Mortgage Prisoner Help

Beechwood19

Hi all,I am new to the forum but could do with a bit of help on how to handle a situation with my mortgage lender, I am I think a mortgage prisoner as I have a BTL mortgage on ahouse which I am now living in due to a change in circumstances, i was in a situation of go to live in my BTL property or be homeless and I think I know what we all would do if faced with that situation. I am mortgaged with UCB Homeloans who now do not offer further loans, I am unable to mortgage elswhere as I now fail affordability criteria with all lenders, however I am totally up to date with payments etc. I have approached UCB on two accassions to swap my loan to a better fixed rate as I am on Variable and it is exspensive I could potentially save over £300 per month, I can easily fit their LTV criteria, not in arreas and always pay on time.On both accassions they have refused to change my deal to their fixed rate saying that "As i reside in the property I am not eligible to swap, I have also asked if they would swap it to a residential mortgage they will not do that either.I feel i am being totally exploited and have been for the last 5 years. I was hopeing that the new FCA ruling on mortgage prisoners may help me, as my last application was only last week and i had the same answer, i have now opened acomplaint with them which i am waiting to hear back on . Any advice on how to handle them would be graet, many thanks in advance.

Hodge58

Log it as a complaint. They have to offer a change from BTL otherwise you are potentially committing fraud although you have advised them. Secondly go to see a broker whole of market.

MortgageMamma

Have you taken advice from a whole of market mortgage broker?

foxy-stoat

MortgageMamma wrote: »

Have you taken advice from a whole of market mortgage broker?

He must of as he said the he has failed the affordability everywhere else....

OP what are the numbers;
Property Value
Outstanding mortgage amount/settlement figure
Your annual salary

You may have to rent somewhere and get new tenants in to your BTL.

Thrugelmir

Hodge58 wrote: »

They have to offer a change from BTL otherwise you are potentially committing fraud although you have advised them.

Effectively blackmailing the lender isn't an option. Selling the property and renting is an option though.