Portman have stung me...

alant1000

Hi,

i'm probably going to have to bite the bullet on this one, but at the moment i am in the process of moving house and am SKINT this month as i need to find all the conveyancing money / stamp duty etc... plus my car tax is due this month - perfect timing!

Basically i was on a joint mortgage with dad at the portman, i asked to come off so i can take out my own with Nationwide... we were in the fixed period with Portman... Portman said dad needed to do a complete new application (fair enough).. they have granted the mortgage for dad alone... and insist on paying the new mortgage fund value (basically the same mortgage account) to our solicitor which INSTANTLY has to go straight back to the Portman.. and Portman are charging us £35 to transfer to the solicitor, and the solicitor needs to then pay this straight back to Portman for another £40.

So £75 just to swap money into solicitors account then straight back into thiers again.

WELL DONE PORTMAN!! YOU ARE A BRIGHT BUNCH AREN'T YOU!!!:mad:

eatmyfish

alant1000 wrote: »

Hi,

i'm probably going to have to bite the bullet on this one, but at the moment i am in the process of moving house and am SKINT this month as i need to find all the conveyancing money / stamp duty etc... plus my car tax is due this month - perfect timing!

Basically i was on a joint mortgage with dad at the portman, i asked to come off so i can take out my own with Nationwide... we were in the fixed period with Portman... Portman said dad needed to do a complete new application (fair enough).. they have granted the mortgage for dad alone... and insist on paying the new mortgage fund value (basically the same mortgage account) to our solicitor which INSTANTLY has to go straight back to the Portman.. and Portman are charging us £35 to transfer to the solicitor, and the solicitor needs to then pay this straight back to Portman for another £40.

So £75 just to swap money into solicitors account then straight back into thiers again.

WELL DONE PORTMAN!! YOU ARE A BRIGHT BUNCH AREN'T YOU!!!:mad:

They certainly are bright, I have shares in Portman and am glad to see they are doing a good job :-)

alant1000

eatmyfish wrote: »

They certainly are bright, I have shares in Portman and am glad to see they are doing a good job :-)

yes... and we'll be ditching them as soon as the term is over so suddenly the £35 they ripped off me looks like a drop in the ocean compared to the interest they would have made from me if i didnt feel they were ripping me off.... plus i wouldn't recommend them to friends, so they have lost a customer!! Still think they are doing a good job for the share holder??

Smoke that :rotfl:

eatmyfish

alant1000 wrote: »

yes... and we'll be ditching them as soon as the term is over so suddenly the £35 they ripped off me looks like a drop in the ocean compared to the interest they would have made from me if i didnt feel they were ripping me off.... plus i wouldn't recommend them to friends, so they have lost a customer!! Still think they are doing a good job for the share holder??

Smoke that :rotfl:

Indeed, but another minute has gone, plenty of suckers!

MarkyMarkD

Portman are a building society, so I'm not sure what eatmyfish is wittering about being a shareholder.

I don't understand what Portman are doing here at all, to be honest. Most lenders will do a transfer of equity as a paper exercise at their end and leave your solicitor to transfer the ownership between the parties. I don't see ANY reason to move the money around from Portman to solicitor back to Portman.

I hope that they are letting your Dad keep your original fixed rate, and not charging new application fees?

eatmyfish

MarkyMarkD wrote: »

Portman are a building society, so I'm not sure what eatmyfish is wittering about being a shareholder.

I don't understand what Portman are doing here at all, to be honest. Most lenders will do a transfer of equity as a paper exercise at their end and leave your solicitor to transfer the ownership between the parties. I don't see ANY reason to move the money around from Portman to solicitor back to Portman.

I hope that they are letting your Dad keep your original fixed rate, and not charging new application fees?

Portman were "absorbed" by Nationwide not so many moon back, I may "witter" on but at least I do so from fact! You should be ashamed proffering advice when you can't even get the facts regarding a public company...I hope someone sues you, this is a real possibilty by the way!

alant1000

MarkyMarkD wrote: »

Portman are a building society, so I'm not sure what eatmyfish is wittering about being a shareholder.

I don't understand what Portman are doing here at all, to be honest. Most lenders will do a transfer of equity as a paper exercise at their end and leave your solicitor to transfer the ownership between the parties. I don't see ANY reason to move the money around from Portman to solicitor back to Portman.

I hope that they are letting your Dad keep your original fixed rate, and not charging new application fees?

Thanks for your constructive and supportive advice.. unlike some **cough cough** other rather pointless comments which go in one ear and out the other other.

The portman kept us on the same rate as the original agreement BUT charged a £145 mortgage arrangement fee to boot!! The original agreement ends in Dec.... which is when Dad will ditch them for an organisation with morals. :T

So basically £210 is the total fee from Portman - plus solictors fees which are all fair game. Incidentally my solicitor agrees with you and I, she could not see why Portman insist on this expensive process either.

alant1000

eatmyfish wrote: »

Portman were "absorbed" by Nationwide not so many moon back, I may "witter" on but at least I do so from fact! You should be ashamed proffering advice when you can't even get the facts regarding a public company...I hope someone sues you, this is a real possibilty by the way!

please can you do the world a favour and disconnect your PC from the internet if you are going to go around being nasty and spiteful, i'm in a bit of financial difficulty here, feel i am being unfairly treated by the Portman and could do with some useful advice. Thanks. Alan

eatmyfish

alant1000 wrote: »

please can you do the world a favour and disconnect your PC from the internet if you are going to go around being nasty and spiteful, i'm in a bit of financial difficulty here, feel i am being unfairly treated by the Portman and could do with some useful advice. Thanks. Alan

Hi Alan, my posting wasn't directed at you, I was commenting on people who proffer advice which may well be wrong and end up damaging you... ..hardly spitefulI would suggest you speak to a solicitor rather than relying on advice from an internet forum...I am geniunely sorry if I offended you...

alant1000

eatmyfish wrote: »

Hi Alan, my posting wasn't directed at you, I was commenting on people who proffer advice which may well be wrong and end up damaging you... ..hardly spitefulI would suggest you speak to a solicitor rather than relying on advice from an internet forum...I am geniunely sorry if I offended you...

My original post was to understand or gets comments as to whether people feel i had been stung or not, i am a first time buyer (apart from my mortgage portion on dads house), so this is all pretty new to me.. Markys advice that he felt the Portman are being possibly unreasonable was useful to me as it backs up my thinking, whereas yours suggesting my loss helps you as a shareholder, that Portman clients (who no doubt bump up the value of your share portfolio via being rinsed for hard earned cash left right and centre) are all suckers and catching people out who are trying to offer me advice wasn't actually all that helpful.... but apology more than accepted! :beer:

eatmyfish

alant1000 wrote: »

My original post was to understand or gets comments as to whether people feel i had been stung or not, i am a first time buyer (apart from my mortgage portion on dads house), so this is all pretty new to me.. Markys advice that he felt the Portman are being possibly unreasonable was useful to me as it backs up my thinking, whereas yours suggesting my loss helps you as a shareholder, that Portman clients (who no doubt bump up the value of your share portfolio via being rinsed for hard earned cash left right and centre) are all suckers and catching people out who are trying to offer me advice wasn't actually all that helpful.... but apology more than accepted! :beer:

Hi Alan, thanks for taking the time to respond. This is not want you want to hear, but get an INDEPENDENT solictor, they may not back up your thoughts, but hopefully they'll be doing their job.Sorry if this sounds patronising, but your a young chap and there are many people who could potentially rip you off...I do have shares in Nationwide, my advice essantially damages me, but that's ok, money isn't realI wish you the best Alan and hope you will do well!