Discussion
Hi
Bought a house last week cash (lender said it would take 8 weeks to port my mortgage). Rang the lender to transfer the mortgage over from 11/10 when my house with the existing mortgage completes and have been told its 'policy' not to transfer (my) mortgage to a property I already own. This isn't in my terms and conditions anywhere. I can't have a copy of their policy - it just is policy. I have made a formal complaint. The advisor has told me if I sell it to e.g my Dad then they will transfer the mortgage when I buy it back from him no problem. That will be 3 lots of stamp duty and solicitors fees.
I am going to complain to the Ombudsman - what are my chances?
My rate is base + 0.17 which is why I am keen to keep hold of it and the LTV is less than 20%.
Bought a house last week cash (lender said it would take 8 weeks to port my mortgage). Rang the lender to transfer the mortgage over from 11/10 when my house with the existing mortgage completes and have been told its 'policy' not to transfer (my) mortgage to a property I already own. This isn't in my terms and conditions anywhere. I can't have a copy of their policy - it just is policy. I have made a formal complaint. The advisor has told me if I sell it to e.g my Dad then they will transfer the mortgage when I buy it back from him no problem. That will be 3 lots of stamp duty and solicitors fees.
I am going to complain to the Ombudsman - what are my chances?
My rate is base + 0.17 which is why I am keen to keep hold of it and the LTV is less than 20%.
Any chance it's a Woolwich mortgage? I only ask as I had a very similar scenario to this happen to a client of mine recently. In short, similar mortgage deal to yourself, sold house and was going to port to new house but his purchase fell through so he tried to port it to another unencumbered house that he already owned. Long and short is that we (I work for the big blue bank who sell Woolwich mortgages) said no, quoting the above policy.
I felt this wrong so told client to pull out a copy of his mortgage offer and I have logged a complaint which the client intends to follow through to the bitter end. Currently under investigation and won't know outcome for a while though.
I'd definitely suggest logging a formal complaint as the wording I found in the offer was relatively clear in saying it could be ported to any property and did not have any small print.
I felt this wrong so told client to pull out a copy of his mortgage offer and I have logged a complaint which the client intends to follow through to the bitter end. Currently under investigation and won't know outcome for a while though.
I'd definitely suggest logging a formal complaint as the wording I found in the offer was relatively clear in saying it could be ported to any property and did not have any small print.
Ungarsee said:
Any chance it's a Woolwich mortgage? I only ask as I had a very similar scenario to this happen to a client of mine recently. In short, similar mortgage deal to yourself, sold house and was going to port to new house but his purchase fell through so he tried to port it to another unencumbered house that he already owned. Long and short is that we (I work for the big blue bank who sell Woolwich mortgages) said no, quoting the above policy.
I felt this wrong so told client to pull out a copy of his mortgage offer and I have logged a complaint which the client intends to follow through to the bitter end. Currently under investigation and won't know outcome for a while though.
I'd definitely suggest logging a formal complaint as the wording I found in the offer was relatively clear in saying it could be ported to any property and did not have any small print.
Got it in one.........I felt this wrong so told client to pull out a copy of his mortgage offer and I have logged a complaint which the client intends to follow through to the bitter end. Currently under investigation and won't know outcome for a while though.
I'd definitely suggest logging a formal complaint as the wording I found in the offer was relatively clear in saying it could be ported to any property and did not have any small print.
All it says is it can be ported providing I meet current lending criteria which I obviously do as they will port if I don't already own the property. My argument was as I have to pay all the valuation and conveyancing fees the process is no different to me buying from someone else rather than myself.
anonymous said:
[redacted]
No that's it - on the 2 page A4 mortgage offer there is literally one sentence saying the mortgage can be ported.The Mortgage handbook / terms that came with the offer in 2007 doesn't have any reference to porting at all its appears to be a standard booklet that goes with any mortgage covering general terms and conditions.
I am really OCD about keeping all correspondence and have been through the file this evening and there is nothing about porting not being possible on a property you already own.
I have something similar- 2 mortgages with a lender with a name near to their base in Gloucester, selling one (5% exit penalties) want to move the loan to other one (£300 closure charge, no penalties to clear the loan).
"We can't do that Sir"....
Well you can, you'd just rather take the 5% charge & stiff me.
"We can't do that Sir"....
Well you can, you'd just rather take the 5% charge & stiff me.
We've been discussing this this morning.
We think that not being able to port to a property already owned is industry standard.
(or at least we can't think of a lender off the top of our heads that will allow this.)
How clearly that is explained in the docs is a point the FOS might pick up on, but Woolwich might get you with the "current criteria" statement.
We think that not being able to port to a property already owned is industry standard.
(or at least we can't think of a lender off the top of our heads that will allow this.)
How clearly that is explained in the docs is a point the FOS might pick up on, but Woolwich might get you with the "current criteria" statement.
scotal said:
We've been discussing this this morning.
We think that not being able to port to a property already owned is industry standard.
(or at least we can't think of a lender off the top of our heads that will allow this.)
How clearly that is explained in the docs is a point the FOS might pick up on, but Woolwich might get you with the "current criteria" statement.
If it's industry standard then why isn't it in the terms and conditions so customers know where they stand? I cannot see what difference it makes to the transaction as I have to pay all the legal costs anyway if I port so if there was anything more complex to sort as I am already the owner there are no extra charges for the Woolwich?We think that not being able to port to a property already owned is industry standard.
(or at least we can't think of a lender off the top of our heads that will allow this.)
How clearly that is explained in the docs is a point the FOS might pick up on, but Woolwich might get you with the "current criteria" statement.
I am going to go through their complaints procedure and when I get nowhere take it to the ombudsman. Nothing to lose so I am prepared to spend some time fighting it.
Edited by Vron on Thursday 2nd September 21:17
fwiw - a mortgage is granted to purchase a property, as you already own the property you are in effect remortgaging it to release some of its value (at least that is how the lender will view it).
Porting a mortgage allows you to keep you existing t&cs when BUYING a new property.
In my view, you dont have a leg to stand on and you cant go to the FOS until you have received a letter of deadlock from the lender. Even then, the FOS is likely to reject your claim as they dont normally get involved in lending decisions.
S
Porting a mortgage allows you to keep you existing t&cs when BUYING a new property.
In my view, you dont have a leg to stand on and you cant go to the FOS until you have received a letter of deadlock from the lender. Even then, the FOS is likely to reject your claim as they dont normally get involved in lending decisions.
S
amajew said:
Hello
Wondered if any boby knows if when you port your mortgage to another property what the term means "if you still fit our lending criteria".
Do you need to fill in a full new application.
Does any one know what is involved?
You will have to fill in an app of some sort (some lenders insist on a full app, others have a shortened version.Wondered if any boby knows if when you port your mortgage to another property what the term means "if you still fit our lending criteria".
Do you need to fill in a full new application.
Does any one know what is involved?
They will credit search/score. they will want to check your income still fits.
They will want to know that the new property is mortgageable, and fits on LTV etc.
There will be a survey.
There will be legal work.
Vron said:
If it's industry standard then why isn't it in the terms and conditions so customers know where they stand?
You want the banks to be helpful Vron? That isn't why they exist.(That sounds sarcastic, but I mean it honestly.)
Vron said:
I cannot see what difference it makes to the transaction as I have to pay all the legal costs anyway if I port so if there was anything more complex to sort as I am already the owner there are no extra charges for the Woolwich?
Remind me again, what rate are you on?What rate will you be on if they force you to redeem this mortgage?
Ah. Thats all the reason they need.
Vron said:
I am going to go through their complaints procedure and when I get nowhere take it to the ombudsman. Nothing to lose so I am prepared to spend some time fighting it.
Best of luck to you. Let us know how you get on. Its interesting form a professional viewpoint.scotal said:
amajew said:
Hello
Wondered if any boby knows if when you port your mortgage to another property what the term means "if you still fit our lending criteria".
Do you need to fill in a full new application.
Does any one know what is involved?
You will have to fill in an app of some sort (some lenders insist on a full app, others have a shortened version.Wondered if any boby knows if when you port your mortgage to another property what the term means "if you still fit our lending criteria".
Do you need to fill in a full new application.
Does any one know what is involved?
They will credit search/score. they will want to check your income still fits.
They will want to know that the new property is mortgageable, and fits on LTV etc.
There will be a survey.
There will be legal work.
I know all this from recent experience
.skeeterm5 said:
fwiw - a mortgage is granted to purchase a property, as you already own the property you are in effect remortgaging it to release some of its value (at least that is how the lender will view it).
Porting a mortgage allows you to keep you existing t&cs when BUYING a new property.
In my view, you dont have a leg to stand on and you cant go to the FOS until you have received a letter of deadlock from the lender. Even then, the FOS is likely to reject your claim as they dont normally get involved in lending decisions.
S
The mortgage I want to port was a remortgage.Porting a mortgage allows you to keep you existing t&cs when BUYING a new property.
In my view, you dont have a leg to stand on and you cant go to the FOS until you have received a letter of deadlock from the lender. Even then, the FOS is likely to reject your claim as they dont normally get involved in lending decisions.
S
Hi. I am currently trying to port a mortgage. I have been doing this for 3 months, and am paying off 60% of my mortgage in the move. My product is an offset and is 0.74 over base lifetime tracker. The loan to value is 60% and I have never took all my mortgage leaving funds in my offset. I have an impeccible credit rating. This mortgage was a non status mortgage to start with because my tax affairs are complicated with income from many different places.
They told me 3 months ago everything was fine and I just needed to send in details of the house I was buying. I had already been told I couldn't move into a house I already owned even though I could not find it in my T&Cs. I agreed a sale of my house and a purchase of a new house at less than half the money. They messed about and asked for my inside leg measurement, which I provided. The only thing lacking was a 2010 tax return because it has not been done yet and is not due until 31st Jan. I showed them income for that year and the last year to date, got my accountants to write to them, and they agreed this was sufficient. This should have been fast tracked, but for some reason wasn't.
They kept saying everything would be ok, until the day of the move when we were exchanging and completing on both purchase and sale, and at 16.20 on that day with my life in vans they said they now wanted the 2010 tax return. I am in a hotel with my house in storage getting my accountant to do a tax return early. I have paid over double the mortgage I am looking for for 4 years, and they offered me half what I wanted at the eleventh hour without the tax return. Their customer service and professionalism has been disgraceful looking for any possible opportunity to get out of the rate they sold me 4 years ago. I am determined to get this mortgage ported and will take up their total incompetence with the FSA and FOS after.
I have heard of another case exactly the same as mine where they ended up lending the amount the guy wanted at a higher rate because he had to agree to it on the day. Disgraceful behaviour from the banks who have caused the global meltdown and are now taking it out on customers who they wish they had not sold something so cheap. I am determined to recover all my costs due to their complete arrogance and incompetence!
They told me 3 months ago everything was fine and I just needed to send in details of the house I was buying. I had already been told I couldn't move into a house I already owned even though I could not find it in my T&Cs. I agreed a sale of my house and a purchase of a new house at less than half the money. They messed about and asked for my inside leg measurement, which I provided. The only thing lacking was a 2010 tax return because it has not been done yet and is not due until 31st Jan. I showed them income for that year and the last year to date, got my accountants to write to them, and they agreed this was sufficient. This should have been fast tracked, but for some reason wasn't.
They kept saying everything would be ok, until the day of the move when we were exchanging and completing on both purchase and sale, and at 16.20 on that day with my life in vans they said they now wanted the 2010 tax return. I am in a hotel with my house in storage getting my accountant to do a tax return early. I have paid over double the mortgage I am looking for for 4 years, and they offered me half what I wanted at the eleventh hour without the tax return. Their customer service and professionalism has been disgraceful looking for any possible opportunity to get out of the rate they sold me 4 years ago. I am determined to get this mortgage ported and will take up their total incompetence with the FSA and FOS after.
I have heard of another case exactly the same as mine where they ended up lending the amount the guy wanted at a higher rate because he had to agree to it on the day. Disgraceful behaviour from the banks who have caused the global meltdown and are now taking it out on customers who they wish they had not sold something so cheap. I am determined to recover all my costs due to their complete arrogance and incompetence!
... which is why people should always get things in writing. If its not written down it doesn't exist/didn't happen.
I learnt that a long time ago in business.
Sorry to be sarky, but as Ronald Regan said. "Trust, but verify"
Would seem to me that you guys have been shafted, but with nothing in writing to confirm the verbal approvals you are toast.
I learnt that a long time ago in business.
Sorry to be sarky, but as Ronald Regan said. "Trust, but verify"
Would seem to me that you guys have been shafted, but with nothing in writing to confirm the verbal approvals you are toast.
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