Mortgage Porting

Magpies_2

I currently have a 10 year fixed mortgage with 7 years left and want to move house to a slightly more expensive house.

The mortgage company has now changed the criteria for assessment of my Income and therefore the only way for me to move is to sell my house and pay a redemption penalty of £27000 and then obtain a new mortgage which will cost arrangement fees and higher interest rates.

My circumstances have not changed and my Income has increased and costs fallen, I have reduced my mortgage by 5% annually as allowed, my credit rating is perfect and I do not need any further advance with equity for the price differential between the properties.

My equity ratio is 60%, I have been with my bank for 42 years and I have no debts other than the mortgage.

Is this miss-selling? or am I a victim of the Banks recklessness and cynical attempts to charge us more.

beecher2

How would it be mis-selling? You could look at it that the banks' recklessness gave you a mortgage in the first place - impossible to say without more information about your circumstances though.

Thrugelmir

Magpies wrote: »

Is this miss-selling? or am I a victim of the Banks recklessness and cynical attempts to charge us more.

Or is it a case that you didn't bother to read the terms of the mortgage offer before signing it ?

So possibly your recklessness in tying yourself into an extended fixed term contract without due consideration.

Jojo1daffy

I was in a similar position and my mortgage lender told me that once my house sold, mortgage cleared and redemption fee paid if I reapply for a mortgage with them within 3 months the redemption fee would be refunded. I've just sold but am going to take the redemption hit because I found their mortgage product to be garbage anyway. The point being - check with your lender - they may refund the redemption fee once you reapply.

_Andy_

Jojo1daffy wrote: »

I was in a similar position and my mortgage lender told me that once my house sold, mortgage cleared and redemption fee paid if I reapply for a mortgage with them within 3 months the redemption fee would be refunded. I've just sold but am going to take the redemption hit because I found their mortgage product to be garbage anyway. The point being - check with your lender - they may refund the redemption fee once you reapply.

the OP can't reapply - they no longer meet the lender's criteria due to income.