Frustrated with a lender
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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.
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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
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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!Tags: None
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Reply to Equity releaseby loanarrangerEquity Release loans do not extend to Buy to Let Mortgages given that such borrowings are deemed Non Regulated by the FCA Whilst Residential Homeowner Loans are Strictly Regulated and why only Brokers with the relevant qualifications are permitted to advise and arrange such facilities with lenders.
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Channel: Finance & Investment Questions
12-12-2019, 04:41 AM -
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by Bricko7Hi everyone.
So I have a house with about 90,000 of equity in it, which is about 70% of the value. One option I have is to release the equity as it is rented out and I don't want to selll.
I am half way through a 2 year fixed term on the mortgage. So if I release equity will...-
Channel: Finance & Investment Questions
10-12-2019, 04:22 AM -
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Reply to Equity releaseby Gordon999If you are part way through an existing fixed term mortgage, you should want till nearer the end of the term before re-mortgaging.
Equity release is only for those who have no income to pay interest on a normal mortgage loan.The interest rate charged is higher because the lender has...-
Channel: Finance & Investment Questions
11-12-2019, 02:54 AM -
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Reply to Equity releaseby loanarrangerFirstly are we discussing obtaining a further advance from the current lender , obtaining a second charge mortgage from a third party provider , I am a little confused; I am also assuming that the present loan is a Non Regulated mortgage as opposed to a Residential Homeowner Mortgage but where the property...
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Channel: Finance & Investment Questions
10-12-2019, 07:59 AM -
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by ClulassNew here, just wondered what people in property thought about borrowing against a BTL property, to invest in shares (either plcs or start ups) - so relatively risky but big growth potential.
Is it a totally crazy idea, or perhaps not, if you can afford the interest payments, and you accept...-
Channel: Finance & Investment Questions
17-10-2019, 08:40 AM -
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Indeed: I have experinced B0E interest rates hitting 17% (yes you read that right, under Thatcher...) and a price collapse during divorce divestment - both were ...err... painful: (the money position, not the divorce..)...
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Channel: Finance & Investment Questions
09-12-2019, 15:52 PM -
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by doobreyDepends on circumstances, I guess. I was talking to brokers about extracting equity from my property for investment and I was being told no because it would be viewed as a good money-laundering strategy (i.e. buy for cash -> remortgage) and therefore they would be on the wrong side of AML rules....
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Channel: Finance & Investment Questions
09-12-2019, 15:09 PM -
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by GaryEI have 5 self-contained bedsits and 1 x 1 bedroom self-contained flat all contained within a single HMO property. There is a shared kitchen and lounge and I have a HMO license and certificate of lawful development (change of use C3 to C4). My strategy is to wait 3 more years and get retrospective planning...
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Channel: Finance & Investment Questions
04-12-2019, 15:20 PM -
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by loanarrangerCan I make a slight correction Gordon to your last post and without wishing to sound clever;you are indeed correct regarding the possibility of the lender not allowing any flats to be extracted from the title but the possible exception is if the value of the Freehold plus the value of the remaining...
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Channel: Finance & Investment Questions
07-12-2019, 14:13 PM -
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by Gordon999If the mortgage lender has registered a charge against the freehold title for security of the loan, you will not be able to move any flats to separate leasehold title.
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Channel: Finance & Investment Questions
07-12-2019, 13:15 PM -
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