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Banks refusing to renegotiate existing mortgages

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Comments

  • RedDwarf82
    RedDwarf82 Posts: 179 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    dunstonh wrote: »
    "may be able to"... "without all".... Lots of nice vagueness there.
    Sure, I am not saying the bank can't do what it's doing. I am just saying the MMR is not forcing the bank to reject the request, so we should stop talking about the MMR here. It's a 100% bank decision.
  • brit1234
    brit1234 Posts: 5,385 Forumite
    Adopting MMR for remortgages is best practice, after all we don't want to bail out the lenders with tax payers money again.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    brit1234 wrote: »
    Adopting MMR for remortgages is best practice, after all we don't want to bail out the lenders with tax payers money again.

    That's not what the FCA have set out to do with MMR. Not least that it's not the way to tackle the poor lending practices of the early noughties. MMR is very much looking forward.
  • kingstreet
    kingstreet Posts: 39,374 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lenders are choosing to ignore the October 2012 transitional arrangements for "mortgage prisoners" who are not increasing their LTV or their borrowing and who have a good repayment record.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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