Mortgage Execution only trap.

potatoefeet66

MWT said:

For anyone else interested, the 2022 thread has most of the salient points in it:

https://forums.moneysavingexpert.com/discussion/6335442/lenders-mis-use-of-credit-scoring-process/p1

Nothing new to add here, the only point that I think may not have been made clear back then is that you can still fail the lenders internal credit-scoring even if you have a good credit score from the credit reference agencies, the two are not the same thing.

I'm just sad that the OP is still spending so much time and energy on a totally lost cause even after all these years.

Thank you for your concern MWT 
unfortunately this is still and outstanding and unresolved matter since the lenders disclosure in 2022. 

I’ve never heard of a customer knowingly agreeing to an increase out side of LTV to get automatically declined having agreed a reduction clearly stated in KFI. 

Many lenders on trackers were forced to surrender preferential products because they unexpectedly found lenders rejecting porting 

I’m well within my rights to keep complaining until resolved. Had my grandfathers who served in kings cavalry in great wars gave up then we’d all be living in a very different world. 

MWT

potatoefeet66 said:

Many lenders on trackers were forced to surrender preferential products because they unexpectedly found lenders rejecting porting

I assume you mean 'borrowers' and yes many who had self-certified their original mortgage could not pass the internal credit scoring to get a new mortgage which was a requirement to port, this is not the same as having a good credit score from a credit reference agency.

potatoefeet66 said:

I’m well within my rights to keep complaining until resolved. Had my grandfathers who served in kings cavalry in great wars gave up then we’d all be living in a very different world. 

My grandfathers were serving in the same wars, and one lesson they certainly learned, especially the Cavalry, was when to stop beating a dead horse...

You are free to do as you wish of course but there really is nothing more I can think of for you to do at this point, you can keep complaining, but this is never going to be resolved to your satisfaction after so many years.

user1977

potatoefeet66 said:

MWT said:

For anyone else interested, the 2022 thread has most of the salient points in it:

https://forums.moneysavingexpert.com/discussion/6335442/lenders-mis-use-of-credit-scoring-process/p1

Nothing new to add here, the only point that I think may not have been made clear back then is that you can still fail the lenders internal credit-scoring even if you have a good credit score from the credit reference agencies, the two are not the same thing.

I'm just sad that the OP is still spending so much time and energy on a totally lost cause even after all these years.

Had my grandfathers who served in kings cavalry in great wars gave up then we’d all be living in a very different world. 

This sounds a bit more like the guys iwho didn't realise Japan had been defeated 20 years previously...

No19v87

I’ve tried to read this thread as well as the previous one linked and also the previous one linked on the previous… and I still have absolutely no idea what the issue is/was.

potatoefeet66

No19v87 said:

I’ve tried to read this thread as well as the previous one linked and also the previous one linked on the previous… and I still have absolutely no idea what the issue is/was.

Basically lender increased loan application amount above LTV for porting of product with existing customer, application t&c were ignored in banks interest….this higher value application was without customer knowledge and not required, and was above agreed reduction figure stated in KFI. 

Was an execution only application and only was rejected due to LTV 
Yes I agree it’s insane because it was highly irregular activity that FCA have involved team who regulate this lender. 

Many innocent and unsuspecting customers fell foul of this trap to exit them from preferential rates they just had no idea but found they now for some unknown reason no longer met internal rules or criteria 

ACG

But why would they put through an application for a higher amount than you requested? 

TheSpectator

Just a thought to all......stop taking the bait. 

potatoefeet66

ACG said:

But why would they put through an application for a higher amount than you requested? 

Because a higher figure was out side the mortgage product criteria on LTV and then was an automatic decline on what was a normal porting case. I believe this was in relation to 0.84% that lender found was in customers favor following repeated base rate falls from October 2008. 

Never the less this was a way to attempt the exit the customer from a preferential mortgage product which was swiftly removed from the markets. 

There is no bait here just a very unusual and maybe unique issue which was concealed by lender and FOS.