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Moving Home Mortgage Problems, pleeeease help!

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Hi

 

I will try and keep and keep this short.....

 

I was hoping to close the deal on selling my house and buying another house on Monday but I have run into a problem so any help I can get back soon would be a great help.

 

I am an IT Contractor and I have been on the same contract for the past 4 years (it just keeps getting renewed!). About 3 months ago I decided to move from my Umbrella Company to form my own Ltd Company.

 

My current mortgage is a 5 year Fixed Rate mortgage that I started last October. I phoned my Mortgage Company (Marsden Building Society) to tell them I was moving and they have come back and said they will not port my mortgage across because I have not been Self Employed through my Ltd Company for at least a year. I asked them about going back to using an umbrella company but they said I would have to have had at least one contract renewal. My current contract does not expire until late Aug 2009.

 

I find it ridiculas because I have been in the same job for so long but just because I changed to have my own Ltd Company I can not get a mortgage. My take home salary has only got better if anything.

 

I think my only option would be to pay my early redemption fee (£4,500) and then try that way but I suspect that nobody else will give me a mortgage either.

 

Does anyone have any suggestions?

 

Thanks in advance

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My view only.Sounds to me you have no choice but to put things off till you have run your Ltd company for a year.Shame to have to close it down so soon ,even if you did ,there would still be a delay in your move.As for the ERC,.4500 well like you say,a gamble whether you would get another in time.Please let us know how you resolve this matter,Good luck,Tawnyowl.

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Thanks for the response

 

I have my Financial Advisor looking into it as i type. Hopefully he will be able to get further than i did with The Marsden but i'm not holding much hope.

 

Do you know if anyone has ever re-claimed their Early Reypayment Charges back? I have read a few post on other sites about how people have won cases but this was back in 2007 and things have changed with the Bank Charges and probably have for Early Repayment Charges. I would love to be able to claim it back and i may even have a go even if i don't stand much chance of winning. From what i have read, as the amount is under £5,000 i would not have to pay their costs if i lost so i think it would be worth the £150 to lodge the claim just to see if i can get them to settle out of court for half the charges. Any thoughts?

 

Thanks

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Does anybody have any thoughts on claiming back Early Repayment Charges?

 

Thanks

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I can only find this,perhaps you have seen it allready.Good luck in your quest,Tawnyowl.http://www.consumeractiongroup.co.uk/forum/mortgage-companies/109059-erc-legally-binding.html

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Also a few discussions going on here.http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/187779-early-repayment-charges.html

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