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COOP Mortgauge

jamesthe1
jamesthe1 Posts: 23 Forumite
in Mortgages & endowments
I have had a coop mortgage since June, I have asked for permission to let have had to move 300 miles to get a job and have been refused.

It it typical to be refused? when you have a genuine reason for moving have supplied wage certificates?
«1

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You took a residential mortgage and now want to amend the terms. Any consent to let is purely at the discretion of the lender as it alters the contract.

    What Loan to Value is the mortgage?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    Dont tell them.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    worried_jim wrote: »
    Dont tell them.

    He already has.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    worried_jim wrote: »
    Dont tell them.

    Having no valid insurance cover should be enough to discourage this.
  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    Thrugelmir wrote: »
    Having no valid insurance cover should be enough to discourage this.

    No it wouldnt....
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I think their criteria is that you must have had the mortgage for either 6 or 12 months, i forget which.

    Did they refuse you because you didnt meet the criteria or because they just didnt want to offer consent?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    jamesthe1 wrote: »
    I have had a coop mortgage since June, I have asked for permission to let have had to move 300 miles to get a job and have been refused.

    It it typical to be refused? when you have a genuine reason for moving have supplied wage certificates?

    Whether it's typical or not doesn't matter though does it? You've been refused to...well...you've been refused.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Co-op have been knocking out some of the best buy mortgage products in 2012. To take advantage of one in June and to have your situation change so dramatically, probably leads them to suspicion.

    They are well within their rights to just say no and unfortunately they have.

    If you were going to appeal, I would suggest you address how and why your employment has changed so dramatically. You fancying a change, applied for a new job, wanting to be nearer family etc. are not likely to be good enough reasons.

    Good luck
    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.
  • latecomer
    latecomer Posts: 4,331 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Sell the house, port the mortgage and buy a new property. Then get a buy to let property if you want to become a landlord
  • jamesthe1
    jamesthe1 Posts: 23 Forumite
    it is a 75% LTV mortgage
This discussion has been closed.
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