Application for change of title declined

C8LNJ

BobQ wrote: »

From their point of view £120K may not be seen as "relatively small" when its 4 times your basic pay.

How did this compare with your joint income/joint basic pay when you originally took out the mortgage?

How secure would they think your job is in the current climate? How guaranteed would they view your allowances?

I can see why you are annoyed at their decision but ultimately they are making a judgement about risk and having your partner to call on in extremis will certainly reduce their risk.

Its relatively small when other lenders will happily give me more than double the amount. Ive also got around 60k equity in the property if that makes any difference.

My job is as secure as they can get i'd say by all accounts, I work for Dutch Shell in a company position. Even in the current climate its business as usual & I cant see that changing.

C8LNJ

Bigsmak wrote: »

Why don't you go and see a Mortgage broker or an IFA who are trained to handle this kind of thing?

Because i'm not looking for another mortgage at the minute, i'm wanting to try & salvage this one.

Ive got around £20k accessible I could pay off some of the loan with, how would the mortgage lender look towards this if I approached them?

The most annoying thing in this is trying to get someone on the phone to talk about this with. Its an absolute farce!!!

GMS

C8LNJ wrote: »

They allowed it no problem in the 1st instance when they set it up!!

I will appeal and give a good detailed explanation of my income, thanks for the advice.

I could easily get a reduced rate with another lender however the current lender wants £3625.86 as the early settlement fee. This plus a new product set up fee would be approaching £5k, I wouldnt get close to covering all those fees with a reduced rate.

When you look at what WAS available compare to now it is a different landscape altogether.

Who is your current lender?
What rate are you on now?

You say you have funds available if needed. Ask your lender how much they will allow you to borrow. It may be that you are not too far out. Could also be you are a way out in which case you will need to look at alternatives.

A broker would have a look at options for you for no charge generally. May be a fee payable shoudl you proceed but you could look at all options with nothing to lose.

C8LNJ

Even just 18 months ago, has it changed that much?

Alliance and Leicester are the current lender.
Current rate of 5.74%

I could get around 20k to throw on top if needed.

Any time I phone the lender its like a game of call centre bingo whether i'll be able to discuss anything with them or not, they all seem to be ants and cant discuss the matter in hand. Its pretty deflating to say the least!!

Yeah I guess that looking elsewhere would be the next step however the fee is a bit of a sore one!!

C8LNJ

Update:

I applied again, took a few months, filled out the transfer of equity form again, sent 3 new wage slips totalling in excess of £14k between them, waited & waited, then last week I received the 3 wage slips back in an envelope with a 'with compliments' slip.....waited for a letter, nothing turned up so today I contacted customer non-support, to be told point blank that I had been refused again. A & L wont discuss any more over the phone except from saying its down to affordability. I asked to speak to someone to discuss how much I can borrow according to their affordability calculator as I have significant savings I can utilise to make things move my way if possible, again was told the underwriter dept is a non-phone call dept & I'd just have to try again if I like.

This is simply doing my head in & causing unnecessary stress & friction between myself & the ex due to the time line of doing something which should be swept under the carpet many months ago.

Is there any one other than A&L I can complain to? As from reading online I am not alone in this fiasco. Surely this company has a duty of reasonable care to their customers??

Im looking towards a £5k+ bill now to change lender. Absolutely sickening.

I worked out my mortgage costs 16.5% of my monthly wage not taking into account OT or Bonus. I have a few other small credit commitments but nothing much. However I cannot afford it according to them even though ive paid the entirety of the mortgage for over a year.

Do not & I repeat NOT bank at all in any way with Santander / Alliance & Leicester unless you enjoy a difficult life!!!!

Wh05apk

The problem is A&L are no longer lending as such, although I am surprised at their response, as they used to be reasonably good, most lenders will allow shift and offshore allowance as it is presumably guaranteed.

I really think you need to persist with this, and ask to speak to someone about it.

Just thinking what term are you looking over - what is your age?

meer53

I'm currently remortgaging to take my ex husband off our mortgage. I have a Financial Advisor working on it for me. My salary (part time) is £10500 and i have savings and shares but not huge amounts, i'm 54. I also get child benefit and WTC and CTC. My FA has managed to get me a deal with Halifax for 100k on interest only which i need as i wouldn't be able to afford it on repayment. My ex has been made redundant so i have no maintenance now or help towards the mortgage as he did before so i need to do this to keep my house. His redundancy money has been used up by him fighting for custody of his 2 kids from his GF (they are now split up too)

Without a financial advisor i wouldn't know where to start.

Trollfever

Even just 18 months ago, has it changed that much?

Yes.

Banks based in Spain could fall over.

C8LNJ

So what should I do here, just cut my losses and remortgage?? My day to day bank 'Bank of Scotland' will happily take my custom and best of all I can speak to a professional in my local branch & not a chimp over the phone.

Down side of this is i'll be left to foot the penalties, & fee's. Around £5k worth.

I suppose I can take that as one of lifes lessons however in order to salvage my home!!

meer53

My mortgage advisor is charging me £250. Maybe worth speaking to one first ?