Deed of Postponement - Halifax and Shawbrook Bank

lolapug

Hi
It's a long story but here goes!
My Daughter and son in law were renting and received a termination of tenancy back in June. Our intention was that next year we would help them buy a property (help with a deposit) when I am able to access the tax free part of my pension at age 55 and pay off our existing mortgage.

When they received this is seemed silly them trying to find another property with two dogs etc so we thought we could assist by taking a further advance on our mortgage now which they would pay us for until next year.

Our house is valued at around 290k and we have an existing balance with the Halifax of just less than 50k which runs for the next 7 years. The Halifax approved the mortgage (an additional 14k) but we have hit a brick wall with a secured loan we have with Shawbrook bank,was GE but sold out to Shawbrook, (balance around 12k).

I understood from the beginning that the process would involve Shawbrook bank to sign a deed of postponement before the Halifax would release the funds but the process is proving impossible! Shawbrook are adamant that the document they have received is not what they want and I have been trying to act as the go-between with no success.

I have paid a £200 fee to Shawbrook and I'm sure that the problem is something stupid , for example a difference in the name of the document , but no-one seems to be able to help me. The Halifax mortgage team are hopeless and are unable to speak to Shawbrook directly or tell me what they have sent!

Has anyone else had this problem please? I am between a rock and a hard place, this has been going on for 12 weeks now!

Sorry for the long post, Just hoping someone may have some words of wisdom - I am never going to try and help any of the kids again! I feel like making a complaint but it won't get me anywhere, I have made so many calls I've really had enough.

Thank you for reading!

financegeek

Can you not raise enough with Halifax to clear Shawbrook as well?

If not, i would speak to Shawbrook and ask them to send a copy of the document they have received along with evidence of the wording etc they'd want amended. Then speak to Halifax and see if the amendments can be made at their end.

If that doesn't work, then make a complaint. I'd definitely see if Halifax will lend you all the money first though, as i imagine the rate you're paying to Shawbrook isn't great?

Good luck

lolapug

Thank you, borrowing enough to clear them may be an idea but will I just hit the same stumbling block? I'm pretty sure we can raise enough with them as the % to value is low.
The rate with Shawbrook isn't bad but I really just want shot of them so having all the eggs in one basket would seem a sensible option.
The trouble is getting to speak to someone who can actually do what you ask if you know what I mean..
I will follow your advice and try again tomorrow before I lose the will to live, thank you, it's truly appreciated.
Kind regards

Thrugelmir

lolapug wrote: »

I have been trying to act as the go-between with no success.

Have you considered utilising the solicitor handling your remortgage?

lolapug

That's an idea to follow up thank you, I will have to do some digging as I think it was all within Shawbrook who dealt with everything at the time ( a while ago and the memory is not what it used to be !!)
Cheers for that, appreciate your response!