Bank of Scotland - will they do a deal?

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mariano

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First time poster, long time reader!
Has anyone any experience of BOSI and are they looking to offload mortgages by sweetening the deal for paying off early?
Currently about 20k in neg equity and looking to move. Obviously we cannot bring our mortgage with us and we are finding other lenders will not take us on with a 2nd property (even though rent would cover mortgage...grrr)
So our only option seems to be to pay off BOSI mortgage. We are in perfect credit, never missed a payment.
We have been advised by a broker to get our house valued and approach BOSI and ask them if they will accept an offer (it would be about 10k below what we owe).
Anyone any experience of this? I read some old threads on this topic but couldn't find anything concrete.
 
I definitely know of a case where they accepted less for a BTL property, don't know the exact figures, settlement figure was around 80k so not sure what the outstanding loan had been, small rural town so value or original loan would not have been massive, not a negative equity situation either.
 
That's interesting Monbretia - I'm pretty sure that's the first concrete report along those lines that I've seen on here (and it seems to come up fairly regularly).

It's obviously worth asking - the worst they can do is say "no"! Maybe one angle is to suggest that you are debating whether to redeem the mortgage or retain the property as a rental.
 
I have mentioned it before on here. This mortgage was refinanced elsewhere and BoS mtg paid off, property was not sold.
 
Couldn't be sure they were on a tracker, the discount was the circumstance, it made sense for the customer and they took a much shorter term loan, plenty of income so I imagine that loan will not even see out it's term.
 
mariano said:
First time poster, long time reader!
Has anyone any experience of BOSI and are they looking to offload mortgages by sweetening the deal for paying off early?
Currently about 20k in neg equity and looking to move. Obviously we cannot bring our mortgage with us and we are finding other lenders will not take us on with a 2nd property (even though rent would cover mortgage...grrr)
So our only option seems to be to pay off BOSI mortgage. We are in perfect credit, never missed a payment.
We have been advised by a broker to get our house valued and approach BOSI and ask them if they will accept an offer (it would be about 10k below what we owe).
Anyone any experience of this? I read some old threads on this topic but couldn't find anything concrete.
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I have asked BOSI in the past about a discount for paying off two mortgages early and was told no both times. Trackers not in negative equity.
 
TRS30 said:
I have asked BOSI in the past about a discount for paying off two mortgages early and was told no both times. Trackers not in negative equity.
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That seems to be the common experience of most posters.
 
Monbretia said:
Couldn't be sure they were on a tracker, the discount was the circumstance, it made sense for the customer and they took a much shorter term loan, plenty of income so I imagine that loan will not even see out it's term.
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I can see how the discount would make sense for the customer! I'm trying to figure out what's in it for BOS, particularly if the loan was not an ultra-cheap tracker.
 
There are probably flaws in their security over the mortgages in question, lost or invalid documentation and the like ( ref halifax mortgage errors, IT failures, no transfer of charge from BOSI to BOS prior to cross border merger,etc, etc. )
 
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Monbretia said:
I definitely know of a case where they accepted less for a BTL property, don't know the exact figures, settlement figure was around 80k so not sure what the outstanding loan had been, small rural town so value or original loan would not have been massive, not a negative equity situation either.
Click to expand...

Monbretia said:
Couldn't be sure they were on a tracker
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Sarenco said:
I'm pretty sure that's the first concrete report along those lines
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To be honest, a second hand report where the reporter can't even confirm if it was a tracker, does not constitute a concrete report.

If a Monbretia had seen the actual letter of agreement and the balance outstanding, it would count as a concrete report.

Brendan
 
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Brendan Burgess said:
To be honest, a second hand report where the reporter can't even confirm if it was a tracker, does not constitute a concrete report.
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Fair point. The first positive report might have been a more appropriate phrase.
 
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I don't recall whether it was a tracker or not, I was involved in approving the refinance and saw all the details at that time but it's maybe 18 mths ago or more and I didn't memorize them!
 
Hi All, thanks for the comments (wasn't getting notifications so didn't think anyone had replied!). We are on a low rate tracker. New mortgage company wont lend to us with existing mortgage because they wont take rent into account so having the BOSI mortgage takes us over the stress testing threshold even though we'd be more than able to afford it. Very frustrating.
 
Hi mariano

Does your proposed new lender take no account at all of rental income? Different lenders seem to apply different requirements in this regard and it would be helpful for others to know with which lenders you have had discussions.
 
Sarenco said:
Hi mariano

Does your proposed new lender take no account at all of rental income? Different lenders seem to apply different requirements in this regard and it would be helpful for others to know with which lenders you have had discussions.
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Hi Sarenco,
We've approached KBC directly and they have said they do not take rental income into account because its not guaranteed. I can understand it but its frustrating all the same. I think AIB are similar - Ulster bank are a bit more lenient but haven't had it confirmed by them yet.
 
mariano said:
Hi Sarenco,
We've approached KBC directly and they have said they do not take rental income into account because its not guaranteed. I can understand it but its frustrating all the same. I think AIB are similar - Ulster bank are a bit more lenient but haven't had it confirmed by them yet.
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Try going through a broker with KBC. We are currently getting a mortgage with them and keeping existing BOSI mortgages and rental income is being factored in.
 
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