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Refused Transfer of Equity based on affordability.


Col_J
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Hi, hoping someone can help me here because I’m rapidly beginning to loose the plot!!I purchased a house with my ex just over 2 years ago, at the time we only earned around 30k between us, however they accepted no problems at all. I sold a previous property to lay down a 25% deposit and pay the fees etc. We split up after only around 6 months in the house, the ex agreed it was my house and as soon as possible I would do a transfer of equity and release her off the mortgage so we could both get on our separate ways. A further 6 months or so down the line I got a huge pay rise & currently earn double our combined income at time of accepting the mortgage. Should be simple enough to arrange a transfer of equity you'd think. Applied to Alliance & Leicester to go solo, sent off pay slips etc & waited about a month to be declined on affordability!! Now I had some credit cards and a car loan so I thought maybe if I clear all that and try again ive got to be accepted!! Sold the car, bought a cheap one cash, happily cleared the loan (15k) which was with Santander that took A&L over (that made me feel good, i'll never do business with them again and urge anyone to steer clear!!) cleared every card I had and cancelled the accounts. I was now in a position where I had no debt & my mortgage only 16% my net pay. Applied again, waited.........declined AGAIN only stating affordability.I phoned up to ask some questions, to be informed by a very sympathetic and embarrassed sounding customer service advisor who told me that he was really sorry and sympathysed with me but he couldn’t discuss with me why I cant afford this mortgage and that it was calculated by the under writer dept who is a non telephone dept!!!!!!!!! I asked if they could then at least give me an indication of what they deemed affordable as I have some savings I can bump into the mortgage to shrink the loan but they couldn’t tell me that either.I’ve applied once more since then and again been refused, they state they will allow me to do a transfer of title keeping my ex on the mortgage however she quite rightly refuses to comply with this. I’m at my wits end here, this is causing me stress and sleepless nights. I’m now in a new relationship, got a baby on the way & will be wanting to move house in the next 12 months. Does anyone have any help or advice they can give me short of arriving at A&L HQ & windmilling their staff??

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This could be the type of job you are in ie the security of employment and not necessarily the amount of salary you are bringing in. I think Santander would like to be assured that you will be able to maintain the mortgage repayments until completion and not just 'afford' them before they will allow her to be released from the mortgage.

 

That is just my thinking and I might be way out.

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Possibly could be a factor, however Im salaried and working within the oil/gas sector for a household name oil company. I'd like to think of my job as being as being more secure than most.

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  • 3 months later...

Hi Col_J, I angers me to say that I am in an almost identical situation. I too am trying to get through the ToE process with A&L/Santander and have had to speak an endless line of call centre staff that are unable to give me any usefull guidance. The best I got from them today was advice to appeal the refusal and state the reasons why I believed that I should be allowed to continue on the current product alone based on any change to my circumstances. I.e. Payrise, plans to pay any lump sum off the capital to reduce the debt etc.I am posting on here on your thread in the hope that you might have made some progress with A/L and may be able to offer some friendly advice on how I might challenge them.

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Hi, forgot all about this until getting an email prompt. I eventually managed to get them to agree to TOE on my 5th attempt of applying. It's actually in the hands of the solicitors right now still going through. In the end I got a letter asking me to forward a break down of my cost of living to cover all monthly expenditure and after that to my relief they accepted. I was almost just about at the end of the fixed term product I was tied to so not sure if that was a factor. Still it's taken 2 full years to sort out which is quite unbelievable.

 

My loan during the whole time of applying for sole name was around 2x my annual salary so god knows why I was refused over and over.

 

I never actually done anything different each time I tried.

 

Just keep trying I'd say. If you need a quick end to it then seriously consider having a friend or family member be added as a name in ace of the ex otherwise you could end up going round in circles for several years like me.

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