Moving house and porting my mortgage, loosing my 95% deal though

minibbb

Im soon to downsize to a smaller flat and planned on Porting my mortgage over. When I spoke to the bank in November they confirmed I could move my 95% mortgage across.

I went back to them this week and they now say I can only do 90% as the criteria changed in December.

Can they do this or do I have any comeback? I recorded the names of the two staff members I spoke to before who stated I could keep the 95%.

Thanks

beecher2

As they've changed criteria since you asked them, then there's not much you can do

minibbb

Just seems outrageous as ive put my property on the market due to the information they gave me, have now found a buyer and am looking to progress the sale and they announce that they're changed their minds and don't have to honour what they previously told me. Why is EVERYTHING stacked against decent hardworking people in this country?!

opinions4u

minibbb wrote: »

Just seems outrageous as ive put my property on the market due to the information they gave me, have now found a buyer and am looking to progress the sale and they announce that they're changed their minds and don't have to honour what they previously told me.

They've told you the facts as they were at the time. But there's no formal offer in place.

A portable mortgage is not, and never has been, a guarantee of finance on the next property.

Why is EVERYTHING stacked against decent hardworking people in this country?!

It sometimes hits the fan. All you can do is try to find the extra 5% deposit or change your plans.

Sorry.