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Rejected rate switch/product transfer
Mishomeister
Posts: 1,081 Forumite
So some one I know has just been declined a product transfer/rate switch (all like for like) with Virgin money. Their reason was that he doesn't meets theu affordability.
Ok his income has significantly gone down from the time he got his initial fixed mortgage however I am failing to see the lender here acting in the clients best inteterest by forcing them to stay on SVR and therefore technically saying that they are happy with affordability on SVR but not on a much lover rates available?
I have advised him to make a formal complain and then failing tha take it ti FOS. In a mean time your comments are welcome.
Ok his income has significantly gone down from the time he got his initial fixed mortgage however I am failing to see the lender here acting in the clients best inteterest by forcing them to stay on SVR and therefore technically saying that they are happy with affordability on SVR but not on a much lover rates available?
I have advised him to make a formal complain and then failing tha take it ti FOS. In a mean time your comments are welcome.
0
Comments
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Did he do it online or over phone/face to face?0
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Online. Execusion only. Was picker up for audit checks aparently.0
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