Mortgage Prisoner

kingstreet

Leon_W wrote: »

Funnily enough kingstreet......


I am currently a mortgage prisoner with Halifax. I have an interest only mortgage and would not meet current affordability criteria.


My deal was up and I submitted a product transfer online with sale of property as the repayment plan (fill out the declaration of intent) and had the offer through this very morning, 2 year fix @ 2.54%.


No problems or probing questions, nothing at all.

Hm. That's interesting as we were told by our BDM and her RM that they wouldn't allow PTs on IO without an affordability discussion, so nothing would be offered online.

No surprise there then. Different story from a lender...

kingstreet

brobs wrote: »

Hi I'm new to this forum and not sure if I'm posting in the correct place??? I'm after some good advice. I'm currently in a mortgage with my ex to whom l have two children with. One 17 and one 12. We have been separated for 7 years. The first year of separation he paid child maintenance which helped to pay the mortgage however the payments soon stopped as did his contact (his choice). I have continued to pay the mortgage myself. A court order was made for me and the kids to live in the property until the youngest turns 18. However I'm now in a settle relationship and we would like to own the house together ourselves. I have no idea how to go about this or even if its possible. Any help ideas or advice would be appreciated. Thanks !

Start a new thread with this as it's not related to the OP's subject.

RichieNotRich

amnblog wrote: »

You mean the one that says lenders should not (with regard to existing borrowers)


take advantage of the customer's situation or treat the customer any less favourably than it would treat other customers with similar characteristics


It's a broad statement with plenty of room for manoeuvre.


You are not being treated less favourably - BOS is not currently offering new borrowers interest only lending.

That's the one.

Is it usual to ask for a payment of £100 to allow an IFA to speak to them?

Leon_W

That's what I was told by my BDM as well kingstreet !


I obviously didn't put through the request down my own channels (so don't get paid) but it really was as simple as that. There was no discussion. Just fill out the declaration.


It may have helped that the LTV is good, there's a bit of equity in order to downsize and I have a little BTL with equity in but all of that is apparently outside of Halifax current (for new lending) criteria.


I know we have discussed this before, but it's not like they can un-lend the money. As long as the monthly payments are being met they should treat all existing borrowers the same, meeting so say new made up affordability "criteria" or not.


Regards

RichieNotRich

I have read somewhere that Halifax own Bank of Scotland and that BOS do not offer competitive rates as Halifax don't want them to compete.

kingstreet

Lloyds Banking Group owns Bank Of Scotland and Halifax.

Halifax lends under the BoS banking licence.

amnblog

Leon_W wrote: »

That's what I was told by my BDM as well kingstreet !

and me


perhaps they can squeeze a broker through under the industry professional tag without 'giving advice'

amnblog

RichieNotRich wrote: »

That's the one.

Is it usual to ask for a payment of £100 to allow an IFA to speak to them?

If their time is worth that to them - then that is the way it is.


It will cost you £5,000 just to get Robin Van Persie to warm up at Old Trafford but there are 80,000 there who would play 90 minutes for free.

Leon_W

Going down the Halifax direct online website route is the only one I know where, if it's a straightforward like for like swap, then there is no advice requirement.


I'm sure that as soon as you get a Halifax human involved the whole thing becomes advised and your in for a whole lot of aggro about repayment strategies and the like.

Thrugelmir

RichieNotRich wrote: »

When the base rate goes up do you think that the mortgage interest rate will stay the same?

What relevance does that have to the question I've asked you?

Bank base rate was set at abnormally low levels to keep the financial system afloat. It has remained low due to the inability of the wider economy to stand rates that are any higher. This bears no relation to the cost of money to mortgage lenders. Nor the true cost of running a retail bank .