Mortgage exemption

Discussion in 'Mortgages and buying and selling homes' started by Bellatrix, 10 Mar 2019.

  1. Bellatrix

    Bellatrix New Member

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    4
    I applied to several banks for a mortgage exemption and was granted it by just one bank. The exemption is only 30000 above what I would be allowed anyway. The bank however will not allow me on any of their low rates fixed etc because they are giving me an exemption. Is this legal? Can I go onto a lower fixed rate after mortgage drawdown? Any advice is welcome
     
  2. RedOnion

    RedOnion Frequent Poster

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    2,588
    Exemption to value or income limits?
    Some banks have a condition in rates that LTV must be under 90%.
     
  3. Bellatrix

    Bellatrix New Member

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    4
    Ltv is 80%. We needed it on the LTI. We had deposit and are second time buyers. The banks website states the 2 year and 4 year fixed rate is only available to 3.5 LTI customers. We asked could we have the 5 year loyalty fixed rate as there is no mention of LTI rules on this and we are a customer of Bank but still told no. We are with a broker and the info is being relayed through broker.
     
  4. Brendan Burgess

    Brendan Burgess Founder

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    36,813
    Yes, a lender can charge what it likes. If you don't like the offer, go to another lender.

    Brendan
     
  5. Bellatrix

    Bellatrix New Member

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    4
    Thanks. Do you know if after drawdown we can try get on a different rate.
     
  6. RedOnion

    RedOnion Frequent Poster

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    2,588
    Which bank?
    And why aren't you asking the broker all these questions?
     
  7. Bellatrix

    Bellatrix New Member

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    4
    I did ask. Broker says we can go on a different rate a month after drawdown. I just wanted to get an assurance from experts like yourselves. The Bank is UB
     
  8. Monbretia

    Monbretia Frequent Poster

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    1,533
    I'd be looking for the assurance from the bank to be honest, from the horse's mouth and all that!