Mortgage Companies - what a joke

[Deleted member 9966]

GGGGGRRRRRRRRR I'm soooooooooooooo annoyed now!

Our fixed rate mortgage term is due to end shortly, and our mortgage lender (NatWest/RBS) have right royally screwed us!

They won't let us have a tracker mortgage because our Loan To Value doesn't meet their criteria unless we get our house revalued at our expense (£257!).

Having only ever had a mortgage with these people for 7 years, we're now stuck between a rock and a hard place. Lots of mortgage lenders are not taking on new business and if they are, the customers have to pay extortionate fees to get the new mortgage set up.

Since the credit crunch, there is no longer any discretion or loyalty. Just rules rules and more rules.

Having never missed a mortgage payment, and my marriage almost going down the pan because my husband cannot stop worrying about missing a payment, I feel well and truly conned. back in 2003 banks were falling over themselves to give people mortgages and didn't care whether the loans could be paid back. now I'm 30, with a decent house, decent job and looking to start a family, and all I'm getting is hassle and being told to cough up more dough to a failing bank. yet I can't take my business elsewhere cos nobody wants it :mad2: what a crock :mad2:

:rant:

 

[doug boardley]

Liz, I'm absolutely shocked at the way finance institutions are turning their customers over. They got themselves into a pit, we bailed them out, and they treat us like something they've scraped off the bottom of their shoes. If I treat my customers like that, I'd have errr, no customers!!:mad2:

 

[mikethetile]

im hearing this a lot lately

banks are refusing tracker and fixed rate at the moment as they expect interest rates to rise sharply in the next couple of years, if you pay for the valuation there is still no guarantee they will give you a tracker

 

[merlecollins]

Total conmen Liz:incazzato:

We did exactly the same last year with the HSBC - our 5 year 4.5% fixed rate came to an end in August and we thought 'result' we'll revert to the BOE interest rate which at the time was 0.5% - Oh no we didn't we reverted to the HSBC interest rate which was about 4.25%:mad2: We have what is called a 'collar and cuff' product which prevents you reducing your interest rate below a certain percentagerrr:

At the time 4.5% rate was unheard of and we had got an incredible deal as the BOE rate was something like 6.5%, nobody ever dreamt it would drop below 4:yikes:

I would hate to be in a position of having to look for a new mortgage at the minute and my heart goes out to you Liz - but I'm sure it's possible so don't let the swines beat you, think of it as a challenge with the reward being able to tell them to stick their mortgage

I'm an RBS customer and they are having a real big sales push for all products at the minute - to lose a customer will be a big 'faux pas' for them:smilewinkgrin:

 

[user123]

I agree with you, Liz, the whole mortgage business sucks - has done for a long time, just with the goalposts being moved, each time to the detriment of the customer - a great big misery inducing power play, I cannot help you but I do feel for you, and you are pretty clued up, so I guess if anyone finds a way out of this one it would be you. Have you had a look at Money Saving Expert: Consumer Revenge - Credit Cards, Shopping, Bank Charges, Cheap Flights and more I poke my nose in there quite often.... good luck!

 

[Andy Allen]

its not only the customers there screwing, my wife has worked for the stroud and swindon building societie for 26yrs as a mortgage under writer.

this week it has been confirmed that they are being taken over by the coventry building societie, this means they will be shutting down the head office in stroud where she works, with the loss of over 200 jobs.

just what we need with my work being so up and down as well