Bullying Britannia

[***trumpeter***]

Britannia interest only mortgage (long story, I'll tell it if anyone's interested). 25 years with 5 to go. In good standing.

They wrote offering to extend the mortgage period for a fee of £50 (up to age 65 without evidence of ability to repay).

I phoned to confirm details (and also to check there were no penalties for paying it off early).

I filled in the forms, extending the mortgage period by four years or so, to when I reach 65 and sent off payment.

 

My question is this: is Britannia bound by the new agreement and what would happen if they tried to instigate repossession at the end of the original 25 year term?

 

Because they are trying to bully me, saying that unless I provide evidence of how I'm going to pay off the mortgage I cannot have the term extension which was agreed and paid for! They've sent me some quite heavy letters, including copies of my original mortgage agreement

 

NB I have their acknowledgement of the new agreement (though they're saying it was an error).

Also, please don't lecture me about the need to actually have investments in place. I'm aware of that. But due to the disingenuous way the original mortgage was sold to me and the way my complaint was resolved at the time (that's the long story) I will not be providing the company with any information whatsoever.

 

Thanks in advance for any comments.

 

Neil

[citizenB]

Not quite sure I understand this.

 

Britannia write to you and make an offer of extension (without your needing to provide proof of repayment).

 

They are now saying that you must provide evidence of your ability to pay off the mortgage at the new term end, is that correct ?

[***trumpeter***]

Not quite sure I understand this.

 

Britannia write to you and make an offer of extension (without your needing to provide proof of repayment).

 

They are now saying that you must provide evidence of your ability to pay off the mortgage at the new term end, is that correct ?

 

Thanks for your interest.

 

Yes, that's correct. Except that they also confirmed the initial offer of extension on the telephone (and they've acknowledged in writing that their representative did so).

[citizenB]

I will try and find someone who might be able to help

[Lea_HTH]

Doesn't matter what they offered, even if it's in writing. Undoubtedly the small print will indicate they can turn you down.

 

You cannot oblige someone to lend you money (which effectively the longer term is), if they choose not to. You either provide the evidence they are asking for, or you won't get the term extended.

[IainHL]

Except they haven't turned the OP down, they have decided to impose conditions that were not there in their original offer. If they have decided to do this and the OP does not wish to satisfy the conditions then the least the Britannia should do is refund the £50 that has already been paid.

[Lea_HTH]

I would bet that the 'offer' was just that, an offer based on various terms and conditions.

 

If the mortgagee was sensible, they'd offer to repay the £50, but they're not obliged to if the offer was conditional. Not worth saying any more until the offer letter is redacted and posted online for viewing - with any attached terms and conditions (which are probably on the back of the letter in tiny print).

[IainHL]

I would bet that the 'offer' was just that, an offer based on various terms and conditions.

Why do you say that when the OP has stated:

They wrote offering to extend the mortgage period for a fee of £50 (up to age 65 without evidence of ability to repay).

I phoned to confirm details (and also to check there were no penalties for paying it off early).

.

NB I have their acknowledgement of the new agreement (though they're saying it was an error).

However, as you say, hopefully the OP will be back and post that original offer letter from the Britannia.

[Lea_HTH]

Why do you say that when the OP has stated:

 

However, as you say, hopefully the OP will be back and post that original offer letter from the Britannia.

 

Experience.

[***trumpeter***]

Thanks very much for your interest. I understand your skepticism. And I appreciate it, too - obviously I need to post a copy of the offer letter.

 

Unfortunately, it was so straightforward an offer I didn't bother to make a copy. I do have some correspondence that's taken place since that acknowledges the original offer and explains that it was an error, so all is not lost.

 

I'll try using the data protection act to make them send me a copy of the offer. And I'll demand a copy of the telephone conversation recording (they refer to this in their correspondence).

 

Again, many thanks for your comments so far.

[***trumpeter***]

However, as you say, hopefully the OP will be back and post that original offer letter from the Britannia.

 

It took a while but Britannia not only complied with my request but also didn't charge (I forgot to include the cheque). They also furnished a copy of their recording of the telephone conversation in which I confirmed the offer with their CS representative, by the way.

 

Hopefully, a pdf of the document I signed will attach to this message.

 

Any comments or guidance would be very much appreciated, of course.

 

Best wishes, Neil

[Lea_HTH]

You said you had acknowledgement of their offer, without any terms, yet what you have posted up includes conditions you must meet before they agree. Those are commonly known as terms.

[***trumpeter***]

erm... thanks for reading the thread, Lea_HTH, I do appreciate that you took the time, but

 

You said you had acknowledgement of their offer, without any terms,.

 

I don't believe I said that. Even re-reading the thread, I don't believe I said that. I can't see that it's even relevant!

 

yet what you have posted up includes conditions you must meet before they agree.

 

Yes, that's true. In Option 3 (my chosen option) the terms are:

 

"The maximum term for residential loans is 40 years from the date of the original advance.

The maximum age at expiry of the mortgage is 75 years.

We require details of your projected retirement age.

If the term of the mortgage goes beyond your retirement age, we will require confirmation of how you will continue to meet the payments."

There is also an information request box: "Please provide evidence of income where the new term extends into retirement"

 

I meet all of those terms. I should perhaps have mentioned this.

 

Those are commonly known as terms

tone="patronising">

 

A bit out of kilter with this site, don't you think? Were you having a bad day?

[Lea_HTH]

erm... thanks for reading the thread, Lea_HTH, I do appreciate that you took the time, but

 

 

 

I don't believe I said that. Even re-reading the thread, I don't believe I said that. I can't see that it's even relevant!

 

Read the thread as a whole - you claimed that Britannia had offered you an extension to your mortgage without you having to do anything. Yet the PDF you posted up quite clearly states that they require you to do SOMETHING.

 

 

 

Yes, that's true. In Option 3 (my chosen option) the terms are:

 

"The maximum term for residential loans is 40 years from the date of the original advance.

The maximum age at expiry of the mortgage is 75 years.

We require details of your projected retirement age.

If the term of the mortgage goes beyond your retirement age, we will require confirmation of how you will continue to meet the payments."

There is also an information request box: "Please provide evidence of income where the new term extends into retirement"

 

I meet all of those terms. I should perhaps have mentioned this.

 

It also states you must provide them with evidence of how you can repay the monies. You stated that you will not provide them with that information.

 

tone="patronising">

 

A bit out of kilter with this site, don't you think? Were you having a bad day?

 

You claimed something other than what your documentation shows - I'd suggest it's you having a bad day.

 

As I said originally - you can't force them to lend you money. You either jump through their hoops or jump elsewhere. They are not obligated to you.

 

It's weird how people read tone into replies that don't offer them platitudes and what they want to read.

 

For the record, just in case you want to write back and be rude (once is enough to stop me attempting to help), then be aware that I will neither read it, or care.

[***trumpeter***]

It also states you must provide them with evidence of how you can repay the monies.

 

Where, please? Perhaps I've missed this. I've read the document umpteen times and there's nowhere I can see a requirement this evidence WITH REGARD TO OPTION 3.

 

But if you can see something I can't then please would you point it out. I should be grateful.

 

And I've no intention of being rude to you, ever, by the way. Your comment seemed patronising and a bit rude to me, but nevertheless I thanked you for your time. And I still do so.

[IainHL]

I presume Leah is referring to this statement in the covering letter:

What do we need?

 

As a responsible lender we need to know how you intend to repay your mortgage balance at the end of the revised term. Please confirm from the options on the enclosed form which of the acceptable repayment vehicles you have in place.

Of course, the means of providing this information is singularly missing from their form!

[***trumpeter***]

I presume Leah is referring to this statement in the covering letter:

Of course, the means of providing this information is singularly missing from their form!

 

Thanks, Iain, I hadn't made the connection between the covering letter and the option I selected. Do you think this will be enough for them to get out of the extension (should things come to that)?

 

Thanks very much for your input, in any case.

[IainHL]

I'm not really sure. It's somewhat c**p that they can't manage to design their forms to capture the information that they say they want from you. However it would seem that all the power is on their side since they can just dig their heels in and refuse the extension to the term.

 

I guess if you have not already done so you could make a formal complaint out of it, then once you have their final response (or 8 weeks have elapsed) you could take it to FOS for them to adjudicate.