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

Floxxie

Hi Pandapaws,

I'm sorry to hear of your problems. I've recently seen a number of people who have had to pull out of house purchases for the same if not similar reasons to you and they cover a number of lenders. However a large number of them have managed to find a mortgage product elsewhere so don't give up yet!

Do you know any whole of market mortgage advisers who can sit down with you and search the market based on your requirements?

I'm sure the mortgage board will come up with some suggestions....

Floxxie

silvercar

Pania is right, any portable mortgage is only portable if you satisfy the completely new lending decision for the new property.

Saying that, it seems harsh to disallow a 90% mortgage on the new place and I wonder what amount they would lend you below 90% if they do take your debt size into account.

The mortgage board won't laugh at you, sadly there are people every day with arrears asking for advice. ( I mean sad that people have arrears not sad that they are asking for advice.) I would stick to the facts as short posts tend to get more responses.

The other concern is that you need to get your mortgage offer while you are on full salary otherwise they won't take your income into account.

Squirrel29

Could you go to a broker and explain your circumstances instead of the stress of doing it all yourself. What ever happens dodgy threesome hugs coming your way..:grouphug:

pania

sweetie, PM me instead if you are worried about the reaction on the mortgage board. More than happy to see if i can help. xx

pandapaws

silvercar wrote: »

The other concern is that you need to get your mortgage offer while you are on full salary otherwise they won't take your income into account.

As long as we can move, I won't have a problem with that as there'll only be 6 weeks that I'm down to 90% pay, I'll be working right up until the baby is born, and straight back after the 6wks.

I don't know any independant mortgage advisers in this area, but that's something we might look into on Monday if nothing has happened by then.

Thanks loads for the offer of help Pania - may take you up on that! Just trawling through the mortgage board in the other window now.

ZTD

pandapaws wrote: »

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.

Yes, but to change the lending criteria, and then to slap on a penalty is just a bit too far IMHO. It's rather like the "exit fee" scandal. Charge £25 when you start, and £900 two years later. If they don't want to lend you any more because they changed their criteria, that's fair enough - but to impose a penalty because they changed their criteria would probably be seen as unfair business practice.

How much do you have in writing?

pandapaws

We'll have everything we ever received from them in writing...somewhere. I do agree with you, and fully intend to try and get out of the penalty. I can sort-of see where they're coming from, but it's not on that they won't consider anything at all from us, and won't even speak to us to discuss it.

Have posed a question on the mortgage board (really tried to keep it short as per silvercar's advice, but I just can't do short!). http://forums.moneysavingexpert.com/showthread.html?t=678393 - fingers crossed for some high grade info!

ZTD

pandapaws wrote: »

We'll have everything we ever received from them in writing...somewhere.

May be an idea to find it.

pandapaws wrote: »

I do agree with you, and fully intend to try and get out of the penalty. I can sort-of see where they're coming from, but it's not on that they won't consider anything at all from us, and won't even speak to us to discuss it.

Well, get their decision in writing as to whether they will apply the penalty charges or not, then try the OFT or one of the consumer groups using the same argument as the mortgage exit fee.

Telling them you're going to do this may bring a guesture of goodwill.

bandraoi

I would try to submit an appeal, and state that if they don't port the mortgage you will not be paying the redemption fee as they have left you with no option other than to redeem the mortgage. i.e. it is their choice not to port.

It probably won't work, but you may well end up with a reduced redemption fee, and you don't have much to lose.

pandapaws

Planning on doing all those things as soon as possible - this literally blew up today, and we spent the afternoon hitting brick walls just trying to speak to someone. My plan is to write to them in detail (I'm good at detail ) explaining the situation and asking for clarification of where we stand with a) any mortgage prospects, and b) the redemption penalty. Once I've got something concrete from them, we can work out what to do next.

Bandraoi, good idea - I wouldn't pay it at all as I fully dispute the ethics of it, however they add it on to your mortgage redemption figure, so it goes directly from the solicitor to the bank from proceeds of the sale of your house. They then refund it when they send the advance for your new property. Unfortunately withholding payment isn't possible or I'd probably try.