Delete thread

Mummymunny

Delete thread

Dave_Ham

This is a popular issue at the moment and I personally think the banks need to make this clearer.

You have the ability to port you mortgage product, although you have to meet the banks current lending criteria.

It is effectively a new application and pretty much none of your good behaviour counts as if you do not earn enough, or have too many commitments they will simply not lend.

If you want to put the specifics of lender, amount to borrow, income, approx. age and financial commitments may be able to give you the heads up to how likely...

Mummymunny

Delete thread

Dave_Ham

So do you only need the mortgage of £76k, or do you need to increase for the new purchase?

Mummymunny

No we just want to keep the existing mortgage, we have a lump sum for the rest, it was for 76 but will be a little less as we have been making payments since 2009.

Mummymunny

If it helps, we are putting in about 35k in cash more that the last time, works out about 77 in total.

Dave_Ham

You will be absolutely fine, they will do their checks but you will be well within affordability unless you have like 6 children or something....

Try not to worry..

Conrad

Mummymunny wrote: »

We have proven we can make the payments, we have never missed a payment and have had a mortgage previous to this one which we duly paid also. I am now seriously STRESSED out and worried I may go from moving to a new home to fit our growing family to nothing :-(

Mummy

I've been quietly trying to alert people that Labours FSA mortgage regulation that was severly tightened as they were leaving office, is having all sorts of detrimental effects for good capable people like yourselves.

I can't stress enough what a major hidden issue this is.

No one in Government is even aware.

IMO this is a key reason the economy is being dragged backwards.

Only today I have a classic case whereby remortgaging to new lender the couple will HALVE thier outgoings, but because Mrs is retired and 69, this together with the fact they have interest only, kills it dead (unless they tell big lies). Nanny knows best - capable sensible adults can't possibly make sensible decisions. This is the bad face of over regulation.


I don't know what to suggest - try a complaint but I'm not hopeful. It's all about proving beyond a doubt you meet tough FSA rules on sustainability and responsible lending.
The fact you pay the outgoings now in the eyes of the FSA is irrelevant.
If only you could see these sour out of touch middle class white women at the FSA that I have to be lectured by. The most clueless academic types you would ever stumble accross.

IN THE END HARDLY ANYONE BENEFITS FROM THESE BIG BROTHER RULES WRITTEN BY OUT OF TOUCH MIDDLE CLASS LONDONERS THAT ARE CLUELESS WHAT DAMAGE THEY ARE WREAKING.

harvey115

Well said Conrad, I am in agreement as well.

Although on the face of it looks good as it shows 'responsible lending'. In fact its a little badly represented as in fact its lending for maximum and assured profit. Due to this many are feeling the squeeze and and finding it difficult to get out of their current financial issues.

Conrad

harvey115 wrote: »

Well said Conrad, I am in agreement as well.

Although on the face of it looks good as it shows 'responsible lending'. In fact its a little badly represented as in fact its lending for maximum and assured profit. Due to this many are feeling the squeeze and and finding it difficult to get out of their current financial issues.

Cheers Harvey - it'sx not just about profit though.

I have mortgage representatives calling me all the time asking if I can send them some business. The issue is regulation. Lenders are terrified of the FSA and being sued.

This is where our society is going now, everyone terrified of one another in case they get sued for mis - selling / an offensive rude comment (think Tom Daley) / sueing for an injury in an egg n sppon race (and yes I've know this actually happen).

If a lender lends to our OP here and for some reason she get into arrears, that's when the lawyers will crawl all over the application and I find the lender somehow mi sold the mortgage as 'clearly they did not fit new affordability rules'.

There are sometimes ways around these things, but for the general public it's a real menace.

The main principle the FSA have lenders observe is known as TCF 'Treating customers fairly'. Now in a sense by being so utterly cautious you are treating people failry, but the huge unseen downside is millions are not tret fairly, for example when they are forced to rent a house as they are denied a mortgage.

Thus the overall outcome of TCF is very detrimental for millions of folk.

Mummymunny

A bit more stressed now, checked my partners p60 and he only makes 18k as all the rest is overtime, which the bank will not take into consideration. We also have some late payments on credit cards in the past (which are now paid off). Surely the bank should have explained this in more detail before we put our house on the market and accepted an offer! They made out like all it required was changing the address to the new property. Will it go in our favour that we will be putting in more cash than we will be borrowing?