Frustrated with a lender

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Frustrated with a lender

    For 6 months, I have been trying to get my name of the title deeds and a mortgage to a property owned by my husband. I only went on the deeds with a 1% interest so that he could meet their lending criterea (he did not have a residential property in his own name).

    I wanted to come off of the mortgage and this company owned by {Mod - a hint which is intended to identify is as bad as simply naming}. This organisation is running the most shambolic administration teams and I urge any others thinking of taking a mortgage out with this group to run a mile.

    My husband has had to go through a complete remortage application even though his income is in excess of £50K- its a small mortgage and ltv is about 55% and a good rental income. In February, they told us that I could come off the mortgage if we reduced the loan by £18K as there was a change to their lending criterea. I paid off the £18K straight away. Two weeks later, we get told it has to go back to the underwriters???

    Then we had weeks of chasing for the mortgage offer to be sent out. Husband signed paper work and returned it promptly. Then even more delays because the big company hasn't forwarded the paperwork to their solicitor. More stress and constant chasing! So we are now at the end of April when solicitor then states, the company now want an indemnity insurance policy taken out. What - where did this come from? More delays!!

    Husband and I sign the TR1, then wait over 2 weeks before Director of large organisation signs. 3 weeks ago, I finally feel happy when solicitor confirms documents have gone off to landregistry. Today, an email from solicitor saying LR want some further information which is going to cause delays. I got really frustrated and told solicitor this was not acceptable etc. I called the LRegistry and guess what?? The TR1 is not valid because only 1 Director of said firm had signed it and it hadn't been witnessed either. Apparently one Director can sign but only if they use a special seal and that hadn't been used. I have never been so frustrated in my life. This is bad on the Company's side and that of the Solicitors - they should have spotted this mistake and instead of owning up, they tried to say we needed to provide further information to cover up the delay.

    Please, if you are thinking of using the same company for your BTL mortgages - think very carefully. The simple task of taking me off the mortgage has taken almost 6 months and the light at the end of the tunnel still isn't in sight!

    #2
    Claymore I share completely your frustrations with lenders , although on a different plane I have recently experienced significant issues with the business prevention unit of a significant lender within the BtL market, reaching a point where I was forced to make asubmission to someone with seniority; whilst I was successful I was made aware that my card may have been marked as I had had the temerity to challenge an underwriter. Pragmatism has gone completely out of the window and whilst they talked about a case being credible and reasonable they canin fact prove very obdurate when they feel If is necessary.
    Dontlet the b.....s grind you down
    ​​​​​​​

    Comment


      #3
      Something that makes me laugh, I did my own conveyancing a couple of months back transferring 100% of a mortgage free property into my sole name. It went through without a hitch. Involve expensive solicitors (as lender requires this) for a simple transfer of 1% and the transaction is fraught with errors because of the incompetancy of the so called professionals.

      Comment

      Latest Activity

      Collapse

      • Mortgage News
        loanarranger
        The following article has appeared in one of the Mortgage Trade journals reporting on views expressed by the Association of Mortgage Intermediaries an influential trade body within the mortgage industry.

        "Mortgage rates are likely to rise in the first quarter of 2016 as lenders look...
        23-12-2015, 18:43 PM
      • Reply to Mortgage News
        loanarranger
        Correct, I spoke with Paragon this morning and indeed they are using Sonia as the basis of rate setting rather than 3 Month Libor but this only applies to loans which were indeed linked to Libor but any mortgage offers being made now quote a reversionary rate which is between 4.85% and 5.60 depending...
        19-10-2018, 10:43 AM
      • Reply to Mortgage News
        boletus
        Phew! You had me worried there.
        It is not a SVR set by the lender, it is a replacement index independent of their control;

        https://www.mortgagefinancegazette.c...or-04-09-2018/

        LIBOR is to be replaced, for GBP Sterling, with an updated...
        19-10-2018, 08:08 AM
      • Reply to Mortgage News
        boletus
        Can they do that? Surely if borrowers signed up for a LIBOR tracker, the lender can't just alter the terms onto a SVR of their choosing.

        Mortgage Express, amongst others, tried and failed with their BofE base rate tracker mortgages.

        Is this only for new lending?

        ...
        19-10-2018, 07:31 AM
      • Reply to Mortgage News
        loanarranger
        Lenders criteria may get tougher in 2019
        At a conference with lenders yesterday it was revealed that the Financial Conduct Authority was expressing reservations on the methodology of data being remitted by lenders and its potential impact on lending and the market as a whole both for Regulated&...
        19-10-2018, 06:21 AM
      • Reply to Mortgage News
        loanarranger
        Libor linked Mortgages changes
        Loans that are presently linked to 3 month Libor will shortly be abolished with lenders applying a new rate which is akin to a Standard Variable rate. The downside to this is that it removes the transparency of knowing that at the quarterly review date the 3 month...
        19-10-2018, 06:07 AM
      • help, what to do with mortgage?
        logan5
        ok situation is:


        own a house that have been renting out and now want to sell. the house has been on the market for 9 months, which isn't unsual in this area. the tenant has now decided to move out and has bought there own place.


        im now staring at an interest only...
        07-10-2018, 10:01 AM
      • Reply to help, what to do with mortgage?
        loanarranger
        Whilst there is nothing to stop an AST being created for a minimum period of three moths or even less but before you make such a move check your terms of mortgage as it can stipulate a minimum term of 6 months.
        Everyone has a view regarding the best tactics when selling a property , you just...
        18-10-2018, 21:05 PM
      • 1 Property in The Bag - Now what? Need Advice Please!
        Johnwb89
        Hhey everyone!

        I hope everyone can appreciate with this post, I know I am a very fortunate person, and I don't deserve it, but either way...

        I've just turned 29 and I have been given a property worth £60k from my dad with no mortgage getting £420pcm (only getting this in...
        18-10-2018, 13:12 PM
      • Reply to 1 Property in The Bag - Now what? Need Advice Please!
        boletus
        Why do you need to live in such a huge house? (Or smaller house in a very expensive area)

        How much graft are you prepared to put in? 10 bed benefits HMO in Attercliffe or 3 bed semi in posh commuter Barlborough?

        Personally, as a law abiding landlord, I'd avoid investing in...
        18-10-2018, 17:50 PM
      Working...
      X