Mortgage lender Alert-Change of Definition

Charter

I would like to alert borrowers to a recent experience with HBoS as a lender, who after previous mortgage advances , has declared that I am "Expatriate" and not eligible for a further advance. Previously, as now, advances were sort to use for major home improvements.
Working in the offshore Oil & gas industry 2 advances were made without murmur and I assume the bank concerned have changed their rules. There is no explanation, just those are are the rules. The only admission is that people who work 183 days out of the country are judged as "expatriate" despite not being declared as such by the HMRC. Anyone working on a 1:1 leave ratio (as is normal, ie month on/month off) automatically will be out 183 days per year. I work for a UK company, hired by another UK company to consult to a foreign oil company. This may effect many 1000's with HBoS mortgages in this industry and my bank manager agrees it is an illogical pronouncement. He also agrees I have been treated very badly the process having taken 5 months. Beware.

Dave_the_Ginger_Cat

Lenders differ on this, and they can define their ex-pat rules as they see fit I'm afraid. Much of it is about the occupancy of the house. If you have someone else on the mortgage, you may find that this will alter the situation

Let_Us_See

Change lender. Many lenders should accept your situation if you are a UK tax payer. Are you?

Charter

Yes I am. Definitely need a new lender.
Thanks
C

Thrugelmir

Charter wrote: »

Previously, as now, advances were sort to use for major home improvements.

Then the lenders attitude may well have changed since your previous advance request. Different era now. Responsible lending.