Can Halifax insist on changing our mortgage?

Hughieboy

Thanks for the advice.

Right bunch of charmers, aren't they?

Oh, how I love our wonderful country and it's considerate financial institutions. Their lack of greed is truly heartwarming :-/

Thrugelmir

Hughieboy wrote: »

Their lack of greed is truly heartwarming :-/

So what's your motive if it isn't profit?

The days of churning assets on the back of cheap money is over.

Hughieboy

I told you what our motive was, WE WERE STUCK WITH THE BLOODY HOUSE, it was to hold on to the property rather than sell it for a song at a time when houses weren't selling very well. We are private mortgagees who work hard to be so, not greedy lending leeches who use any given excuse to extract as much money as they can from their customers. This forum seems to be mostly full of sanctimonious smartarses who like to preach the gospel and 'know it all' whereas I thought, given Martin's reputation it was a meeting post for giving and taking friendly advice on saving money. Thanks to some of you, not to all of you, and next time I need advice and 'understanding' I'll go elsewhere. Unbelievable.

dunstonh

We are private mortgagees who work hard to be so, not greedy lending leeches who use any given excuse to extract as much money as they can from their customers.

No you are not. You are wanting to break your contract to go with a commercial proposition.

This forum seems to be mostly full of sanctimonious smartarses who like to preach the gospel and 'know it all' whereas I thought, given Martin's reputation it was a meeting post for giving and taking friendly advice on saving money. Thanks to some of you, not to all of you, and next time I need advice and 'understanding' I'll go elsewhere. Unbelievable.

Next time, I suggest your pre-empt any comments by telling us what you want to hear. That way we can just copy and paste it and make you feel better. No point anyone posting the truth or the facts if you don't want to hear it.

opinions4u

Hughieboy wrote: »

I told you what our motive was, WE WERE STUCK WITH THE BLOODY HOUSE, it was to hold on to the property rather than sell it for a song at a time when houses weren't selling very well.

So you admit your motive is money.

Nothing wrong with that in my opinion. Getting the best possible financial outcome for yourself is an admirable objective.

The overwhelming majority of bussinesses have exactly the same objective.

We are private mortgagees who work hard to be so, not greedy lending leeches who use any given excuse to extract as much money as they can from their customers.

You wanted to change the nature of your contractual arrangement. Don't expect them to knock 10% off the price if the risk of that change places an extra burden on them.

This forum seems to be mostly full of sanctimonious smartarses who like to preach the gospel and 'know it all' whereas I thought, given Martin's reputation it was a meeting post for giving and taking friendly advice on saving money.

Sometimes there are situations where an individual can ask a queestion and the answer, while unpalatable, is correct. If I knew of a way round your problem, or of lender XYZ giving people in your position a product that saves you a fortune I'd have posted it.

Just because people have fed you the facts isn't an excuse to hit out at them.

Thanks to some of you, not to all of you, and next time I need advice and 'understanding' I'll go elsewhere. Unbelievable.

Perhaps I should set up a site call MoneySavingLiars.com.

It allows people to post questions about their situation and those who respond are required to lie in order to make the poster think that everything is hunky dory when it isn't.

The best place to start managing money is with factual information. If you can't handle the facts, there is little hope of improving your position.

jamesd

Perhaps being a little more understanding would be good. Hughieboy doesn't seem to have realised that they were running a business and weren't entitled to residential loan rates, so had a double shock from both their mortgage lender and us confirming that the mortgage lender was within their rights to seek a business mortgage rate.

Hughieboy

jamesd wrote: »

Perhaps being a little more understanding would be good. Hughieboy doesn't seem to have realised that they were running a business and weren't entitled to residential loan rates, so had a double shock from both their mortgage lender and us confirming that the mortgage lender was within their rights to seek a business mortgage rate.

That's about spot on. And I didn't mean to 'hit out' at anyone. And no, we never considered it a business, more the most practical means to an end at the time. We are going to shop around for a buy to let mortgage and see how it compares with what the Halifax are insisting on.

No offence intended, just quite frustrated and feeling the pressure.

Onwards and upwards!

jamesd

Good luck with the BTL mortgage. I think you probably won't get a better deal than the one you've been offered but it would be good to know if you do.

jimjames

jamesd wrote: »

Good luck with the BTL mortgage. I think you probably won't get a better deal than the one you've been offered but it would be good to know if you do.

The best one I found currently was Market Harborough BS that were offering 3.84% with up to 70% LTV. I guess that may not be suitable in this case as if there was sufficient equity in the property then it may have sold instead.

Tbonetone

Hopefully not too far off topic here, but as this is one of the more recent threads about CTL, BTL and Halifax, bear with me?

Situation:

LTV based upon both Halifax and independant valuation approx 91%.
£10k deposit paid 4 years ago - took years to save this real cash!
Asked Halifax for consent to lease as partner has moved in with me and we are expecting first child
Told cannot have CTL or BTL due to no reasons given and LTV respectively.
Asked for CTL reasons for refusal - would not tell us
Advised by Halifax to sell.
So we put on market for ages, no offers
Dropped price, still no offers.
Cannot afford to sell the flat for less than the mortgage remaining.
Flat has been empty for 10 months now.
In 6 months time, we'll have a baby and reduced income. If we cannot sell the flat and loose all of that hard earned deposit, we are screwed.

And yes, it galls me to think that the Halifax would just walk away with massive profit from this mortgage deal over the last 4 years and we would lose £15-20k in terms of depoist paid, lost equity and fees. Halifax laughs all the way to the, er, bank...

What do we do?

Oh, and not trying to make money here as some suggested in some rather fractious exchanges earlier. Simply stuck between a rock and a hard place and don't want to lose all that money from years of hard saving. Just trying to save money. :(