N & P Mortgage Experience - really disappointed...

Ragdoll_Blue

Our current fixed rate with Lloyds is due to finish at the end of next month. I have therefore spent a lot of time researching the offers currently available and approached N & P Building Society. I had an initial telephone consultation yesterday, where everything seemed promising. I then had their more detailed telephone interview today - which was approximately an hour. Despite having less than 65% LTV and therefore a good equity in our property and the new proposed monthly payment being considerably lower than our current monthly payment, they have told me they are unable to loan me the money we need to re-mortgage. Despite having a considerable pay rise since taking our current mortgage, we are not able to borrow enough money from N & P... I appreciate there are new guidelines that took affect last April but I was told the amount we pay into our pensions and life assurance cuts down the amount we can borrow!!! From my experience N & P seem very risk adverse and I struggle to see how they ever lend anyone money!!!
N & P are a mutual building society and are in a group with Yorkshire and Chelsea Building Societies - so no point trying them either!!! Needless to say, I have spoken to Lloyds and we've arranged a good re-mortgage deal without any charges and fees and I will be staying well clear of N & P and Co in the future...

csgohan4

Did you go through a broker?

betmunch

I don't see how you can complain about their service, they told you right away that they could not loan you enough money.


Had they accepted an application then reduced the lending then I think you would be rightfully upset, but it seems you just don't meet their criteria.

Thrugelmir

Ragdoll_Blue wrote: »

From my experience N & P seem very risk adverse and I struggle to see how they ever lend anyone money!!!
.

Not risk averse. You don't meet their target market as a potential borrower. N&P will run a far smaller and less diverse mortgage book than a lender such as Lloyds. The new MMR rules only form one part of what is a changing industry.