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

pandapaws

ZTD, our paperwork is all in storage at the moment unfortunately, so haven't got hold of the original documents. Thanks very much for looking that up though - I know that we definitely haven't received any formal notice of changes to T&Cs, so that may well be something to go on. However, I suspect that they may play the card to say that it isn't because the lending criteria have changed, but simply because our circumstances have changed that they couldn't help us.

Lunar, you're right about the bank losing a fortune - as soon as the mortgage business is sorted out, we'll be doing our utmost to get rid of every single HSBC product we have - well, only those that they make money from - we'll keep the 0% until the last moment, and the fee-free bank/business accounts!

Verbatim, you read my mind! I've never had anything to do with the CAB in this area but I think I'll be giving them a call this week. We were awaiting a call on Saturday afternoon from our mortgage adviser which, surprise surprise, never happened, so we'll see what he says first tomorrow.

We've also to go back to Halifax tomorrow with all our paperwork to see how we get on there. I absolutely KNOW that it probably isn't the best deal on the market, but us sub-primers have to take what we can get! If it wasn't for the time pressure I'd be doing a helluva lot more research, but if Halifax can do it, I'm happy with that for now. If that falls through, I'll be ringing L&C as many here have suggested.

In_Search_Of_Me

as OP said try C&C & charcol - I got my remort from the latter when others just laughed at me! The loan I got didnt take into account any unsecured lending in the calc & I saved 50 a month - redemption fee is huge (5000 - better than some!) but I'll deal with that when I'm debt free! HTH! Keep us posted! By the way which trailer park do you come from, or is that confidential?:rotfl: :rotfl: :rotfl:

pandapaws

In_Search_Of_Me wrote: »

as OP said try C&C & charcol - I got my remort from the latter when others just laughed at me! The loan I got didnt take into account any unsecured lending in the calc & I saved 50 a month - redemption fee is huge (5000 - better than some!) but I'll deal with that when I'm debt free! HTH! Keep us posted! By the way which trailer park do you come from, or is that confidential?:rotfl: :rotfl: :rotfl:

Afraid that's classified information, as 4 of my ex-husbands, 8 of my kids and my pimp are all trying to track me down at the moment!

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.

HSBC are also reviewing our application for the 90% mortgage. Will have to see what happens, but it didn't sound as though they were planning on changing their mind, just double checking that they have a decent defence if us [STRIKE]Premier customers[/STRIKE] sub-primers do decide to set our mangy trailer dogs on them!

the_bread_baron

why dont you just continue to sell the house and rent closer to work. probably cheaper to lose 8k redemption than lose the sale and face a potential housing correction of 30% later. they are falling. if i were you id de-stress, rent closer to work and bank the sale until prices bottom out. you might find that renting is a lot more living and when you do return to the housing market in 2010, the prices will be much cheaper.

hypno06

I have done the "rent for a year" thing after selling, and although it took the pressure off temporarily, we soon got "panicky" about not having that big asset. At the time house prices were static so we were not in danger of pricing ourselves out of the market or anything, but it was just the comfort thing.

For us, it would be buy over rent, every time. For others, I am sure the opposite is right.

PP I am so please Halifax have come up with something for you......now, get packing

caveatvenditor

http://www.housepricecrash.co.uk/forum/lofiversion/index.php/t65803.html

abaxas

I cant beleive your writing this crap.

No-one has to lend you money, they do it through choice and they have decided not to lend. Where is the issue here, other than your greed?

Rachman_2

Hang on, by the numbers I skim read, you have practically £80K of unsecured debt and you have a £225 redemption on your current mortgage (giving you about £25K net). That means your net assets are MINUS £55K.

You then want to buy a similar priced house for a 95% mortgage, presumably the other 5% is lost in EA fees to sell, stamp duty and purchase price. So in effect you are going to be MINUS £67,500.

And you are struggling to see why HSBC is being what it considers prudent. Your view is that your current incomes allow you to service the debt. HSBC applies risk factors to that - you failed to get over their new hurdles.

With my conservative head on, I'd say they were 200% right to be more careful. Would you lend to someone who did not have anything ? And if the house price falls back 10% (not unlikely) or if they have to repossess they will get a much lower price if they sell as mortgagee in possession. With respect, you need to take a look at reducing your overall exposure - you are already running right up against it and you can't see it. You have a child and one on the way - in all honesty, have you looked at the risks, or have you gambled everything on circumstances remaining as benign as they have been for the last decade ? Really ?

I'd shelve buying a house, maybe even swallow the extended redemption fee (I have to ask, you are playing with quarter of a million quid of someone else's money AND your home, did you not read the forms and understand them when you signed up - or did you not ask your lawyer to explain them if you did not (another risk of using conveyancing bucket shops, BTW - they mostly don't know what they are talking about)).

I know this is not pleasant reading, but it's at least as much use as simply mollycoddling and there there and agreeing it's the big nasty bank's fault - it's not - credit is a privilege/contract, not a right, the bank (sensibly in my view) has pigeonholed you as a serious risk - you simply disagree with that because you have been able to keep your head above water in the calmest waters imaginable. Can you see that continuing ?

silvercar

The point being missed is that by moving the lenders risk will not change - same property value, same mortgage. For the customer the costs go down due to other factors, so what difference would allowing the move make to the lender? None.

Rachman_2

the lender took a risk in 2005/6 that was one they were prepared to do - property prices were rising and so their exposure was less. Roll forward two years and the world looks a lot different - including the 'credit crunch' - so the bank has a chance to reduce its exposure to what it now considers sensible and as it is legally entitled to do - the OP signed legally binding documents having taken legal advice (no, I am not advocating suing the lawyer.... though I have no doubt it will be someone else's fault, so let's sue the people with insurance, it's not as if personal responsibility matters is it ?).

Put it another way, you lent £20K of your own money to someone when money was easy to come by for you. You are now able to get that money back in much more difficult times and you have real concerns the person you lent it to is not likely to pay it back than you were when you lent it. Would you try to get your money back ? Of course you would.