HSBC won't port our mortgage and we can't afford to stay here. Lowest point ever.

Rachman_2

silvercar wrote: »

So HSBC have the same risk in the new place and the customer has less expenses and saves £8k redemption charges.

The point is a little more subtle than that though - the lending criteria have changed. Halifax, by what they signed, are tied to the current deal if she stays. Their credit thresholds and acceptability HAS changed - the risk to them as they see it is much larger than it was when she took the mortgage - they want her gone and on someone else's books and if they can do it they will.

Guys, this is not 2005 - I'll stick my neck out and say that your house won't rise in value in 2008 or 2009 (at best). But bluntly, if the OP chucked in her chips and started again (by bankruptcy or IVA) she'd be far far better off every month - TBH, I don't really understand why (though I am pleased she is and is keeping her dignity and paying the debts off because she can) she is servicing that sort of unsecured debt - even on £95K a year (£5.5K a month give or take) it's a huge amount of dead money - effectively they are going to work for over 2 months a year for no reason.

Each to their own, and I have tried to be constructive and have 'offered support' and good luck - but my mind boggles at so many people's bizarre attitude to risk (it's like the mid 1990's never existed).

Banking is not a service to people, it's a business. The rules change - and if you can reduce your risk by doing it (and make a bit in fees at the same time) - you do it. I would.

Pania, further to your answer above, the mortgagees have not given a toss about fraudulent applications because prices were rising (let's be honest, could you spot fraudulent accounts for a self employed guy - do you make a point of ringing up the auditor/accountant who purported to sign off (bear in mind abbreviated accounts requirements) - if you do, your firm is the exception to the rule, believe me. We are going to see massive amounts of fraud uncovered in residential mortgages. It's been left to lie for the last 8 or 9 years because prices were rising - they aren't any more. There is going to be fallout - and lots of it.

neverdespairgirl

pandapaws wrote: »

The good news today that I already put on my normal diary was that Halifax have (or so they say!) fully approved a 95% mortgage. Nothing hidden, everything openly admitted to them, so we've no reason to worry about them finding something at the last minute and changing their mind! Got a few details to iron out with them, but we were absolutely ecstatic to get that news.

Fantastic, glad to hear you've had an offer from the Halifax.

Once you move, I gather from your OP that you will be in a better position to pay off other debts? Best of luck!

lunar

wow panda, i thought this forum was about mutual support for eachother. Im so glad all this didnt get posted when you were having you bad day.

everybody on here who has had there LBM knows that they need to make changes, reduce outgoings and pay off debts. constructive advice is one thing, but this thread is turning too personal and unhelpful.

If the banks wanted to be so careful with there money they should be more careful giving it out in the first place. there should be some responsibility of the bank to look at individuals. Panda could go bankrupt now and nobody would get anything, my position is the same. she is trying to pay all the money back, and moving will save a fortune.

Really glad you got you offer from halifax, send me a pm if you want a chat/support

Rachman_2

lunar wrote: »

wow panda, i thought this forum was about mutual support for eachother. Im so glad all this didnt get posted when you were having you bad day.

If the banks wanted to be so careful with there money they should be more careful giving it out in the first place. there should be some responsibility of the bank to look at individuals. Panda could go bankrupt now and nobody would get anything, my position is the same. she is trying to pay all the money back, and moving will save a fortune.

Really glad you got you offer from halifax, send me a pm if you want a chat/support

Of course it, and support is not just about being a soppy sap and being all cuggly wuggly. Remember what mother said, sometimes you have to be cruel to be kind.

Why do you blame the bank - you are adults, you made decisions - why look for scapegoats - the only 'fault' and 'blame' they have is re: their shareholders for 'bad lending' - not to the borrower - if the banks said, er no, we'll deny credit to this lot, our stats show they might turn into basket cases, you'd all be playing merry hell.

I do agree that Panda could go bust and walk - TBH, her numbers and timeframe to be debt free as posted are frankly made up jackanory that don't bear up under any critical analysis anyway (and being 'supportive', I have chosen not to question those) - I also agree she deserves a lot of respect for not wanting to (though in her case, I think she's chucking good money after bad and it would be far cheaper and less stressful - but that's not my call, it's hers). It will save a much bigger fortune than buying another house - she could easily rent in the NEXT village - instead she wants to rent in Louandandyton (I want that one).

I did mean it when I wished her good luck - I think she's totally off her trolley and doomed to expensive and looking more like inevitable failure, but for her sakes, I hope I am wrong.

kizzykizzywizzy

Cor Blimey!! Who's rattled thier cage??:o

Just popped in to see how you are doing, delighted you've had an offer all the very best for the future & hopefully you can put a lot of worries behind you & look forward to making a nice life for your family:D

evab_2

I think this is getting out of proportion, the OP takes full acceptability for the state of her financial affairs. The reason for moving house is to lower her outgoings therefore having more to throw at her debts - well done pp for all the hard work.

No support isn't always cuggly wuggly!! but at least don't knock people down when they're asking for advice.

PP you know these views are few and far between, good luck with the house move x

lunar

im not blaming the banks, im definatly not looking for a scapegoat and neither is panda. I just honestly dont think they think through situations. if the worst happened and panda couldnt repay the money the bank would only loose the same amount if she moves or not. they would stand more chance getting their money back if she moves, thats why i dont understand the situation.

I know support is not just about being soppy but please remember these situations are real and people have to live with them. there are so many reasons for getting into debt, not just frittering it away. over 20k of mine was paying for (failed) private fertility treatment, if i could have a treatment they told me would definatly work i would take on 10 times that debt in a heartbeat. the rest of it was prob frittering due to my depression over not being able to have a baby.

Different opinions and advice is valuable on here, but it doesnt need to be presented as an attack. it might even prevent new posters coming back if they think they may get a responce like that.

personally i believe panda will suceed in paying off these debts, she is so motivated and dedicated to it.

Natlou_2

Hi Panda

Just popped in to say hi and.... well its all been going down here hasn't it? - Sorry I haven't been around much to offer my support, but Im glad to read that you have the mortgage sorted and things are moving forward. For what its worth, I think you are taking a very responsible attitude towards your debt, moving closer to your workplace is definitely the right thing for you to do, especially with little one on the way. Take care and don't let any of this get you down!

Natlou x

ZTD

pandapaws wrote: »

HSBC themselves have admitted that it's a problem of 'computer says no'.

You are aware that under the Data Protection Act, you do have the legal right to insist that a computer decision is made by a human?

elantan

hey panda not popped on this thread for a few days as i didnt have any advice (as you know) sorry it's been victimised though ..still sending you huge hugs and kisses...glad you got it sorted out in the end which is the main thing