Grrr at mortgage payment holidays
- Thread starter User
- Start date
Page may contain affiliate links. Please see terms for details.
swee'pea99
Squire
"The large print giveth and the small print taketh away."
[QUOTE 1806295, member: 45"]
What are the criteria?
[/quote]
You have to not apply for it. If you apply you are
a) one of those customers who keeps copies of the publicity material and becomes troublesome
b) someone who cannot afford to pay his mortgage and therefore a financial risk.
The guidelines given to banks and building societies by HMG mean that they are only safe to lend money to people who don't need it.
You could lodge a formal complaint and, if they still won't tell you why they have turned you down, take it up with the FSA.
What are the criteria?
[/quote]
You have to not apply for it. If you apply you are
a) one of those customers who keeps copies of the publicity material and becomes troublesome
b) someone who cannot afford to pay his mortgage and therefore a financial risk.
The guidelines given to banks and building societies by HMG mean that they are only safe to lend money to people who don't need it.
You could lodge a formal complaint and, if they still won't tell you why they have turned you down, take it up with the FSA.
ArDee
Legendary Member
- Location
- North of Buntingford, Hetfordshire
Somebody else probably knows more about this, where's the lawyers on the site?; but, I am there is some law or regulations about contracts having to be fair and reasonable to both parties, if it isn't then the contract is considered not valid and void.
Surely if they won't tell you the criteria for qualification, then the contract is not fair and reasonable and there should be some come back from legal position.
Surely if they won't tell you the criteria for qualification, then the contract is not fair and reasonable and there should be some come back from legal position.
Nigel-YZ1
Guru
- Location
- Somewhere else... maybe soon.
The same goes for Payment Protection Insurance.
£37.00 a month for 10 years, then they look for excuses when you need it.
£37.00 a month for 10 years, then they look for excuses when you need it.
You'll be thinking of the Unfair Contract Terms Act 1977, perhaps. But lending institutions are still allowed to have credit-scoring criteria which they do not have to disclose.
The OP needs to look at his mortgage agreement and see what is actually set out in it. Most of the ones I have seen which permit payment holidays do make them an entitlement provided certain conditions are met e.g. never having missed a payment, notifying the lender in advance. If I was the OP I would insist on a face-to-face meeting with someone can explain the lender's refusal and who has authority to make decisions.
