Trying to port our mortgage, Intelligent Finance, what a laugh!

ellie27

We are trying to port our mortgage, currently 0.95% with intelligent finance, £82k mortgage, repayment of around £380 per month, remaining term 18 years or so.

We have been told to expect it to take around 8 weeks, we are in Scotland and it doesnt look like we actually have 8 weeks as we are looking at end of November, so will be tight! We can buy the house with cash if the port doesnt come through in time!

During the 1 hour phone interview, which was a couple weeks ago now, we said we could comfortably pay up to £1000 per month should we have to as a result of interest rates rising.

So the guy from the bank calls today, he says he has looked at the figures and thinks we should pay £870 per month for a term of 8 years. WHAT??? But thats not what we wanted! We want to take it as it is now. So he went on about how he needs to offer us the best option so that we pay as little interest as possible over the term, ok.

He also asked.... so you said you can just buy the house in cash so why do you want to port the mortgage, why do you need a mortgage? So that we can keep our £82k in our 3% savings account which is best since the mortgage rate is currently so low.

Is this normal? So, with him talking about numbers does that mean we will get the mortgage? Its more a case of will it come through in time? They mentioned having to pay for a valuation of the property at some point, £400. Since we are so short in time, 4 wks max, we are thinking of just telling them to stick it. Dont wan to pay £400 for a property valuation and then the mortgage doesnt come through in time!

Thrugelmir

You showed your entire hand. So the bank is calling your bluff. I'm sure that they would be happy to lose you as a customer. As and when interest rates rise you'll be gone anyway.

Peter_L

Intelligent Finance isn't Intelligent Finance anymore. We did manage to Port our mortgage with them 4 years ago when they were still part of HBOS and that was pretty straightforward but as they are now part of Lloyds, they are looking at dumping as many customers as possible as they are under obligation to reduce their portfolio and streamlining services and products they offer as the Lloyds banking group. they even tried to make us offload our current account with them recently.

As Thrugelmir has stated you have basically told them you don't even need a mortgage and therefore they want rid.

Good luck and hope you get it done in time ... just don't hold your breath as it took months when we were still a valued customer !

Wh05apk

This is nothing to do with them trying to lose you, this is simply an over eager "advisor" thinking they are advising you what is best, normally the best thing would be to pay back ASAP, or not take if you have the cash.
Provided you are ok age wise, there is no reason why they can't port for the term requested, however this shows the issues of dealing with direct only lenders, if this was a lender accessible through a broker this would be resolved instantly.

ellie27

Yes, we got the impression that they are not really interested in porting the mortgage and would rather they were rid of us.

We can afford to buy the house in cash, it was just we thought it better to keep the mortgage as we currently have such a low rate.

Ah well, mortgage free and a new bigger house, will be strange not having to pay a mortgage every month, looking forward to it!

amnblog

They are not doing new business and existing borrowers are a 'distraction' for them.


If you want to continue to take advantage of such an unrepeatable low rate you need to jump through the hoops.

ACG

The other thing is, be careful about buying the house cash and then porting the mortgage. They are unlikely to let you port the mortgage to a property you already own (whichis how this would end up).

Paying as little interest as possible is their job to some extent but in this case they have got it completely wrong. You are actually earning money by having the mortgage... although by the time you have paid for valuation fees im not sure it would stack up that way. But even so, if its personal preference to have the mortgage then there should be no issue to not get it if it all stacks up.

ellie27

ACG wrote: »

The other thing is, be careful about buying the house cash and then porting the mortgage. They are unlikely to let you port the mortgage to a property you already own (whichis how this would end up)..

Yes, to port we need to sell/buy the same day, we cannot buy with cash then port.