Problems porting our mortgage

clare81

we are obviously disagree as to whether a fixed or tracker mortgage is the best option.

I came to this forum to look for advice on portabilty or the lack of it!

JayCee

I wouldn't take the word of anyone from a call centre, as being 100% correct (with respect to people who work in call centres).

I'd make an appointment with the Mortgage Advisor at my local Branch and seek their guidance. If you can speak with the same Advisor who arranged your mortgage on the last visit, all the better.

The call that you made to the Call Centre may have been recorded on your file, but I wouldn't even mention it, unless the Mortgage Advisor does, and in any case, just say that you were unsure about the advice given and wanted to confirm the information was correct.

The Mortgage Advisor may see things differently and be more favourable towards you. If not, ask how much your income would have to increase by, to reach the criteria required to enable you to borrow the amount that you want.

It may then be possible for you, your partner, or even both, to take a part-time job, allowing you to borrow the extra. They may be happy with only 1 or 2 months payslips, to prove this extra income.

After they have approved the lending, it is entirely up to you to decide if you want to give up the part-time job. They can't suddenly recall the mortgage, purely because your income has reduced, as long as you have not told any lies and are still meeting your repayments, which you would appear to be responsible enough to do.

One other point, that may or may not be relevant.... With my lender, you can only port across the same amount as your current loan. Any additional borrowing, would only be at your current agreement (Base Rate + 1%), if that offer is still available. If not, the additional borrowing would be at a different rate.

Hope all the above makes sense.

VIGILANT22

Exactly and HSBC gave you the answer..so then to ask Quote: Is it legal that they can do this.
Do you not have the choice who you lend money to??
I find it tiresome people thinking it is their god given right to borrow the amount of money they think they should be able to....

JayCee

VIGILANT22 wrote: »

So if you hang on to this mortgage and it goes up to 6/7%...what will the payments be in comparison if you had moved to another lender to be able to get the extra 13k at say 4.5%....and in answer to your question.....Quote: "Do you think I am completely stupid"....As you have asked.......I do actually

If they BoE Base Rate goes up to 6% and clare was subsequently paying 7%. I would be very surprised to find anyone offering 4.5%

1% above BoE Base Rate is an excellent deal and I personally wouldn't change it for a fixed rate of 4.5%, as BoE Base Rate would have to go above 3.5%, before she would start to lose out and I don't see that happening any time soon. Even if it did, in a few years, she would still be able to offset any future losses against the savings she is currently making, due to what she is paying at present (1.5%).

VIGILANT22

JayCee wrote: »

If they BoE Base Rate goes up to 6% and clare was subsequently paying 7%. I would be very surprised to find anyone offering 4.5%

1% above BoE Base Rate is an excellent deal and I personally wouldn't change it for a fixed rate of 4.5%, as BoE Base Rate would have to go above 3.5%, before she would start to lose out and I don't see that happening any time soon. Even if it did, in a few years, she would still be able to offset any future losses against what she is paying at present (1.5%).

Read it properly!

I was meaning moving now and paying 4.5%...as she wants to move ......current lender wont agree to the amount required ....so if she wants to move she would have to move lenders and lose her rate of 1% above base....

JayCee

VIGILANT22 wrote: »

Exactly and HSBC gave you the answer..so then to ask Quote: Is it legal that they can do this.
Do you not have the choice who you lend money to??
I find it tiresome people thinking it is their god given right to borrow the amount of money they think they should be able to....

I think that clare is just questioning the legality of HSBC 'moving the goalposts' in respect of their lending criteria, in respect of lending to income ratios.

Personally, I don't think she was trying to state that she had any God given right, to anything, she was just looking for some advice.

Part of the purpose of this Forum, is to allow people to seek advice/wisdom/opinions from others, who may have stronger knowledge in a particular field.

Again, IMHO that is all she was doing here.

VIGILANT22

JayCee wrote: »

I think that clare is just questioning the legality of HSBC 'moving the goalposts' in respect of their lending criteria, in respect of lending to income ratios.

Personally, I don't think she was trying to state that she had any God given right, to anything, she was just looking for some advice.

Part of the purpose of this Forum, is to allow people to seek advice/wisdom/opinions from others, who may have stronger knowledge in a particular field.

Again, IMHO that is all she was doing here.

Quote "I find it tiresome people thinking it is their god given right to borrow the amount of money they think they should be able to....

Where is the word Clare?

Advice is something you don't rcv on here, just opinion and I voiced mine.....

JayCee

VIGILANT22 wrote: »

Read it properly!

I was meaning moving now and paying 4.5%...as she wants to move ......current lender wont agree to the amount required ....so if she wants to move she would have to move lenders and lose her rate of 1% above base....

I have read it properly, maybe you should do the same with my post!

Using the phrase...."So if you hang on to this mortgage and it goes up to 6/7%"... would suggest that you were also talking in the future sense.

What I was saying is that why would anyone want to move from 1.5% to your randomly plucked figure of 4.5%, unless they were forced to? Given the OP's current rate and the unlikely event of the BoE Base Rate reaching your quoted 6/7% any time in the next decade, I was merely pointing out that IMHO, she would be best trying to stay at her current rate and attempt to get them to increase their lending limit, rather than listen to your scaremongering that she may end up losing out, if she stayed on her current deal.

The OP's original point, is that she doesn't want to move to a higher rate, quite understandably so.

JayCee

VIGILANT22 wrote: »

Quote "I find it tiresome people thinking it is their god given right to borrow the amount of money they think they should be able to....

Where is the word Clare?

Advice is something you don't rcv on here, just opinion and I voiced mine.....

I fully appreciate that you used the word 'people', but given that you have been responding to Clare, in the same post...... "Exactly and HSBC gave you the answer..so then to ask 'Quote': Is it legal that they can do this.
Do you not have the choice who you lend money to??......

To write in the next sentence...... "I find it tiresome people thinking it is their god given right to borrow the amount of money they think they should be able to" ...... it is fairly obvious that she is one of the 'people' that you are referring to.

Quite why you would be talking about anyone else, is beyond me, in terms of relevence and wouldn't make grammatical sense.

You are perfectly entitled to your opinion, just as I am mine, and everyone else on here, for that matter.

However, I disagree that advice is something that you don't receive on here. I have received lots of good advice (and some bad advice) on here and like to think that I have also given out some good advice.

The whole point of my posting here on the first place, was to offer advice, which may benefit Clare. Unlike yourself, who appears more interested in forcing your opinion on others and becoming embroiled in confrontation!

I really don't wish to spoil Clare's thread by becoming involved in your pettyness, so we will leave it for Clare to decide who has been most helpful.

VIGILANT22

JayCee;

This site, you, me Clare are not authorised to give advice....




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