Still Waiting- Mad as hell -Fixed Interest Rate

changlyn8

It has now been almost 3 months since paying just under £700 for a 10 year fixed interest rate of 4.98% and despite sending letters stating some of the valued points from the replies received from my original posting.

NOTHING.

This is making me extremely stressed waiting for this to get resolved.

I have now written to the Banking Ombudsmen as it seems that Woolwich/Barclays wish to keep my money but deny me the interest rate I paid for.

If anyone has any other suggestions then please let me know.
Thanks.

MortgageMamma

are the bank requesting outstanding informatoin/documentation from you? Wht are they saying is causing this delay? have you not even had your mortgage offer yet?

I can't say I'm suprised, not a huge fan of woolwich, good products but the service is poor.

Rick62

Woolwich have been a lot better lately. What are they saying is causing the delay?

MortgageMamma

My last case to WW, fully packaged sent 11.11 - still no offer, and no explanation - could be a regional thing?

chivers1977

as I remember it, you are unemployed requesting a remortgage. or are you just doing a rate switch. I can't see you getting accepted for a remortgage if you are unemployed at all... is the DSS meeting mortgage interest for you

herbiesjp

My last cases have been very quick indeed with Woolwich - re-mortgage cases that is.

Have you gone via a broker? Are they still awaiting any information from you?

Have you escalated to a manger at Woolwich?

Robert_Sterling

changlyn8 wrote:

I have now written to the Banking Ombudsmen Thanks.

Before writing to the Ombudsman did you get a letter from the Woolwich confirming that you had exhausted their complaints procedure?

MarkyMarkD

Changlyn

This is around the fourth thread you've started on the same subject. Can I suggest that you update the same thread rather than making people guess what your original query was about?

The previous thread on the subject is here: http://forums.moneysavingexpert.com/showthread.html?t=285334 but to summarise:

(1) it's a product switch, not a remortgage;
(2) it's being delayed because changlyn has an ex-partner on the mortgage account although they are no longer involved, and changlyn didn't get the partner's consent to the change of product because Woolwich advised changlyn not to;
(3) the reason the partner hasn't been removed is because changlyn has an ongoing endowment mis-selling complaint and Woolwich advised leaving the transfer of equity until the other complaint is resolved.

So, most of the comments thus far are not relevant because changlyn didn't explain the circumstances.

Just to add my comments:

I don't think that you are in a good position, changlyn. You certainly aren't at a stage of being ready to go to the Ombudsman etc.

If you have a joint mortgage, you really need to get it changed into your own name. But Woolwich are very unlikely to agree to this because you are unemployed and don't have the income to support the mortgage.

You can't switch products on a joint mortgage without both borrowers' consent. You haven't provided the joint borrower's consent (and I know that's due to Woolwich's advice).

Product switches aren't guaranteed or anything. If they don't want to let you switch, they don't have to.

The main issue you have is that they have told you that you can switch, and then done things which have delayed the switching process. I think their main error is in advising you that you can switch, not in causing the delay, and I don't see you getting compensation for incremental interest when there's no reason for them to be held to their suggestion that you could switch at all.

regularsaver1

The Woolwich are right in that due to your mis-selling complaint of your endowment you are best to leave of the transfer of equity at present, as the endowment names would be need to have changed also.

A transfer of equity can take months and it depends on your solicitors involvement - who of course will charge you fees. The Woolwich have to give you permission to transfer to your sole name, and your ex-partner would need to sign to say so. I very much doubt they would agree if you are unemployed.

Are you in no way able to get your ex-partner to sign for this interest rate as they are jointly liable for this mortgage at present?

I also agree that the Woolwich, knowing that they could not get consent of the other mortgaged party, should not have taken the fee from you and verbally consented, until signatures were obtained.

Best thing to do it try to get the fee back meaning no product transfer, or get the signature of other person.

changlyn8

Dear All

Thank you for all your replies.
Please be advised of the following.

When I split from my ex-partner a document was drawn up as advised by the CAB to say that my ex-partner was selling all rights to the property to me and that he no longer had any involvement with it and to make it binding (although not drawn up by a solicitor) I paid him a nominal amount and this paperwork was wittnessed by a third party not associated with either party.

The Woolwich has been aware of this factor since the beginning and I since th account was in arrears the company request information on how I would clear the sum owed.
I sat down and worked out an acceptable amount and cleared the arrears as agreed. The account has never been in arrears since. Until now.

The Advisor at the Woolwich said that from the details on the account and acknowledged that I was the only party paying the mortgage and that all communications for the account had been sent to me. With this in mind despite my financial position he saw no reason why the company would not agree to the change and when he contacted Head Office they said that this would be addressed when I changed over from an Endowment Mortgage to a Repayment.

Everyone thought it was a good thinking to secure a fixed interest rate as I currently unemployment and would need to plan ahead.

I did this and despite being unemployed I raised the funds needed for the 4.98% interest rate. Since my last posting I have held off going to the Ombudmen and wrote to Barclays Customer Relations Department who said that hey were unaware of my situation but that an investigation would be done and that they would be instructing the Woolwich Mortgage Customer Service to contact me within 2 days of the date of the letter sent.

Well the letter was written on 20 Decemebr 2006 and still no call received. I have since phoned the Woolwich on the number supplied asking for an Advisor to all me back this has not happened.

So what do I do. My account is going into arrears. So really changing from an Endowment (mis-sold) has thus far proved to be a mistake which despite all my planning to prevent my account going into arrears I now cannot afford to pay my mortgage. The endowment had 11 years left to run but at the end there would have been just over £30,000 shortfall on the repayment I would have had nothing outstanding and this would have been the case even if I was still unemployed.

Now I just don't know?????
I am trying to find a solicitor that will not charge me an arm and a leg to get my ex-partner off the Mortgage and then I still have to find a further £150.00 to remove his name with the Woolwich. Its a long process but what can I do in the mean time while I am trying to sort this out, if ever?????

UK007BullDog

You did not say why you are unemployed but maybe it would be possible for you to get a part or full time job and then overpay your mortgage to get back on track?