IF.com lending criteria generosity?

VIGILANT22

opinions4u wrote: »

Sometimes people can find picking up the phone quite intimidating.

Asking a question on a forum may help to give them them the confidence to do what they really need to do.

QUOTE BY OP............. I spoke to them earlier though and they said that I'd have to pay £160 first off.

louisdog

I just wanted an informal chat and to see if anyone has any stories to share on IF's recent lending policy.

Sorry if that's outside the remit of this forum and has been a huge faux pas! :eek:

louisdog

OK so I just spoke to IF, they cannot tell me how much I can borrow without doing a credit search, as they lend on affordability rather than income multiples.

They did say that there is also an ultimate limit of 4.5x joint salary.

So I have had to spend the £160 in the end after all!

Thanks again for everyone's replies

VIGILANT22

louisdog wrote: »

OK so I just spoke to IF, they cannot tell me how much I can borrow without doing a credit search, as they lend on affordability rather than income multiples.

They did say that there is also an ultimate limit of 4.5x joint salary.

So I have had to spend the £160 in the end after all!

Thanks again for everyone's replies

This makes no sense at all...If you had an offest with IF and overpaid..you should not even have to request "a borrow back facility" all you have to do is drawdown

louisdog

Ah sorry I moved the goalposts - I wanted to take a further advance.

Originally I was worried that the max I had before may now exceed the max they'd lend if their criteria had altered.

VIGILANT22

louisdog wrote: »

Ah sorry I moved the goalposts - I wanted to take a further advance.

Originally I was worried that the max I had before may now exceed the max they'd lend if their criteria had altered.

Ah...so why growling at me with previous posts?....

They have changed borrowing etc since the takeover...are you tied to them?.....otherwise it may be an option to look elsewhere....

louisdog

Growling?! :rotfl:

Seems like they are back to how they were originally now - they offered a generous further advance on my existing tracker, albeit at £160. Still cheaper than remortgaging to another lender though.

VIGILANT22

louisdog

Good you've got it sorted....:)

deedee71

louisdog wrote: »

Growling?! :rotfl:

Seems like they are back to how they were originally now - they offered a generous further advance on my existing tracker, albeit at £160. Still cheaper than remortgaging to another lender though.

Louisdog, I wonder if you might elaborate on what they have offered you.

My tracker reverts to the SVR soon and Intelligent Finance only have ONE mortgage product - a 2yr fix at 4.99% with a fee of £999 which I think is pretty crap!

louisdog

deedee71 wrote: »

Louisdog, I wonder if you might elaborate on what they have offered you.

My tracker reverts to the SVR soon and Intelligent Finance only have ONE mortgage product - a 2yr fix at 4.99% with a fee of £999 which I think is pretty crap!

Hiya

I was fortunate as I am on a lifetime tracker (BoE+0.34%), and they offered the extra advance funds at the same rate.

It sounds like their new products/deals are not very competitive Maybe you can find a better deal elsewhere.

Cheers
Alex