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IMO this is a key reason the economy is being dragged backwards.
At a macro level M4 money supply is contracting as banks continue to deleverage. Without QE asset prices (including residential property) would have fallen far further. So to maintain solvency and profitability banks need to be able to lend at sufficient margin. Days of borrowing cheap money in the wholesale markets are over. As depositors can now demand a decent return.0 -
Isn't Treating Customers Fairly about not giving advantageous rates to new business and not to existing customers...0
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Loanranger wrote: »Isn't Treating Customers Fairly about not giving advantageous rates to new business and not to existing customers...
I agree. Why should new borrowers subsidise existing one. Whose mortgages are actually losing lenders money.
I have a very low rate life time tracker. Last year, my building society made an operating profit of £78,000. So I would question how long low rates can be maintained. Anytime soon I am expecting my lender to revise my contract terms.0 -
OP - stay calm
If your existing lender will not allow you to port your mortgage (and I still think you could be ok) there will be lenders that will...
Granted, you may have to pay your existing lender an early redemption charge, but your sale and purchase will be unaffected...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have checked our credit report and it looks I've this 000033303 - feel gutted as I just have a terrible memory and have usually just been a day or two late, will they perform a new credit check also?0
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Do not understand where the 3's come from. They are usually cumulative.
Yes, they will credit check I am afraid..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sorry its actually 0000111001....my mind is working overtime :-(0
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Granted this is not helpful, although with consistent mortgage payments some of this can be mitigated.
Who is your current lender - please do not say HSBC...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No, Cumberland Building Society.0
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We are also selling our house through them, don't know if that makes a difference but they know if they don't port our mortgage we can't sell and they will lose out on the sale also.0
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