Investec Bank Plc

rsinghandmksingh

Hi,

My fixed mortgage rate expired November 2015. My employment circumstances changed December 2016 and my mortgage increased by more than £800 per month. I asked the bank for a new fixed rate and sent a copy of the letter the previous Chancellor sent to the banks about treating existing customers fairly if their circumstances had changed. Despite this, I have been told to look for an alternative bank and that I would not get a new fixed rate. I am concerned that I am not being treated fairly and equally and I feel bullied by Investec Bank. I have raised the issue with the FCA to investigate, but I shouldn't have to. This is an example of bullying and unfair treatment f by the bank to obtain extra revenue, despite my change in circumstances.

kingstreet

Is this lender open to new business?

Does it have any new products to offer anyone?

If not, you are not being treated unfairly or bullied as you are getting the same as any other customer.

Presumably, this;-

"My employment circumstances changed December"

means you are unable to remortgage to a new lender as you no longer meet lender affordability requirements?

ACG

When I worked for a bank, they would not automatically switch you to a new product. Their view was that if they tied you in to a new deal and your income could not support it, you could then end up being liable for early repayment charges if you were forced to sell.

Treating customers fairly is not about giving the customer what they want, it is about treating everyone equally. For example, they could not offer you a new deal on the basis that you threatened to take it to the FCA/Financial ombudsman if they were not offering deals to anyone else.

I know of at least one lender who if you wanted to switch products you would have to re-apply like any other customer. The reason for that is they basically arrange some finance, sell it to people wanting mortgages and then sell that book on. Everyone in that book is on one of a handful of deals. They then rinse and repeat. Investec could well be doing the same thing?

amnblog

I believe this Lender is not in a position to offer alternate rates as is no longer lending.

Interesting to see what the FCA thinks about this. Can the Lender be held responsible if the borrower no longer meets criteria to move lender.

amnblog

Singh - do you mean your employment circumstances changed Dec 15?

Are you a Professional? Locum or GP Partner perhaps?

If so, they may be a solution here.