I have an offer from my current mortgage lender to fix the rate for five years and also tidy up the sub accounts. They have instructed a solicitor to do what ever needs to be done legally. The solicitor has discovered the rx1 restriction and are asking the restriction holder to give permission for the transaction to take place. Credit fix are refusing to give permission unless I release some equity. However the equity release was covered five months ago at the time specified. Also the lender has stated that as I am solely rate swapping then they do not credit search, however any further lending is subject to a credit search. I have explained all this to 3 different people at cf, none of which were the supervisor. Where d.o I go next....formal complaint?
I think you have grounds to complain to the IP but contact Greg from there who has recently started posting. Hopefully you get some common sense from him as this sounds ridiculous!
Spoken to Graeme, who's a client supervision manager. Amongst other things he said that he didn't hold much stock by what is put on Internet Forums.....beg's the question as to why Greg is here?
Anyway Graeme is still holding ground on the Equity release issue. What I should add is that if I pull the plug on this 'remortgage' is that I get lumped with all the lenders solicitors fees.
Also got the line about PJG files being in a mess, told him that I found that hard to believe and that I thought the problem was at their end. Gave the example of 27 days to confirm an uplift amount.
Next step is to speak to Susan Wriglesworth, hopefully later today.
This is not a 'remortgage' as the mortgage is not being redeemed and replaced by funds from a new lender. This is a refinance of existing borrowings and involves no new lending and no new lender.
For you to obtain more money means you would need to remortgage to a different lender or obtain a further advance from the existing lender both of which would be declined anyway and further delay the repair of your credit file. Ask Graeme to put his demands in writing to you so you can take advice from the regulators and also the FCA. Potentially you stand to lose all these fees for nothing so hopefully you get some sense from the IP.
Non one in our firm gives out financial advice as it is a highly regulated area. You could consider speaking to the FCA to see if the demands and advice from CF are covered by them.
Thanks Michael, after yet another explanation reproviding the previous equity release documentation from last September, the threats of a formal complaint and also sending them the legal fees they've suddenly realised what is happening!
Delighted Sprowstonboy and glad to be of help. It is frustrating at times seeing such a song and dance being made over something so simple but hopefully sorted now.
