Mortgage advice please guys?

itsbeef

Hey guys,

Any thoughts on this one?

Just had a second visit on a property I am looking at putting an offer in on.

Thought I would contact my mortgage provider to check the procedures involved in moving only to be told that my mortgage in non transferable!:eek:

I checked out the correspondence with my financial advisor (I took out a 2yr fixed DB Mortgage in January 2007) and it clearly states in the "YOUR MORTGAGE NEEDS section of our conversation "You have confirmed that you will probably be moving house in the next couple of years.

And in the MORTGAGE REQUIREMENTS sections of the discussions it states:

"You have stated that you will probably be looking to move house in the next couple of years and therefore the portability of the mortgage is essential in this instance"


Do I have any case to complain about not being able to transfer my mortgage from property to property?

It will cost me £8,750 to get out of the mortgage which I cant afford

I'm very p****d off!

herbiesjp

What does it say in section 10 of your mortgage offer letter under "What happens if you move house"?

itsbeef

That is the confusing part....... it does state "This mortgage is non-transferable"

My initial application went into Bristol & West, I signed the provisional offer form but they later withdrew the offer after there was an error on the form. This was simply an outstanding debt on my ex partners house which had actully been cleared but still showed up when they checked up on her credit rating. The same standard mortgage appliaction form was then sent into DB Mortgages.

Just spoke to FA and he is talking with DB Mortgages about bending the rules. I think he is a bit worried about me kicking off regarding not being supplied with an appropriate product.

Confused..........

herbiesjp

Let us know what he says

itsbeef

My FA has just called and DB Mortgages are unable to amend the details of my mortgage so I am unable to move house until Feb 2009!!!

Unless of course I am happy to pay a redemption fee of nearly £9,000!!!!

:mad: :mad: :mad: :mad:

HEEEEEEEELLLLLLLLLPPPPPPPPPPPP

itsbeef

Off to the gym to take my aggression out on some weights and a punchbag!!!

:mad:

payless

does sound like broker missed this.. (so did you ) and some responsbility lies with him ... although NOTE even if the original mortgage was portable, you would need to meet their current lending criteria which is likely somewhat different

UK007BullDog

Who knows, he and the lender might have done you a favour. You might be able to pick up a similar house much cheaper in 2009, if the current market continues.

homer_j_3

Sounds like the broker has dropped a you know what here.

You have clearly had the conversation and there was 3 opportunities for the adviser to spot this error.

1 - In the illustration
2 - In the Offer
3 - When they were confirming the advice.

As they have put it in writing that you needed portability, I would be asking for them to pay the ERC because they provided you with an unsuitable product. This is regardless of whether the portability would have been agreed or not.

I know that when you are trying to do a hundred things at once, it is easy to miss something if you are busy trying to generate new business, deal with existing business etc. However, there is a duty of care to provide suitable advice and this on the information provided would indicate a mis-sale. I would put the complaint forward if you want to move.

itsbeef

I make no excuses for missing the Section 10 statement but to cover my back (and ignorance) I assumed that as my requirements and needs had been recorded by my FA then he would understand that those needs would bethe same for any mortgage application.

I'm hoping one of 2 things happen.

1. The mortgage company can be "persuaded" to allow me to switch properties hopefully with no financial loss to me.

2. If the mortgage company stick by their rules, the FA (or his ltd company) has enough insurance to cover my financial losses.

Any thoughts on the liely outcome?

ps Thanks for the time you guys have given replying :T

homer_j_3

Had the requirement for the portability not been confirmed in writing, i would have said that slim chances as it would have been your word against theirs.

The fact that they have confirmed it in writing tells me that they have genuinely overlooked it and they will be kicking themselves for missing that.

I cant imagine the mortgage co being bothered or willing to change their rules. I would just ask them to pay it for you and if they will not, where to put the complaint to.