Feel Ripped Off by Mortgage

Mark_Lion

I only had a brief look this morning.

https://www.housing-ombudsman.org.uk/useful-tools/fact-sheets/home-ownership/

This means that as well as considering complaints from tenants, we can also consider complaints from leaseholders and shared owners. The only category of home owners who are not eligible to bring a complaint to the Ombudsman are those who own the freehold of their home.

Mark_Lion

Equity or Shared Ownership?
Are they not the same?

Catalyst now tell me I have an Equity loan, but not a Shared Ownership.
Below is a email Catalyst sent to me on 17 August.


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Dear Mark,

Thank you for your email. I tried to call you on 0755 422 xxxx, but no success. I was unable to leave you a voicemail. This is not a shared ownership property. This is equity loan property and if you wish to repay some percentage of your loan, I can confirm we have no objection as long as remaining percentage is more than 10%.

 

• I can confirm that we would not get involved in sale of your property. Therefore, we would not issue memo of sale.
• With regards to the lease years, I can confirm that you need to contact your landlord. Catalyst only have a charge on your property because of the loan.

 

Feel free to contact me on 0208 832 xxxx should you have any further questions.

 

Kind Regards

K

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I sent this to my mortgage broker. He replied Santander will probably insist on a Memo of Sale, but sent it to them.

I continued to ask Catalyst for a Memo of Sale. Today I got this reply below. (I perfer to get it in writing, instead of a phone call, because memory fades and stories change).

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Dear Mark,

 

Thank you for your email. Equity loan and shared ownership are two different products and you have equity loan with us for which you pay interest.  

 

I think it will be best if we can have phone conversation.

 

I tried to call you on 0755422xxxx but no success.

 

Please can you confirm the best number to contact you.

 

Kind Regards

K

Mark_Lion

Received information from my mortgage broker, my remortgage application has been declined.
My manager forgot to attach the overtime I did last month, so I received basic pay. Santander wanted more payslips and decided my pay is too low.
So now I will leave it as it is, try to save some money and see what I can get when I have to sell. 
Email received...

Hi Mark,

We have just received correspondence this morning from Santander confirming they are no longer able to lend you any additional money other than the basic remortgage after receiving the recent payslips don’t all show the extra income which means they have to reduce the amount of this income they can take into account.

Given the complicated structure of the case there isn’t really any alternative lending options we can seek that will be able to offer the borrowing that we require given that Santander are usually the best in this situation.

I appreciate this is going to be extremely frustrating but the time taken by Catalyst to respond to all of your correspondence has put us in this position as this forced Santander to request the further payslips.