Co-operative Bank totally unethical - can't port my mortgage or rent empty house

k3lvc

But you're not just trying to port your mortgage - you've fundamentally changed your situation but expect them to ignore this

ACG

hostie wrote: »

It is saying that dunstonh. The actual wording is 'Nowadays people rarely stay in the same place for life. So, if you fancy a change at some point in the future, the good news is that you can take your mortgage with you.'

It says that in the original documentation. Yet I phoned them today and I can't.

So in the terms and conditions that your reading and copying from does it really not state something along the lines of it being subject to a new application/meeting the lenders criteria at the time of application.

If not, then I completely agree with you and I would be on the phone to co-op to complain. But I think you are reading the bits you want to read and only showing us the bits you want to show us.

dunstonh

It is saying that dunstonh. The actual wording is 'Nowadays people rarely stay in the same place for life. So, if you fancy a change at some point in the future, the good news is that you can take your mortgage with you.'

And you can if you meet their lending criteria. Porting is rarely in the mortgage contract.

Yorkie1

hostie wrote: »

It is unethical to sell a mortgage to someone with the promise that they can port it, and then five years later, say sorry, you can no longer port this mortgage.

Now that I am in temporary employment, I will not be able to get a new mortgage. My circumstances have improved considerably since I first took out this mortgage and I am now in the position that I don't have to work full time. All I want is for them to honour the original agreement.

hostie wrote: »

I actually think this is a trading standards issue. Just looked at my original paperwork:
'all our mortgages are completely flexible, so you can adapt them to any changes in your circumstances and lifestyle. As you'll see, this opens up all kinds of possibilities… (then one of the possibilities they list is) 'Move home and take your mortgage with you'
So essentially they said to me that I could move home and take my mortgage with me, but in fact, I can't. I have to re-apply for a new mortgage and it does matter that there have been a few changes to my circumstances i.e. have had to move to another city for a new job. I feel I was totally mis-sold.

You are wrong that they have changed their stance, and also wrong that it is a trading standards issue matter.

"Porting" has always - for every single lender - been a question of transferring your mortgage details - i.e. interest rate, duration - across to a new property if you move, assuming that you meet the criteria for a new mortgage at that time.

Legally, a mortgage is attached to a property. It is registered as a legal charge against the property at the land registry and must be discharged when the property is sold. Hence the need for a new charge to be created against a new property.

The mortgage does not attach to a person, and in any event the regulators have forced lenders into being strict with all new applications - which a port is - and given the temporary nature of your job, you no longer fit their criteria.

Thrugelmir

hostie wrote: »

as I don't meet their new buyer criteria (now in temporary employment)

That's not a new requirement. Secure employment or a guaranteed source of income is a fundamental part of every mortgage application.

ethank

They should have put Nowadays people rarely stay in the same place for life. So, if you fancy a change at some point in the future, the good news is that you can take your mortgage with you as long as it is not more risky for us to lend, you don't take up temporary employment, the house is a wreck & unmortgageable, on a flood plain, it is in Northern Ireland, or you are going to retire soon.

As Howard said in the Halifax adverts 'Terms & Conditions Apply'