Post Office Mortgage - Brand New Customers Only

Mortgageadvisor1986

Consider myself well put in place goodnight

Thrugelmir

The terms of the ERC are contractual. So the ERC will be invoked if you wish to change the terms i.e. by extending the term. As with any contractual term both parties have to adhere what they signed up to , or both agree to a change. There's no right to a unilateral change of terms.

Mortgageadvisor1986

Rrrrrrrrrrrrr

Leon_W

Hi Robert


Errr. Let me get this straight. You are a mortgage advisor for Santander and you are castigating the Post Office for offering the best deals to new customers ??? I'd insert a smiley here if I knew how. They (Santander) don't even offer the same deals to brokers let alone customers !!


This porting moan. When porting a mortgage it is on the same terms as the original is it not ? As soon as you wish to change the term, repayment basis or loan amount it is a new mortgage.

ACG

Putting that to one side....
You are an advisor, why did you tie in to a 5 year deal when your circumstances could change?

I bought a house with my girlfriend, as we had never lived together before we did a 2 year deal. This gave us the flexibility if we wanted kids we could move soon enough, if she did my head in more than she does we could split up sell the house relatively quickly if needed etc.

You chose a 5 year deal and now you want to port it (which they offer and have not declined this request). You want to alter the terms not them - and you are complaining they they are sticking to what was agreed?

What would you do if they said they want to reduce the term to 15 years?

Senior_Paper_Monitor

Robert,


Which of the six TCF outcomes (or any other component) states that:

"it is dictated that a customer should be treated as an individual"


"not allowing an existing customer full choice of all available products and not allowing a term extension when moving home and porting runs completely against the principals of treating a customer fairly"


"there is any commitment to providing a suitable product for a top up loan and allowing flexibility for changes to circumstance"


To help you, these are the published outcomes ....


Outcome 1. Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.


Outcome 2. Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted appropriately.


Outcome 3. Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.


Outcome 4. Where consumers receive advice, the advice is suitable and takes account of their circumstances.

Outcome 5. Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.


Outcome 6. Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.






Have you tried asking your own underwriting department if they would extend your current product term (if it was their mortgage) and/or allow a top up from any product in their current range ?


As a qualified adviser you really should be aware that TCF doesn't say the customer can have whatever they want whether their contract says so or not !