Tricked? into Fixed Rate 2 year deal

mrginge

Hello.
Can you explain what your loss is in this scenario?

betmunch

Tapmyhed wrote: »

In the 3 years, nothing has changed, other than earnings....which has gone up. Had 3 kids then, have 3 kids now.
I appreciate the replies, so thanks for taking the time to make them.

I think here is the problem.


To say nothing has changed in the last 3 years is simply not true.


Nothing has happened to you in the last three years. Maybe, yes.


In the mortgage market there have been massive changes, specifically in April 2014 where the Mortgage Market Review was fully implemented, including, a full overhaul on checking affordability AND the option to allow clients to undertake product switches without checking affordability.


It would appear that you have been able to borrow more than would be allowed now 3 years ago. Switched products which didn't require a full affordability assessment. Now you require further borrowing which does require full assessment and then failed this assessment.


I would expect, although not 100% sure, that your complaint will be rejected on the grounds that the lender is lending responsibly now, and this will be backed up by the Ombudsman should you take it that far.


I'm afraid I think you have a fight on your hands to get anything like the outcome you want

Tapmyhed

Sleeping on it after a somewhat public vent.......
Last comment makes perfect sense, thank you for that. I've decided not to worry about this. I have a new plan and had an excellent chat with an advisor last night.


The plan is to now lend from another high street lender at a favourable rate with no early settlement penalties. Ride the good rate from current mortgage lender, then once that period is over, re-mortgage again.....phew........and bring both loans together for a house where all the works are completed. Its not really that far away, 18 months at max.....in the grand scheme of things, a blink of an eye.


Again, thanks to you all for taking the time to offer up valuable comments. It is really appreciated.

Thrugelmir

Tapmyhed wrote: »

Again, thanks to you all for taking the time to offer up valuable comments. It is really appreciated.

You'll get there in the end. Not worth stressing yourself out over it.

getmore4less

Tapmyhed wrote: »

Sleeping on it after a somewhat public vent.......
Last comment makes perfect sense, thank you for that. I've decided not to worry about this. I have a new plan and had an excellent chat with an advisor last night.


The plan is to now lend from another high street lender at a favourable rate with no early settlement penalties. Ride the good rate from current mortgage lender, then once that period is over, re-mortgage again.....phew........and bring both loans together for a house where all the works are completed. Its not really that far away, 18 months at max.....in the grand scheme of things, a blink of an eye.


Again, thanks to you all for taking the time to offer up valuable comments. It is really appreciated.

You have just made the same mistake again.

you need to stop thinking you can remortgage and borrow when it suits you.

Have a fall back for when you can't restructure your debts.

Tapmyhed

A bit harsh! I'm not being flippant here! Please do not think for a second that I'm bouncing around from one idea to another. If no-one ever planned for the future, not even slightly, then it would be a bigger mess than it is now. Lenders are there to lend. If the plan and finances are secure then the lend will happen. For me it did not, and it was nothing I did wrong, apart from a rose tinted view of the world. In my ignorance, and I'm more than happy to say this, I 'assumed' that making the standard 3 years ago that I would make the standard again today. I've learnt my lesson, and with the kind comments here, I have learnt something. So its all good still.
I've shopped around, got myself a new deal and it supports a plan I have in place. My credit rating, to quote "is the highest we have ever seen"....so I'm not really doing anything badly wrong.
For the moment there is a way forward, and your correct to say there has to be a backup....and there is.


:-)