Retention products based on new affordability rules

Ronaldo_Mconaldo

I've suddenly become a bit concerned about our chances of getting a good retention product. Can someone give me their opinions:

Facts:
Mortgage with Santander
Mortgage: Should be about £65k next year when we remortgage
House value: £150k
Duration: 10 years, again next year

Things in my favour:
Been overpaying the mortgage by £500 a month for the last 4 years so if rates go up I'd stop overpaying
I've got about £20k in the bank with Santander
We have a baby but she's looked after by grandparents and so childcare costs are very low
Flawless credit history

Things against us:
I work part time 4 days a week but work one day a week for someone on a self emplyed basis.
My wife works part time, 4 days a week.
My bank statements are fine except i'm a regular on the Matched Betting board and have thousands of pounds coming in and going out of various bookies every month. I could tidy this up though quite easily by using a different bank account.

What do you think of our chances? We currently are on 3.49% and i've paid a fortune off the house so feel the bank should roll out the red carpet but am just a bit concerned.

ACG

Who is your current bank account with?

Ronaldo_Mconaldo

It's with Santander but I have another that I don't use with Barclays, the joint account is with Santander too as a 123 account.

Ronaldo_Mconaldo

Hello, I didn't really get anywhere with this post and it seemed to have disappeared so I thought I'd bump it to get a response. Any advice?

Thrugelmir

Santander have no published list of retention products. So you'll need to call them just to ascertain what's on offer.

dimbo61

" next year when we remortgage "
" Matched Betting board "
" thousands of pounds coming in and going out of various bookies every month "
How about a break for the next 6/12 from the boards!!!

densol_2

I've just changed to a new deal at end of fixed rate with Nationwide - they ask no affordability questions of me ( I'm LTV 50%) - very easy and straightforward ..... In fact the banks etc have been criticised this week for asking affordability questions at the end of a deal if people are not asking for more money - just switching deals - as it means people are locked into standard rates - and it's just greed. It seems some banks have taken an over zealous approach to the MMR rules and not applied the transitional guidelines.

Try not to worry too much as it's bound to have been sorted by next year with all institutions applying the correct approach - and also look around at other companies as you may get a better deal.

Thrugelmir

densol wrote: »

In fact the banks etc have been criticised this week for asking affordability questions at the end of a deal if people are not asking for more money - just switching deals - as it means people are locked into standard rates - and it's just greed. It seems some banks have taken an over zealous approach to the MMR rules and not applied the transitional guidelines.

Many people have extremely poor credit records. So lenders have a right to assess the risk of default. Best to keep things in perspective. As not everyone has a financial position such as yours.

Worth remembering that between NRAM, RBS and LloydsHBOS. The taxpayer is still on the hook for a sizable sum of money backed by hundreds of thousands of mortgages.

glentoran99

Ulster Bank (RBS) where pretty good, we are in negative equity but allowed us to switch to a 90% LTV deal

Thrugelmir

glentoran99 wrote: »

Ulster Bank (RBS) where pretty good, we are in negative equity but allowed us to switch to a 90% LTV deal

RBS have little option but to take the hit. Taking huge write downs on Ulster Bank mortgage book.

densol_2

Thrugelmir wrote: »

Many people have extremely poor credit records. So lenders have a right to assess the risk of default. Best to keep things in perspective. As not everyone has a financial position such as yours.

Worth remembering that between NRAM, RBS and LloydsHBOS. The taxpayer is still on the hook for a sizable sum of money backed by hundreds of thousands of mortgages.

They can't "un lend" the money though can they ? Make people repay ? Just put people on SVR so they have even more chance of defaulting as it's more expensive.