My husband has a mortgage with permanent tsb of 125k left on mortgage we want to sell House clear the mortgage and get another mortgage of 90k on a house. However we do not meet the disposable income for any bank. We ask tsb and was also refused with them even though we want to lower by 35k but they refused. They say we dont meet criteria even though montly repayments on new mortgage is about 350 and our one now stands at 700 we have had the mortgage for 12 years and not once missed a payment even though hubby was out of work for 3 yrs. Any advice on where we can go from ere and how do we appeal or complain to after the bank.
want to downsize but refused
- Thread starter elaine
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Brendan Burgess
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Please provide a few more details
Value of house
Term remaining
Income
Interest rate e.g. SVR or tracker?
Why do you want to move?
As part of the Code of Conduct on Mortgage Arrears a lender must deal with someone in "pre-arrears". So if you argue that you think you may face an arrears issue, they might offer you a trade down mortgage as it's one of the solutions.
Have you the refusal letter in writing? What is its exact wording?
Brendan
Value of house
Term remaining
Income
Interest rate e.g. SVR or tracker?
Why do you want to move?
As part of the Code of Conduct on Mortgage Arrears a lender must deal with someone in "pre-arrears". So if you argue that you think you may face an arrears issue, they might offer you a trade down mortgage as it's one of the solutions.
Have you the refusal letter in writing? What is its exact wording?
Brendan
The exact figure of mortgage left is 122k we have buyer for 125k. There is still 22 yrs left on mortgage interest is on a variable rate.
We want to move as we live in a town and there is no space for our 4 kids to run around and our son been diagnosed with adhd and we want to move closer to my family for support. We havent got the letter yet but what they r saying is that our disposable income isnt enough to meet the criteria.
We want to move as we live in a town and there is no space for our 4 kids to run around and our son been diagnosed with adhd and we want to move closer to my family for support. We havent got the letter yet but what they r saying is that our disposable income isnt enough to meet the criteria.
Brendan Burgess
Founder
- Messages
- 52,175
What is your husband's income? Do you have income?
Brendan Burgess
Founder
- Messages
- 52,175
What is country money? A travel allowance?
So is his gross income around €32,000 a year?
Brendan
So is his gross income around €32,000 a year?
Brendan
Ye brendan. Its basically an allowance for traveling yes. His p60 says his gross is 23,232.69 thats without country money. We know we technically have low income but because we already have mortgage of 125k and technically we want a lower mortgage of 90k the banks r pretty much saying we cant have a lower mortgage as we cant afford it but yet they want us to keep the higher mortgage.