could help us... We have an Openmarket Homebuy Mortgage with YBS. We have been in the fortunate position to pay off both equity loans and as such are looking for a better rate than we are paying now since we are no longer tied in by the equity loans. We asked YBS what we could do with them what rates we could go to (we have just under 3 yrs left on mortgage), they have basically told us to go elsewhere.. they say the product we have at the moment cannot be transferred to a differernt mortgage with them. I read in their transfer guide that certain products cannot be transferred from but I cannot find anywhere written down that says this about our mortgage, we have checked the mortgage offer, mortgage terms, mortgage booklet and open market homebuy leaflets but it does not state this anywhere that it cannot be transferred just that it is not portable to another property, just the huge early repayment fees we would incur (but would still be worth changing and paying these as we are paying a v high rate we would still save money in 3 yrs becasue of the rates). Can anyone help, can they do and say this if it doesn't state it anywhere? Unfortunatly the place we got the mortgage advice for is in liquidation so cannto go back to them (Best Advice).
Thanks in advance

CloudCuckooLand

If you are prepared to pay the ERC, why limit yourself to YBS offerings ?

The way to make the most of the switch is to shop around the lenders. Assuming you have credit history that will get you as good a deal as you think you will get.

soxon

thanks for the reply, we have been looking for other deals, however with just short of 75%ltv the deals are limited and come with big fees +solicitor costs. if we could transfer with ybs there would be no fee or extra which is what we need as not much spare ££. what we are peeved about is that they have told us we cant do it when it is not stated anywhere and want to know if they can legally do this ?

dunstonh

can they do and say this if it doesn't state it anywhere?

Yes they can. The contract you signed agreed the terms. They do not have to offer you new terms just because it would be convenient to you. You agreed to the terms when you took out the mortgage as did YBS. If it was the other way round and you were not paying enough would you like it if they came to you and said they wanted to put your monthly payment up.

what we are peeved about is that they have told us we cant do it when it is not stated anywhere and want to know if they can legally do this ?

Why would a contract state that?

Your choice is to stick with what you have or pay the ERC and move elsewhere.

DVardysShadow

soxon wrote: »

Would be grateful if anyone could help us... We have an Openmarket Homebuy Mortgage with YBS. We have been in the fortunate position to pay off both equity loans and as such are looking for a better rate than we are paying now since we are no longer tied in by the equity loans. We asked YBS what we could do with them what rates we could go to (we have just under 3 yrs left on mortgage), they have basically told us to go elsewhere.. they say the product we have at the moment cannot be transferred to a differernt mortgage with them. I read in their transfer guide that certain products cannot be transferred from but I cannot find anywhere written down that says this about our mortgage, we have checked the mortgage offer, mortgage terms, mortgage booklet and open market homebuy leaflets but it does not state this anywhere that it cannot be transferred just that it is not portable to another property, just the huge early repayment fees we would incur (but would still be worth changing and paying these as we are paying a v high rate we would still save money in 3 yrs becasue of the rates). Can anyone help, can they do and say this if it doesn't state it anywhere? Unfortunatly the place we got the mortgage advice for is in liquidation so cannto go back to them (Best Advice).
Thanks in advance

The essence of this is that you are peeved that they are saying they can't. Well you could get past that and get an admission that they can. But it won't do you any good, because they are actually saying they won't rather than they can't.

So, if they won't, then look to see if you can get a better deal elsewhere.

soxon

dunstonh wrote: »

Yes they can. The contract you signed agreed the terms. They do not have to offer you new terms just because it would be convenient to you. You agreed to the terms when you took out the mortgage as did YBS. If it was the other way round and you were not paying enough would you like it if they came to you and said they wanted to put your monthly payment up.



Why would a contract state that?

Your choice is to stick with what you have or pay the ERC and move elsewhere.

Sorry I may not have been completley clear in my explanation. It was never made clear to us (or stated in any document incluing the mortgage terms/offer) that the mortgage product we took out would not allow us to transfer to another product during the lifetime of the mortgage. It was made clear to us that the mortgage was not portable to another property which we understood and is written in the terms and it was made clear what ERC we would pay if we ended early. What I am trying to establish is whether (in the terms or offer where it states the ERC figures) it should also state that should you choose to move before the end of the mortgage term then it does not qualify for a product transfer. When I contacted YBS to ask what new deal they could offer us (if we paid the ERC) and therefore as an existing customer have a product transfer, they took 3 days to ring head office to find out as knowone had ever paid off both equity loans before that they had heard of so it can't have been general knowledge that our current product would not qualify for a transfer. Surely this important peice of info should be documented somewhere other than what head office 'say' for we know they coulod be making it up as it is not stated anywhere that our current product does not qualify for a transfer
Thanks for replying
soxon.

dunstonh

It was never made clear to us (or stated in any document incluing the mortgage terms/offer) that the mortgage product we took out would not allow us to transfer to another product during the lifetime of the mortgage.

Why should it? They dont have to put things into the contract that dont apply unless it is a possible or likely event. Portability is something that could be a blocker to people buying the product and its good to see it disclosed up front. The ability to allow you to break the contract and request revised terms is not something they need in the contract.

they took 3 days to ring head office to find out as knowone had ever paid off both equity loans before that they had heard of so it can't have been general knowledge that our current product would not qualify for a transfer.

Exactly highlights how infrequent a request it is.

Surely this important peice of info should be documented somewhere other than what head office 'say' for we know they coulod be making it up as it is not stated anywhere that our current product does not qualify for a transfer

Doesnt matter if they are making it up or not. It may be an area that they have discretion on a case by case basis, it may not or it may be something they change periodically. Unless it is in the contract (which it isnt) they dont have to offer revised terms if you want to break the contract.

They are not doing anything wrong here. They are also not unique in this either. Other lenders have done the same.

I know its not what you want to hear but thats the way it is.

soxon

dunstonh wrote: »

Why should it? They dont have to put things into the contract that dont apply unless it is a possible or likely event. Portability is something that could be a blocker to people buying the product and its good to see it disclosed up front. The ability to allow you to break the contract and request revised terms is not something they need in the contract.



Exactly highlights how infrequent a request it is.




Doesnt matter if they are making it up or not. It may be an area that they have discretion on a case by case basis, it may not or it may be something they change periodically. Unless it is in the contract (which it isnt) they dont have to offer revised terms if you want to break the contract.

They are not doing anything wrong here. They are also not unique in this either. Other lenders have done the same.

I know its not what you want to hear but thats the way it is.

Ok fair enough, first time we have had a mortgage and it seemed the only info 'missing' in the terms when the non-portability and ERC was clearly expressed we thought this would be too since quite important. We maybe naively thought that this kind of information would be more clear. I suppose we were slightly shocked when we approached YBS to say can we change products (if we pay the ERC) and they basically told us to s*d off and get another mortgage elsewhere,we thought they would want to keep us as customers but probably small fry to them.
Thanks for your reply