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Re-Mortgage Advice
Riverview8
Posts: 12 Forumite
Hello, we are due to re-mortgage in late 2015 and after a frustrating experience with Barclays (whom we have been with since 2005 and after a house move) last time would be grateful for any advice.
We (my wife and I) have a joint mortgage with approx £80K remaining, we are paying £485 p.m. for this on a detached house in a desirable area worth approx £240K. I am full-time with a salary of £36K pa (moving jobs this month) and an additional icome of £8.5K p.a. my wife works part time on a salary of £27K pro rata.
We also have a reserve on the mortgage with Barclays of £22K. We are keen to clear this reserve on the main mortgage and pay the same interest and clear it. When I tried to do this with Barclays last time the fixed rate switch was a good one but they would not let me put the reserve onto the main mortgage quoting the MMR and it was "unaffordable" even though we were, and still are, paying ober £100 p.m. on the reserve. I complained to the then CEO of Barclays and a senior complaints officer agreed that the mortgage dept were being unreasonable, especially as we were existing, long-term customers but even he got into an argument with the internal adviosr and underwriter. It appeared they were applying the new MMR rules with rigour! Eventually I gave up due to the stress of dealing with Barclays and withdrew the reserve application and feel like I have lost out due to their stubborness.
I don't want to go throught the same experience again when we re-mortgage this time and was looking for some advice how to best approach it, would I be best going to a broker to look for a better deal and does anyone know any good one in the North Merseyside/ West Lancashire area?
Just to be clear we have missed no payments ever on anything and I was on less salary two years ago.
Any advice very welcome!
Thanks and best regards to all.
We (my wife and I) have a joint mortgage with approx £80K remaining, we are paying £485 p.m. for this on a detached house in a desirable area worth approx £240K. I am full-time with a salary of £36K pa (moving jobs this month) and an additional icome of £8.5K p.a. my wife works part time on a salary of £27K pro rata.
We also have a reserve on the mortgage with Barclays of £22K. We are keen to clear this reserve on the main mortgage and pay the same interest and clear it. When I tried to do this with Barclays last time the fixed rate switch was a good one but they would not let me put the reserve onto the main mortgage quoting the MMR and it was "unaffordable" even though we were, and still are, paying ober £100 p.m. on the reserve. I complained to the then CEO of Barclays and a senior complaints officer agreed that the mortgage dept were being unreasonable, especially as we were existing, long-term customers but even he got into an argument with the internal adviosr and underwriter. It appeared they were applying the new MMR rules with rigour! Eventually I gave up due to the stress of dealing with Barclays and withdrew the reserve application and feel like I have lost out due to their stubborness.
I don't want to go throught the same experience again when we re-mortgage this time and was looking for some advice how to best approach it, would I be best going to a broker to look for a better deal and does anyone know any good one in the North Merseyside/ West Lancashire area?
Just to be clear we have missed no payments ever on anything and I was on less salary two years ago.
Any advice very welcome!
Thanks and best regards to all.
0
Comments
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Bringing your mortgage reserve into your main mortgage will always trigger new underwriting and affordability assessment.
That is the case whether you stick with Barclays or change to a new Lender.
An alternate Lender may of course be more generous on affordability.
Brokers are your best source if affordability is tight.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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