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Alliance and Leicester First Plus Mortgage - Massive Issues
charliepringle
Posts: 1 Newbie
My partner and I took about an Alliance and Leicster First Plus Mortgage in 2007. The mortgage was for £129,000 and a £15,000 unsecured loan. The value of the property at the time was £132,000. As it stands, we still owe £14,000 on the loan and our mortgage balance is £113,000. The property is now valued at £125,000.
We are now wanting to move house and have a 20k deposit.
I actually went into a Santander branch in July and was advised by their Mortgage Advisor that we could rent our current property and leave the unsecured loan on the property and take out another mortgage with the 10% deposit or sell our property and the loan would be transferred onto our new mortgage but we'd need a 15% deposit. The advisor actually emailed these options to me.
I called Santander yesterday and asked if we could go ahead as we're now viewing houses and have seen a property we would like to make an offer on. I was told that because our mortgage was a First Plus mortgage, we would need to pay off the £14,000 and would need a 15% deposit and we wouldn't be able to rent our current property at all.
I have now logged a complaint and in the process of reporting them to financial ombudsman as we were never told when we took the mortgage we wouldn't be able to move house without paying the unsecured loan first and the fact we've been given false advise in writing.
Has anyone else had problems with the First Plus mortgage or Alliance and Leicster mortgages?
We are now wanting to move house and have a 20k deposit.
I actually went into a Santander branch in July and was advised by their Mortgage Advisor that we could rent our current property and leave the unsecured loan on the property and take out another mortgage with the 10% deposit or sell our property and the loan would be transferred onto our new mortgage but we'd need a 15% deposit. The advisor actually emailed these options to me.
I called Santander yesterday and asked if we could go ahead as we're now viewing houses and have seen a property we would like to make an offer on. I was told that because our mortgage was a First Plus mortgage, we would need to pay off the £14,000 and would need a 15% deposit and we wouldn't be able to rent our current property at all.
I have now logged a complaint and in the process of reporting them to financial ombudsman as we were never told when we took the mortgage we wouldn't be able to move house without paying the unsecured loan first and the fact we've been given false advise in writing.
Has anyone else had problems with the First Plus mortgage or Alliance and Leicster mortgages?
0
Comments
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we took out the same deal in 2007 as well. we also want to move house now but after a phone call to A&L yesterday im having seconds thoughts. I never realised at the the time that the loan section would restrict me so much.
Any luck with the complaint?
any advise would be welcome.
Cheers Dean.0
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