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

hypno06

Hi PP, I hope today brings you brighter prospects.

You must be worn out after all those dodgy hugs!!!

dubsey

I'm so sorry to hear of this. We had problems moving from our last house to this current one. Knew DH was going to have to take a pay cut so wanted to downsize before that happened. We asked our bank for the new mortgage which was £45k less than the existing one and they said no! I asked why and was told exactly the same-lending criteria had changed and we didn't fit anymore. So we could stay put and pay £400 a month more but not move and reduce our outgoings-nuts.

You are much stronger than us thankfully and please stay that way. We caved in and found a house that was £55k less so we did fit in, how sad is that? lol

Best of luck, I think the whole thing is completely wrong. Oh and if you were a failure DS would not be telling you he loved you-that's a sure sign of success!

pandapaws

Thanks for the support - it really made a difference yesterday when I was a complete wreck. You guys were all worth your weight in gold yesterday. Reading back, I'm embarassed that I managed to get myself into such a state. Blame it entirely on the hormones!!!

Today we went to the Halifax and applied for a mortgage there. It sounds promising, but don't want to get too confident. I don't think it's going to be the best deal in the world but I just need to get a firm approval on the table and we can worry about the rest in the future. Whatever alternative we take, it'll be with no tie-ins so we can change once we're moved and a bit more financially stable.

I got a bit of advice on the mortgage board - some really nice people, and quite a few rather brisk ones too, but I think I discovered their secret - I reckon that lots of the non-DFW nice people are just shy - I had several really nice and very useful PMs from people after that post, and have now got a good back up plan for another place to try, which I hopefully won't have to implement, but nice to know.

The verdict there was also split as to whether or not HSBC are in the right or the wrong. We'll be challenging it either way - it's got to be worth a try.

Scottish-Diva

Hi
I dont have any advice to offer you as Im not sure myself
But wanted to say this...as another pregnant mum to be I think it is a scandle how banks treat people like this (see my post)
Basically I think they are all the same, bully boy tactics, most hurtful.
I wouldnt trust any of them...48 hours ago I would have disagreed but right now I think otherwise

put your feet up, have a cuppa, try not to stress(easy to say I know) but with a baby comming you need to take it eay, I feel a bit sick today after what happened to me, but tryin to let it go and move on

best wishes!!!!!

hypno06

Fingers crossed with the Halifax - they took us on with all our debt, on an affordability basis, rather than an "income multiple less debt repayment" basis, which for us was a godsend.

I am sorry I didn't think to mention it yesterday

bananakinz

This happened with us and Abbey

We got a self cert 'portable' mortgage about 3 years ago, on a two year fixed, when the fixed rate ended, we transferred to another 2 year fixed we ensured that it was 'portable' as we knew we wanted to move and at no point did Abbey advise/ we asked the question about lending critria, and they wouldn't not 'lend' us the mortgage that we already had and had been happily paying for three years, I went in and spoke to someone, they had a word with their underwriters, no they no longer do self cert mortgages, I banged my head on so many walls.

In the end we went with another lender, fixed for two years, put in a complaint about the redemption fee, but no joy - its all in the small print

We won't ever be doing business with Abbey again.

If you can 'afford' the redemption fee and really really want to move and clear off other debt - go for it

Hugs

WorkingHardDFW

Got to say that I so.. and with you PandaPaws.

Its a nightmare moving in your situation with Baby imminent and then this added to the hastle. When we moved to this house I was discharged from the midwife the day we moved!!

I'm not able to offer any advice on the mortgage situ other than that which has already been offered.

Virtual hugs (I can't do the smiley thing!!) and it will get sorted for you all.

Take care:cool:

pandapaws

Thanks everyone. I can't believe how many people have been stung by banks in this way - it shouldn't be allowed. MARTIN!!! HELP US!!! There should be some rule to say that if they say your mortgage is portable, it must be fully portable, i.e. so long as you don't try and borrow more money, and as long as you haven't had any payment problems then they shouldn't be able to move the goalposts.

TTMCMschine

pandapaws wrote: »

It's definitely a result of the whole US sub-prime nonsense, but we've been with them for years and got complimentary Premier accounts. Our branch manager loves us as they make a fortune out of us and know that we're good for the money!

The "whole sub prime thing" isn't nonsense, it is a very real threat to the global economy because people have been given access to far too much debt, which realistically they could never afford. I'm sorry to say it, & I'm certainly not having a go at you or trying to upset you, but you are a prime example of a sub-prime consumer.

The reason I say that is because of the enormous amount of debt that you have coupled with a mortgage that will, if you suffer any kind of financial shock like losing your job for example, push you straight over the edge leaving your creditors no way to get their money back.

I personally would suggest that maybe you should sell the house & then instead of buying somewhere else try renting somewhere closer to work. Then you can avoid the costs, will actually be paying less every month (renting is far cheaper than buying), & you can really hammer the debts. That'll put you in a far better position to buy later.

Sorry, please don't take that the wrong way - I rent, it's not bad at all. We pay £400 per month for a massive Victorian terraced house that would be at least double that price if we were buying it.

ZTD

TTMCMschine wrote: »

you are a prime example of a sub-prime consumer.

The reason I say that is because of the enormous amount of debt that you have coupled with a mortgage that will, if you suffer any kind of financial shock like losing your job for example, push you straight over the edge leaving your creditors no way to get their money back.

But that is virtually everyone. Someone in the stockbroker belt of london with a SAHW is sub-prime by that definition.