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

poet123

If it is a condtion of your original mortgage that it is a portable product they cannot change the terms now. Several years ago we were with the NR and the fixed rate deal ended,in our terms and condtions was a clause which stated at term end they would offer us a competitve fix again. They did offer us a fix but above the variable rate!!! needless to say we refused and remortgaged elsewhere. They charges us a penalty of £4000.

A few months down the line I decided to take them on and served a CC summons for breach of contract,based on the fact that the wording of the contract included "competitive offer" which it clearly wasn't.

Immediately we received a call from their solicitors offering us the full amount plus court fees. We were also gagged so that others would not follow suit. So my advice would be, check the contract and play hardball!!!! Good luck.

pandapaws

Well done with the NR - someone suggested we try them as apparently they're crying out for customers at the moment! And thanks for that info - we'll definitely be doing something about it. In the meantime, we just desperately need a mortgage so we can move house in the next few weeks, so going to concentrate on that. I'll write to HSBC to officially complain tomorrow and see what they say back, so at least they can't say they weren't fully aware of the situation.

Just eaten a full block of cheese over some pasta (physio said I need more calcium - not sure that's what she had in mind though!), so I feel much happier. Thanks again for all the really nice words above, and also to everyone who wanted to tell me to snap out of it who held their tongue!

ZTD

pandapaws wrote: »

We're 2 years into a 5-year fixed rate (4.79%) with HSBC, and our redemption penalty would be about £8k. As far as we were aware, it was fully portable.

Do you have that written down anywhere?

pandapaws wrote: »

But we've been told this week that HSBC have changed their lending criteria,

If it is part of your contract, then it's part of your contract, and they will just have to live with that. If not, then you can charge them a redemption penalty.

chocaholic110

Oh, Panda, I wish I had some advice but will have to settle for sending you a dodgy threesome hug or two. :grouphug: :grouphug: (As we would have to have arms like Mr Tickle to manage a real hug at the moment anyway!!)

It seems a bit insane when you're not asking for any extra money. I understand they may have changed their lending procedures but does it honestly matter whether you owe the money on that house or a different one?

Hope you manage to come up with a solution from some of the advice you get on here. Keep us posted!

dancingfairy

Not much to add but just wanted to say good luck and sending you good vibes. :grouphug:

hypno06

What an absolute bunch of bankers indeed.

I truly hope you manage to get something sorted very soon - I know how much it means to you to move, and I am sending very positive vibes and a couple of dodgy hugs to you all xxxxx

:grouphug:

In_Search_Of_Me

Certainly not goting to tell you to snap out of it! What a mare for you...Have you got the original paperwork? At the end of the day they have entered into a contract & cant just change it on a whim, regardless of sub prime market. If you ca I would locate paperwork & see a solicitor & get them to write to HSBC...it will cost a bit but less than the redemption fee by far & they'llsit up & take notice. Bankers indeed. Huge hugs for you...

pania

Hello you.being in the industry as it were this is my take on it.

Portable mortgages aren't quite as portable as they seem. they are portable provided that you meet the lenders criteria at the time of wishing to move. Therefore if your debt has increased/ salary dropped since you moved in then they would underwrite the case as usual and possibly decline the case even though your history with them is fantatsic. As you say it is done by an external department and not the people in branch that know mr and mrs pandapaws and would gladly offer you a mortgage.
Investigating other lenders should be a good option. would you be clearing any of your debt through the house move? sorry of you have mentioned this somewhere and i've missed it.

pandapaws

Thanks for all those hugs - quite exhausted now from all that dodgy business!

Pania, you've hit the nail exactly on the head - it certainly was a term of the original mortgage that it was portable, and they're not disputing that, but their lending criteria have changed as have our circumstances, therefore we're now totally ineligible for something that we could have easily been accepted for a couple of years ago. It's basically because we originally borrowed 90% LTV, but although the amounts are the same, we're looking for 95% now (because the house we're buying is cheaper than our's valued at). They have to fully underwrite 95% mortgages, and we're not good enough for them apparently. But the bit that gets me is that they now won't consider us for 90% either as they're saying we'd have too much debt for that. But if we stay where we are then we're going to end up in a right mess on half the salary we get now, as opposed to saving loads by moving, SO LET US MOVE! Aaaaaargh!

On various other bank websites, even with our debt, some will offer us over £300k at 100%, so we're not being totally unreasonable in our request. Just need to work out who's most likely to go for it at a decent rate. I may have to be really brave, take the plunge, and visit the mortgage board for advice on lenders. Hopefully they won't all laugh me out of the place with my debt!

Shineyhappy

I am so sorry for the extra stress this is causing you. I really hope you can sort this out asap.

I would pop to the mortgage board and see what they say and just keep threatening the bank and see if they will relent.