RBS One Account

Spadger42

Hello all, I have a complaint in with the ombudsman about the RBS One account.
It is a complicated unique issue as the ombudsman agrees.
I took out a one account back in 2002 roughly at 10% buy to loan ratio.
Later they allowed me to add another property into the one account which was a flexible mortgage bank account.
The facility was for 315k with both houses within it.
The interest rate never came down as they’d promised it would follow the bank of England’s did and because of that I decided to take one property out in around 2011 but was told I couldn’t unless I repaid the full facility as they’d only allocated one mortgage account number to the account which they’d not told me about. I spoke extensively with them but fundamentally I was told I had to repay the full facility of 315k and advised I sold both properties. My mum lived in one property and me the other. I was told I’d need to remortgage one at the full facility but how was I supposed to get a 315k remortgage from a 150k property. This along with the fact they’d also changed the loan to ratio lending from 10% to 25% so this also meant I’d need more equity to release on top.
I put a complaint in around 2012 and also to the ombudsman around 2015 again to both.
The ombudsman has been very good but has said it’s unique. Also ex partner abandoned responsibility on this leaving me solely responsible and trapped within the one account. I’ve looked deeply into this and cannot find anyone else who’s had 2 properties put within the one mortgage account number. I wasn’t made aware of them removing the one mortgage acc number. Overall being trapped has cost me over 100k in excessive interest payments but am aware I can only claim back to the date of my original complaint which comes to maybe 50k.
A question I’d appreciate answering is has anyone else had or have any experience of the one account or woolwich openplan allowing two properties within the one mortgage account number losing one of the mortgage accounts and especially doing this with 10% deposit as from what I read you can only do this if you facilitate one via equity within the other.
I appreciate any advice you offer and thank you for your time.

getmore4less

why did you not take both properties out to different lenders

The one account was never decent rates

Around then there were other lenders with better products(offset) at better rates.

Spadger42

I couldn’t as explained. They’d given me one mortgage account number and even they wouldn’t remortgage to there own products. I had to come up with 315k both at the same time I’d it was classed as one mortgage one property. I was told by them the only way I could get out was to sell either one or both or find the equity which came to 40k because they’d changed the loan to mortgage ratio.

Spadger42

Just to add they were asked to lower the rates and refused. They also refused to release full disclosure papers twice. My question really is really, is it legal to have two properties with one mortgage account number with just 10% deposit ? I can not find anywhere with this scenario. Baring in mind I found the fact out only when I applied to remortgage.

getmore4less

I had to come up with 315k both at the same time

if you had remortgaged both properties to a different lender at the same time that would have cleared the 315 in the account at the same time.

Spadger42

The point being they changed the buy to ratio from 10% to 25% if I could have done that I would have done but 25% of 350k valuations is 87k to find ! When at 10% it was 35k which I had ! So firstly I had to find the remainder of the 87k which would have been 52K to just be able to remortgage when I was paying £1200 interest only on two mortgages ! I could not find that money to get the ratios correct and on top of that they had left me with 1 mortgage account number so even if I couldn’t do both I couldn’t do one at a time either ! I know I could have remortgaged both if I had 87k in equity but I didn’t and they changed the rules on ratios which trapped me. I couldn’t sell one as my 90 year old mum lived in one !!
They were asked to remortgage to any other mortgage they provided and said they couldn’t because of the ratios that they changed !

getmore4less

Should have gone to another lender.

Thing is 90% LTV rates would not have been great.

Why was you mortgage LTV still 90% 9 years later?

Were you using it on an interest only basis many borrowers would have paid off a chunk over 9 years

Did your house values not go up?

Spadger42

As I said partner abandoned the mortgage so I mopped for it all.

MikeT1968

You are not alone!
I have exactly the same issue and am just going to FOS now.
Would you mind if I asked what the outcome was with your case?
ATB Mike

BoGoF

MikeT1968 wrote: »

You are not alone!
I have exactly the same issue and am just going to FOS now.
Would you mind if I asked what the outcome was with your case?
ATB Mike

Good luck getting a reply. OP's last activity was 31/07/2019