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Around this time last year, we were looking to move house and so started the process of sorting out a mortgage. The best deal we could find was actually with the lender with whom we already had a mortgage. Never missed a payment, etc. By the time things started happening, my wife was five or six months, but still working. She went in for the mortgage meetings, to take in the paperwork, etc.
Seemingly, the baby bump set off alarm bells at the lender. We couldn't manage the repayments on my wage alone, and they assumed that we were at risk of not being able to pay whilst she was on a reduced wage.
This ultimately led them to place a condition on the mortgage, in that we had to open an account with them and deposit a sum (circa £5k) which would cover the repayments over her period of maternity leave, so that they'd still get their money in the event of us not being able to find it each month. They would then place a charge on the account, so that money was untouchable by us until her maternity leave was over. She went back to work at the start of January.
None of this would have occurred if I'd gone to the mortgage meetings instead of her as, funnily enough, you don't need to disclose you're pregnant when applying for a mortgage. The whole process was infuriating and felt extremely unfair, but we were too far down the line with our house purchase to back out and find another lender. Our solicitor reckoned he'd not seen conditions like ours attached to a mortgage for a couple of decades.
So, we've paid the mortgage each month, and the wife is back at work, so I emailed our contact at the lender and asked when we can get our money back. I'll not be keeping it in their account as a matter of principle.
Two weeks later, he's replied and asked us to supply both our wage slips, bank statements, loads of paperwork, upon receipt of which he'll tell me how we can get our money back.
Perhaps it's because I'm quite well-oiled now, but to my mind, they can ram that procedure up their collective pipe. We've paid the mortgage as scheduled over the 'period of doubt', we told them and provided evidence at the start of the mortgage exactly when my wife would be going back to work, that money is ours and they've no right to keep it any longer. I can appreciate why they may want to see my wife's wage slip as evidence that she's earning again, but why mine? Do I need to check in with them every month to prove I've still got a wage coming in?
I'm not stupid enough to know that, ultimately, they've got us over a barrel and us staying in the house depends on them, but the whole episode seems unreasonable and this is probably my last chance to go in and have a row with someone about it. It'd probably be pointless but I'd likely feel better for it.
Anyway, over the course of typing that I've become quite drunk, so who wants to wrestle? One at a time or all at the same time, makes no difference to me.
[quote=stevestunts ]this is probably my last chance to go in and have a row with someone about it. It'd probably be pointlessWhat's the actual problem in acceding to their request? Painless, quick, no stress.
Screw that, do what it takes to get your money back then move your mortgage as well. I wouldn't want to be giving money to a business that acted like that. As far as I can see as long as they are getting their money they should be happy and leave you to it.
on your mortgage application you were probably asked if you expected either of your wages to change in the future. you would be remiss in not telling them that your wife's income would have changed due to maternity leave.
I would like to wrestle, but only if you look like Brad Pitt and/ or Cheryl Cole.
Be glad your not self employed, what you have had to supply and do is nothing.
New recent lending rules means you have to kiss their ass and they have to be super super careful.
Santander?
[quote=northernmatt ]Screw that, do what it takes to get your money back then move your mortgage as well. I wouldn't want to be giving money to a business that acted like that.What if it's still the best deal available? Or if it would cost a bit to change?
Last January we moved house, wife was already just on maternity leave, jnr was born 10 days after we moved. Throughout the mortgage application process (we stayed with our exiting lender due to very good term tracker deal and took the extra on a different deal, but I digress) we both attended in person and the wife was very clearly pregnant. The baby was a key factor in us wanting to move, as it must be with many families. The pregnancy was not an issue with the lender (Lloyd's BTW). Although I guess it may depend on the LTV ratio and how close you are to the limit of their lending criteria.
scotroutes - They told us that once the maternity leave was over and we'd met the payments during that period, the charge over the account would be released. It's not a massive hassle to supply what they've requested, but I'm pissed off that they're asking me to do it.
Imagine you demoed a bike from a shop and put down a security payment on it, you'd expect to get that payment back in the shop almost immediately upon safe return of the bike, right? If I said you need to walk five miles up the road to get your payment back, would you feel irritated by that? It's easily done, but it's unnecessary.
What proof can you provide before the arrival of your child that you're wife has gone back to work at the end of her maternity? Sure you said she would, we thought my wife would. She didn't. You agreed to their terms, and they have now said that as long as she went back to work, like you said she would, then they will release that money, like they said they would.
Bit annoying that they won't just accept your word, and payments, but they have probably dealt with more new mother's than you, and I am sure that not every single one has stayed true to their original, pre-birth plan.
Oh, and yes, it probably is more annoying because you are well oiled. I find your annoyance annoying because I am enjoying a glass or two myself. I'm sure we'll both feel better about it in the morning 🙂
I presume you have all this in writing?
If so, why has your solicitor not shoved a letter so far up the lenders arse that they can chew on it?
Either you aren't telling us the full story, or you should be sacking your solicitor...
Backstreet mortgage?
Tracker 1972, stop seeing reason and come here and give me a cuddle.
TAFKASTR - we're not approaching the solicitor stage, as there's a relatively easy way to get the money (I have to do what they've requested) but for what it's worth, the solicitors were both quite old and I actually received a letter last week advising that they've retired, effective Monday 2nd Feb. Not sure I'd be able to tempt them out of retirement to fight my cause.
I find your annoyance annoying because I am enjoying a glass or two myself. I'm sure we'll both feel better about it in the morning
FIGHT, FIGHT, FIGHT, FIGHT........ 😆
That would really piss me off, but just do what they ask and save yourself the hassle and stress. You will never win when it comes to the mortgage company.
As soon as you can with no financial penalty, move your mortgage.
do what it takes to get your money back
quite, and remember you should be entitled to interest as well, after all YOUR money is probably sitting in an interest bearing account.
No need to get stress up.
You do know that you have signed your life away when you borrowed the money from you don't you?
Just give them information then move on and spend happy times with your family.
Oh ya ... don't call them friends or say how friendly or good they are in future. They are just people working within an organisation like the furniture.
scotroutes - Member
northernmatt » Screw that, do what it takes to get your money back then move your mortgage as well. I wouldn't want to be giving money to a business that acted like that.
What if it's still the best deal available? Or if it would cost a bit to change?
Good to see ethics can still be bought over.
I wont buy insurance from admiral or adrian flux ever due to the way they have treated me in the past , and this is despite them consistantly being cheaper than others.
I went with a slightly higher mortgage rate so i didnt have to deal with countrywide conveyancing after several issues with them in my family.
But i guess some folk are still leured in by low price .... Bit like exploding chinese lights i guess
Oh and yes for the op its very much worth complaining. Maybe worth getting some proper legal advice on it though as its changing goal posts after a contract was formed surely. Like me giving you a loan at an agreed 5% and then deciding at the end that actually i want 10%
I'd say more fool you for expecting banks to be anything other than officious and demeaning.
It's not like you didn't get the evidence for this 12 months ago.
Save your energy for something worthwhile.
And this is why everyone should be able to 'own' their home.
I'd say [s]more fool you for expecting[/s] don't expect banks or any other financial institution to be anything other than officious and demeaning whilst promoting their own self-interests.
This.
I think we all know what you need to do, take them down!