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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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if you have an existing mortgage that you have a document that

Customer Question

if you have an existing mortgage that you have a document that says you can transfer your mortgage to a new property as long as adequate security for mortgage and you have not defaulted on your mortgage can the lender say no
Submitted: 1 year ago.
Category: Property Law
Expert:  Ash replied 1 year ago.
Alex Watts : Hello my name is ***** ***** I will help you with this,
Alex Watts : Has your income or affordability changed?
JACUSTOMER-jfs1iukq- :

no and through selling our house we want to pay as much as possible off the mortgage up to £30.000.00

Alex Watts :

On what basis was it refused?

JACUSTOMER-jfs1iukq- :

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

Alex Watts :

Do the terms and conditions say they will re-assess?

JACUSTOMER-jfs1iukq- :

no

Alex Watts :

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.

Alex Watts :

What you should do is write and formally complain about the refusal. They will investigate the matter through a formal corporate complaints procedure.

Alex Watts :

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

Alex Watts :

That should resolve the matter for you.

Alex Watts :

But its a tough balance between fairness and affordablilty

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-jfs1iukq- :

I know how and who to make a complaint to. I want to know if it is legal what they are doing ?

Alex Watts : Who is the mortgage company?
JACUSTOMER-jfs1iukq- :

Leeds Building Society

Alex Watts : You complain to
Alex Watts : Compliance Department, Leeds Building Society,***** Leeds, LS1
Alex Watts : In the first instance then www.financial-ombudsman.org.uk
Alex Watts : in the second.
Alex Watts : Does that clarify?
JACUSTOMER-jfs1iukq- :

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

Alex Watts :

Can they refuse - it depends what your terms and conditions say.

Alex Watts :

Generally no - they can not refuse to port.

Alex Watts :

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.

Alex Watts :

So the answer is no -

Alex Watts :

Does that clarify?

Alex Watts :


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