turned down based on "affordability"

HappyMJ

TheLifeIReallyWant wrote: »

Yes applying for mortgage in sole name.

I don't know why they have done an affordability check - but they have and "computer says no".

The trouble is over paying only solves my problem the next two years - i can only overpay 10% which is fine whilst my mortgage is high but after two years I'll need to be repaying more than 10% to keep on track to repay the mortgage.

I just want to pay my mortgage off

I'd go back to them and speak to a manager in the first instance then start the complaints process. You should be able to switch products with the same bank as long as the term and amount is not changing.

TheLifeIReallyWant

No changes to the term itself - I spent almost an hour on the phone with one of their mortgage advisors so difficult to imagine how it'd be a misunderstanding. I clarified many times.

In any event even if I could shift rate it only solves my problem for twenty four months

maninthestreet

So what is your gross annual income, and what is the outstanding mortgage balance? How many years left to pay off the mortgage?

maninthestreet

TheLifeIReallyWant wrote: »

I just want to pay my mortgage off

So when you took out this interest-only mortgage, how were you intending to pay off the mortgage?

TheLifeIReallyWant

maninthestreet wrote: »

So when you took out this interest-only mortgage, how were you intending to pay off the mortgage?

When we originally took the loan out it was repayment - I switched to interest only when times were tight with the idea that I'd change back when back on track. Not ideal but it is what it is and I cannot change that now.

I have a good salary and the outstanding mortgage is approximately a years salary. There is 15 years left on the term. I have a loan that will be paid off in 14 months and after that I was planning on reducing term of mortgage - although unlikely that will be an option given current decision

andyfromotley

What are your figures? You may well be able to remortgage elsewhere? I don't know if Nat west are particularly stringent in their affordability calculations?

Jhoney_2

TheLifeIReallyWant wrote: »

Yes applying for mortgage in sole name.

I don't know why they have done an affordability check - but they have and "computer says no".

The trouble is over paying only solves my problem the next two years - i can only overpay 10% which is fine whilst my mortgage is high but after two years I'll need to be repaying more than 10% to keep on track to repay the mortgage.

I just want to pay my mortgage off

TheLifeIReallyWant wrote: »

My mortgage is interest only and I want to change it to repayment. It is also on a standard variable rate and I want to move it on to a discounted rate.

Had a call with the mortgage department today and they say I cannot afford it - which is insane. They've agreed to manually apply for an exception but i have no idea what are the chances of success.

I can keep over paying manually each month to bring the balance down but the rate is 4% compared to the discounted 1.7% that I was after.

I feel like I'm being conned :mad:

This is perhaps why - you were getting 'advice'. Do you have the option to do it online? If so, go on there and see what happens.

Best of luck.

Thrugelmir

TheLifeIReallyWant wrote: »

Yes applying for mortgage in sole name.

Is the mortgage currently in joint names?

Why is your other half not named on the new mortgage application? The mention of school fees suggests that the lender has lets say concerns. Which are fully understandable.

Thrugelmir

dunstonh wrote: »

Maybe but the OP said that the lender refused changing to a new deal even if they stayed on interest only.

This would either suggest a misunderstanding (which can be corrected) or there are also changes to the terms of the mortgage beyond the deal.

Until there's a full fact disclosure I'd keep an open mind.

TheLifeIReallyWant

I've tried the process online but it's not possible.

Current mortgage is joint with soon to be ex husband. We're not divorced yet but are separated and there is no contention over property.