interest only mortgage - current lender won't give me a new deal and can't remortgage

poppy10_2

hoggiebear wrote: »

We are still unable to remortgage to another lender and I feel that we have been trapped by Santander and their unethical lending.

Sounds more like irresponsible borrowing. Santander only gave you what you asked them for. When they finally said no, you're getting angry and blaming them.

shortchanged_2

poppy10 wrote: »

Sounds more like irresponsible borrowing. Santander only gave you what you asked them for. When they finally said no, you're getting angry and blaming them.

I totally agree. Just because a bank etc says we can give/loan you this amount of money doesn't mean you have to take it. When are people going to take some responsibility for their own decisions and actions.

The_J

Meh, sounds like their 40k improved the property in value by more than that. Hence my total disregard of any whining thereafter. These people are in a good position and if they cannot afford an interest only mortgage at 6x income then there is no hope for them. 10x income on interest only would be easy.

shortchanged_2

The_J wrote: »

Meh, sounds like their 40k improved the property in value by more than that. Hence my total disregard of any whining thereafter. These people are in a good position and if they cannot afford an interest only mortgage at 6x income then there is no hope for them. 10x income on interest only would be easy.

Are you actually Ray Boulger in the real world? :rotfl:

dimbo61

Can you sell up and buy a cheaper house?
valuation of £270K is so close to £250K stamp duty limit
IE 3% above £250K and only 1% if £249,999 you will struggle to get anyone to pay over £250K.
If you wont sell then overpay every month while on the SVR and look at all spending.
In dec 2005 my lender was happy to lend me £170K on my income and I though this was madness so I borrowed less, I have over the last 7 years paid off 3/4 off my mortgage and interest rate was 4.74% so overpay and look at all spending