Residential remortgage

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C
Charles
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Just something you may be interested in as we are all being told how the banks are starting to lend again! I have a residential mortgage on my own property with First Direct and have had this for three years. I have had an account with FD for 19 years, been with my employer for 22 years and have no poor financial history and no change in my circumstances. I am now looking to move house. I went through all the details with FD and all ok until I was asked if we had B to L properties, we have 8. Once they knew they said that due to their new lending criteria that they would not permit me to port the mortgage or issue a new one. When I asked 'why' they said they could not say as it was 'commercially sensitive'! Not sure what that means but amazed at their stance. I even spoke with their underwriter who I assume is meant to assess risk....not interested. They did not even want to know the financials on the B to L, which are excellent. I am now in the process of moving....with the Cov B Soc, who I was with before my FD mortgage.....you live and learn!
15/02/2011 00:00

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