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no and through selling our house we want to pay as much as possible off the mortgage up to £30.000.00
On what basis was it refused?
to explain my husband got made redundant a few years ago we put the mortgage to interest only and the 2 loans we had we arranged a payment plan which we still pay today but it must have lowered our credit rate.Now everyrthing ok so we wanted to make sure we ok for retirement so have sold our house thought we could just port the mortgage over pay lump sum off and start to pay mortgage off properly, they are in win win situation which they agree but the computer said no so they are putting in report to someone higher and we get to know on Monday. I wanted to know if legal to say no we are not asking for more money just want to sort all our affairs out ready for retirement we are both in good jobs and have been with building society years
Do the terms and conditions say they will re-assess?
Ok, this is a tough one. Obviously they dont release how they credit score. However they need to make sure (under the new Government rules) that you can afford the mortgage.
What you should do is write and formally complain about the refusal. They will investigate the matter through a formal corporate complaints procedure.
They will then provide a response. If that response is negative then and only then can you complain to the Ombudsman. They offer a free, independent service and can examine your complaint for free. Their website is: www.financial-ombudsman.org.uk
That should resolve the matter for you.
But its a tough balance between fairness and affordablilty
Can I clarify anything for you about this today please?
I know how and who to make a complaint to. I want to know if it is legal what they are doing ?
Leeds Building Society
I know our building society address I am doing that at the moment I told you I have another telephone appointment Monday and I know the e mail address of ombudsman as well so no it doesn't clarify whether they can refuse to port our mortgage over legally when we have not defaulted on our mortgage
Can they refuse - it depends what your terms and conditions say.
Generally no - they can not refuse to port.
If it is NOT a new mortgage but a transfer, there is NO more credit, the equity is the same in the new property - then NO they can not refuse.
So the answer is no -
Does that clarify?
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