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| ash t |
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ash t
World Chat Champion
Joined: 16 Dec 2004
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 Posted: 17:09 - 25 Jul 2010  Post subject: Unable to Fix your mortgage because of neg Equity, Read on |
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Hi All,
Trawling through some old files and emails, I have stumbled accross a letter I wrote to my mortgage lender after they refused to allow me to fix my mortgage. After I sent them this letter, they rang me up and offered my a 5 year deal without any special conditions.
I thought it might be useful should anybody be in this situation.....
(I have removed the personal info, so you can use the same letter if you want and just add your info)
| Quote: | For the attention of the Customer Complaints Department,
Further to my telephone call with one of your advisors on the evening of June 3rd 2009, I wish to express my disappointment with your response to my previous correspondence.
Before going into detail, I wish to express that I understand your lending policy, and agree that companies do have to have policies in place to ensure that business goals and needs are met, financial strength is not adversely affected, and that risks are not taken un-necessarily.
I wish to complain and express my feelings that I am being treated unfairly because you are unwilling to allow me to fix my current Standard Variable Rate mortgage with you. I understand that your LTV to “New Customers/Lending” is 95%, and agree with this rule, however in respect of “Existing Borrowers” Such as myself, I feel that this rule should not apply when looking to switch products without additional borrowing.
Allowing customers like myself to fix their mortgage, irrespective of their LTV at the time would secure, e.g., 5 years of mortgage business, will not increase risks imposed on a lender such as yourselves, and will give peace of mind to the borrower that their payments will be stable and affordable for the term of the fixed rate mortgage. Surely you would agree that this is
A) Looking after the best interests of the Customer, and treating them with fairness:-
“Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.” (I am not confident)
B) Looking after the best interests of your own company. As mentioned before, guaranteed mortgage business for a further 5 years, which again, I am sure you will agree is extremely important in the current financial climate, especially for a firm such as Birmingham Midshires.
I also believe that your current policy is against a rule set by the FSA, with regards to treating customers fairly:
“Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.” (I am facing an unreasonal post sale barrier imposed by you!)
The fact that you are not allowing me to fix my mortgage without any extra risk on your part is an “Unreasonal Post Sale barrier.”
As said before, I am completely familiar with lending policies, and mortgage terms and conditions, and I am purely contesting one of your policies which is in breach of Outcome 6 of the FSA Guidelines for treating customers fairly.
I trust that you will be more obliging look forward to hearing from you with more co-operation.
I must emphasise that I will take this to the Financial Services Ombudsman should your response be unsatisfactory, which I do believe would be at a cost to yourself should this be a necessity.
I look forward to hearing from you very soon, preferably by telephone on xxxxxxx, after 6:30pm.
Yours Sincerely
Ash T
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____________________
When You're Starting To Choke, Take Some Pills With Your Coke, Its Hyserical |
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| Vin |
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Vin
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| swiftb |
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swiftb
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Joined: 20 Oct 2008
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| Posted: 21:04 - 26 Jul 2010 Post subject: |
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I had this problem so had to switch to a boe base rate tracker. Was well pissed at the time, but tbh it was a blessing in disguise.  |
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| Pete. |
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Pete.
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Joined: 22 Aug 2006
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| Posted: 21:21 - 26 Jul 2010 Post subject: |
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I have mine fixed for 15 years, got in just before it all went belly-up. Mighty glad that I did now!
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a.k.a 'Geri'
132.9mph off and walked away. Gear is good, gear is good, gear is very very good  |
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| Vin |
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Vin
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| ash t |
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ash t
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| Vin |
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Vin
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| ash t |
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ash t
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| Vin |
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Vin
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| Mord |
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Mord
Nearly there...
Joined: 11 Oct 2008
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| Posted: 21:33 - 27 Jul 2010 Post subject: |
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My rate is 2.5% at the moment.. I cannot complain, but as it is a variable rate the future is uncertain 
Being on fixed rate always gives you that peace in mind as future is bright.
My equity is around 15% which sadly is not enough to have the rate fixed with my current lender  |
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Old Thread Alert!
The last post was made 16 years, 40 days ago. Instead of replying here, would creating a new thread be more useful? |
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