Mortgage Mis sold???

dunstonh

Why can I not reduce my mortgage when the requirements from bank have not changed and there has never been a problem.

Mortgage criteria changes. Lenders are currently lending less than they use dto.

Where do I stand in this as I have now put in an official complaint at the Bank and think this now goes to the FSA?

The bank will now look at your mortgage application and see if the mortgage clerk did anything wrong or whether you or your accountant has committed fraud.

I run some of the house as business as its big enough with seperate area. I do not want to go in details of how I afford it all but I have a very good accountant.

The only paperwork we have ever had to submit is a letter from accountant with projected COMPANY INCOME for that year.

So looks more like you or your accountant have committed fraud if that information is wrong. If it is correct then no-one is at fault anywhere. In which case a complaint is pointless.

As said above, you applied for a mortgage of £x amount. You got that mortgage. Their current lending criteria is not as good and they do not wish to reduce their protection by having only one person to cover the debt. That is not a complaint but reality of the economic circumstances we now find ourselves.

pse_2

I am going into rented accomodation for the time being, so no mortgage needed for me.
The projected gross of company was correct.
I think the problem was that even though accounts and letter stated GROSS, the BANK (Nationwide) put this down on there system as (last two houses) as NET.

Wutang_2

.....and the missold bit?

VIGILANT22

Wutang wrote: »

.....and the missold bit?

I'm still waiting for that also....:)

Typhoon2000

At the end of the day a Bank can lend you anything it wants to considering the house value, your standing with the bank, your income, the ecomony and financial situation. There are no fixed in stone rules that say it can only lend you 4x, 5x or 10x your salary. I know of people who have bought house without declaring an income because their deposit was big enough and had plenty in the bank. It change all the time. You got what you applied for the first 2 times. Nothing was missold. Why dont you try a different lender for the wifes new place?

pse_2

Firstly
I put question marks on the heading.
I thought this was a forum for advice on what I can or should do in a constructive way.
I am now in a position that I can not buy a house (for my ex and children), much cheaper than I currently own on a reduced (110K) mortgage with the same bank under the same conditions. They do not have the paper work on system from me from accountant, only what adviser has written as total figure.
So all there paper work is not complete.
We have requested for the files (BANKS) from vault for last two properties to be produced.
Where do I stand in all this and what would be my best way forward.

FraudBuster

Following this thread with interest.:)

ILW

pse wrote: »

Firstly
I put question marks on the heading.
I thought this was a forum for advice on what I can or should do in a constructive way.
I am now in a position that I can not buy a house (for my ex and children), much cheaper than I currently own on a reduced (110K) mortgage with the same bank under the same conditions. They do not have the paper work on system from me from accountant, only what adviser has written as total figure.
So all there paper work is not complete.
We have requested for the files (BANKS) from vault for last two properties to be produced.
Where do I stand in all this and what would be my best way forward.

Still cannot figure out what you are trying to achieve.

_Andy_

I don't really see how the previous application is relevant. In any case they would assess against today's criteria, which you don't meet.

VIGILANT22

ILW wrote: »

Still cannot figure out what you are trying to achieve.

I thot it was me!...:)