Robbed by Birmingham Midshires moving BTL

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    #16
    Thanks again for the replies.

    Attila, I know there is a strong possibility I may not get anywhere I stated that in my last post but I am not going to let £4k go just by having two phone calls with BM, this started last Friday its not as if I have been bleating on for months.
    You were obviously caught out before, how much effort did you put in to try and sort it? I appreciate your information and I do know that BM made this decision to change their criteria without thinking of me but making around £4.5k for 6 months of lending is good business for them.
    It is also worth discussing what has happened on this forum, there could be a member about to do the same thing and as a result save a few grand.

    They acknowledged that a call was made on the 27th December discussing porting, they did not mention about the possibility of transcripts. If we can get this could it be classed as a verbal contract, as this conversation started the chain of events. If at the time we were told that we couldn't transfer the product we would not have sold the house. How often should they have been contacted to see if we could go ahead?

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      #17
      It's called an early redemption fee because not only you have to pay a fee.

      BM have effectively lost 21/22 years interest from you because you have redeemed the mortgage.

      You have to pay if you redeem early, effectively it's like a landlord allowing a tenant to leave early, but they have to pay a penalty.


      BM like a lot of lenders have changed their lending criteria because of the new HMO laws. I didn't bother to check their lending criteria because I didn't realise at the time the effect the new legislation was concerned.

      The banks change their lending criteria all the time. Now, as far as mortgages are concerned, I don't fart without checking with the lender.

      By all means give it a punt, but read your original mortgage offer carefully, it will say that MAYBE you will qualify to have the redemption fee refunded IF you fit their criteria still.

      It's up to you to check their criteria. If you spoke to them in Dec 2006 you were probably ok at that time, but their new criteria came out in Feb 2007.

      Don't mean to be harsh but we operate in a business environment and there's no room for amateurs. I learned an expensive lesson as I had to remortgage to a different lender to comply with their criteria. You're learning also.

      The lesson to everyone is check, check, check again and don't assume anything.

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