Need advice re broken agreement to port mortgage

davidf_2

roonaldo wrote: »

as no one does 100% mortgages anymore, of course they are not going to let you port a £150k mortgage to a £150k property.

porting is always based on current lending criteria and should state all this in your mortgage T&C's.

I really dont understand how you feel you should be owed thousands in compensation.

I agree that it should state all of this in the T's&C's. However it doesn't.

It was our solicitor that arrived at thousands, as I wrote earlier. I have said that I have yet to arrive at a representative figure.

We moved to Bournemouth on the basis of the advice given by the mortgage provider, i.e that we would be able to port the mortgage across at the same LTV ratio. They changed their mind after we had already made the move. Do you feel that this is reasonable?

roonaldo

how is it thousands? you have only been inconvenienced.

I cant see how you would be financially disadvantaged for not being able to port a mortgage.

You say you moved to bournemouth, but thats your choice, rent and other expenses are not the responsibility of the lender.

davidf_2

roonaldo wrote: »

how is it thousands? you have only been inconvenienced.

I cant see how you would be financially disadvantaged for not being able to port a mortgage.

You say you moved to bournemouth, but thats your choice, rent and other expenses are not the responsibility of the lender.

Why are you asking me how it is thousands? I just explained that I have yet to arrive at a representative figure.

Obviously we would not have been financially disadvantaged through not being able to port the mortgage if we had been told that in the first place. The problem is that we were advised that it would not be a problem, so we moved, then we were denied. The problem is we had already moved and signed a tenancy agreement on the flat, all on the basis of the info given to us by the mortgage provider.

All of this info is there in the thread above -Do try to keep up, there's a good chap!

Do me a favour and read the full thread. Then, if you have anything constructive to add, be my guest to post. I started this thread to try and get useful advice and opinions from people that might have experience that is relevant to my scenario.

Thrugelmir

davidf wrote: »

We moved to Bournemouth on the basis of the advice given by the mortgage provider, i.e that we would be able to port the mortgage across at the same LTV ratio. They changed their mind after we had already made the move. Do you feel that this is reasonable?

I doubt that you received advice in the fullest sense. You asked questions regarding the mortgage which the lenders representative would have answered fairly and honestly at the time. Any decisions made were yours and yours alone.

Without making a full mortgage application there is no guarantee as to whether a mortgage will be advanced. This has never been any different. Irrespective of whether porting was mentioned or not.

What's at issue is your high personal debt level and LTV required. This is the primary reason for the decline.

davidf_2

Thrugelmir wrote: »

I doubt that you received advice in the fullest sense. You asked questions regarding the mortgage which the lenders representative would have answered fairly and honestly at the time. Any decisions made were yours and yours alone.

Without making a full mortgage application there is no guarantee as to whether a mortgage will be advanced. This has never been any different. Irrespective of whether porting was mentioned or not.

What's at issue is your high personal debt level and LTV required. This is the primary reason for the decline.

Sorry, I didn't realise you were present at the time of the call......If they had answered the questions fairly and honestly, we wouldn't have moved. They have admitted that we were misadvised by their representative. I thought I made that clear already.

Of course the decision to move was ours. I've not disputed that. The decision to move was made on the basis that the information given to us regarding the portability of our mortgage in our proposed scenario. We assumed that the mortgage provider would be the most reliable source of information regarding the mortgage they were supplying. Am I on another planet? Is this not reasonable?

p.s. Where are you getting this "high personal debt level" from? We have never had a high personal debt level, and both have impeccable credit records/scores.

roonaldo

Just because im not telling you what you want to hear. This is a public forum, get with it..chap.

Your argument doesnt stack up. You suffered no financial loss as a result of the lender, unless you paid the lender an applicaiton fee. You have suffered a loss due to poor decision making and it seems you're just bank bashing trying to make someone else pay for your mistake.


At the end of the day, the lender just didnt let you port the mortgage as they are within their rights to do. Everything else was your doing.

Im just giving you a point of view.

SouthCoast

The solicitor seemed to think the figure should be in the significant thousands rather than hundreds.

Legal costs could run into tens of thousands.

Are they prepared to take on your case on a no win - no fee basis?

roonaldo

SouthCoast wrote: »

Legal costs could run into tens of thousands.

Are they prepared to take on your case on a no win - no fee basis?

I really doubt they would win, moving to a property before a mortgage offer was issued was crazy.

Thrugelmir

davidf wrote: »

p.s. Where are you getting this "high personal debt level" from? We have never had a high personal debt level, and both have impeccable credit records/scores.

Your words.

"to pay off approx £15K of debts".

Impeccable? Paying on time does not constitute or indicate whether somebody is a good risk or not. More importantly its how money is managed on a personal level..

beecher2

I'm not sure what you want to achieve to be honest. If you try to look at it positively, you've paid off all your debts, have money for a new car and your partner has a fantastic new job. The lender was wrong in making you think that porting was an automatic right, but you are where you are and I'd be looking forward and planning how you can save up a deposit. I'd also be thankful not to be stuck with a 100% mortgage at this present time.