Shafted by Abbey (and Vodafone)

duarab

dunstonh wrote: »

Please stop hijacking someone else's thread

Sorry mum, wont do it again

outrageous

Some interesting points made. Abbey have stated that their underwriters have accepted that the credit file has been corrected however we still don't fit their criteria for lending.

They have suggested raising our deposit to 15%. They advertise 90% ltv however I can't help but feel that they reserve this for existing customers only. Their adviser stated that the most likely reason that we failed our application was that we were not existing Abbey customers.

I appreciate that this is their prerogative, however they don't advertise it this way and if they had have done then it would have saved me a lot of time.

I am curious how people on a low income ever get a deposit together at all. We’re on a reasonable combined income of £60,000 and getting our 10% (£15,000) has taken forever.

ViolaLass

Really? We could save that much in a year/18 months on a joint income of £40k. (Do you have children? We don't)

You could try posting a SOA to see if anyone can spot places where you could save more.

VIGILANT22

If we want to borrow other people's money we have to accept the conditions they place on us....Abbey isn't the only lender in the market place, apply elsewhere if you're unhappy with them.........

outrageous

ViolaLass £15,000 in a year is very good going. How much is your rent? Ours is about £9000 per year.

Vigilant22 - I fully accept your comment, however I think a touch more transparency from Abbey would have been nice and would have saved us some time. As mentioned they all but said that the 90% ltv was only for existing customers. I wouldn't have bothered them if I'd known that. Of course they don't mention it on their website, I presume, as a marketing tool to get you interested in their rates and then attempt to get a higher deposit from you. What do you think? Is that likely?

Trollfever

Complain here:

The Advertising Standards Authority (ASA) is the UK's independent regulator of advertising across all media, including TV, internet, sales promotions and direct marketing. Our role is to ensure ads are legal, decent, honest and truthful by applying the Advertising Codes.

http://www.asa.org.uk/


.

ViolaLass

outrageous wrote: »

ViolaLass £15,000 in a year is very good going. How much is your rent? Ours is about £9000 per year.

Snap! I think it would probably take us just over a year to save it, but we could easily do it in 18 months (prob 15 months). If we had a joint salary of £60k, I calculate we could save at least £20k in a year.

VIGILANT22

outrageous wrote: »

ViolaLass £15,000 in a year is very good going. How much is your rent? Ours is about £9000 per year.

Vigilant22 - I fully accept your comment, however I think a touch more transparency from Abbey would have been nice and would have saved us some time. As mentioned they all but said that the 90% ltv was only for existing customers. I wouldn't have bothered them if I'd known that. Of course they don't mention it on their website, I presume, as a marketing tool to get you interested in their rates and then attempt to get a higher deposit from you. What do you think? Is that likely?

No I don't believe it will be for existing clients, but I do believe they will cherry pick who they lend 90% to as all lenders do...if a category existed you'd have to be A+