Bank wants me to re mortgage

Lando Griffin

Some background.
Bought a house 2 years ago and through scrimping and saving have 15 years left on the mortgage.
Have healthy savings put aside for the rainy day, through more scrimping and saving and budgeting.
So, got a call from the bank yesterday from a financial adviser asking me if I would like to re mortgage?
I nearly choked and asked her “Why on earth would I re mortgage”
Her response was “Maybe you would like to build an extension or get a new kitchen”
I replied “when I bought the house 2 years ago it was big enough for the eventually of having children, and it is still big enough, and our kitchen is fine”
She then said maybe I would use it to do the garden or buy a car.
I replied that I bought a shovel, digging fork, wheelbarrow and 2 packs of lawn seed and spent all summer doing the garden. As for the car, you want me to re mortgage my house so I can buy a car that will be worth little or nothing in 10 years?.
She replied, “erm yes, sure the bank will never know what you use the money for!"
I told her it was the worst financial advice I had ever got, and said good buy.
So there you have it, you save and scrimp, and all the bank wants to do is get the people who have good credit rating into debt.

Liam Byrne

Lando Griffin wrote: »

Some background.
Bought a house 2 years ago and through scrimping and saving have 15 years left on the mortgage.
Have healthy savings put aside for the rainy day, through more scrimping and saving and budgeting.
So, got a call from the bank yesterday from a financial adviser asking me if I would like to re mortgage?
I nearly choked and asked her “Why on earth would I re mortgage”
Her response was “Maybe you would like to build an extension or get a new kitchen”
I replied “when I bought the house 2 years ago it was big enough for the eventually of having children, and it is still big enough, and our kitchen is fine”
She then said maybe I would use it to do the garden or buy a car.
I replied that I bought a shovel, digging fork, wheelbarrow and 2 packs of lawn seed and spent all summer doing the garden. As for the car, you want me to re mortgage my house so I can buy a car that will be worth little or nothing in 10 years?.
She replied, “erm yes, sure the bank will never know what you use the money for!"
I told her it was the worst financial advice I had ever got, and said good buy.
So there you have it, you save and scrimp, and all the bank wants to do is get the people who have good credit rating into debt.

I'd suggest reporting her to the Financial Regulator......he'd put her in her place

......oh, hang on..........

CardBordWindow

I don't know what a tracker mortgage is!!

Dravokivich

Lando Griffin wrote: »

I told her it was the worst financial advice I had ever got, and said good buy.

Good buy?

Wasn't it not a bad sell? :P

Anyhoo, overall I think that's nuts.

My folks remortgaged on their house once, but that was when they were coming up to the end of their original mortgage and wanted to do up a few things.

That rep wasn't from the company you got the mortgage from initially was it? I find it rather odd that you'd be offered a re-mortgage so early in the term.

Bullseye1

Incredible stuff.

gonedrinking

What bank was this? As a taxpayer I own a few banks and if this is one of mine I am going to be fcuking furious!

theteal

not a damn thing has been learned, i lament

kudos to you, lando, i fear i may not have been as polite

billybudd

Lando Griffin wrote: »

Some background.
Bought a house 2 years ago and through scrimping and saving have 15 years left on the mortgage.
Have healthy savings put aside for the rainy day, through more scrimping and saving and budgeting.
So, got a call from the bank yesterday from a financial adviser asking me if I would like to re mortgage?
I nearly choked and asked her “Why on earth would I re mortgage”
Her response was “Maybe you would like to build an extension or get a new kitchen”
I replied “when I bought the house 2 years ago it was big enough for the eventually of having children, and it is still big enough, and our kitchen is fine”
She then said maybe I would use it to do the garden or buy a car.
I replied that I bought a shovel, digging fork, wheelbarrow and 2 packs of lawn seed and spent all summer doing the garden. As for the car, you want me to re mortgage my house so I can buy a car that will be worth little or nothing in 10 years?.
She replied, “erm yes, sure the bank will never know what you use the money for!"
I told her it was the worst financial advice I had ever got, and said good buy.
So there you have it, you save and scrimp, and all the bank wants to do is get the people who have good credit rating into debt.

But why didn’t you ascertain her professional particulars and actually report her for gross misconduct?

Kojak

Lando Griffin wrote: »

Some background.
Bought a house 2 years ago and through scrimping and saving have 15 years left on the mortgage.
Have healthy savings put aside for the rainy day, through more scrimping and saving and budgeting.
So, got a call from the bank yesterday from a financial adviser asking me if I would like to re mortgage?
I nearly choked and asked her “Why on earth would I re mortgage”
Her response was “Maybe you would like to build an extension or get a new kitchen”
I replied “when I bought the house 2 years ago it was big enough for the eventually of having children, and it is still big enough, and our kitchen is fine”
She then said maybe I would use it to do the garden or buy a car.
I replied that I bought a shovel, digging fork, wheelbarrow and 2 packs of lawn seed and spent all summer doing the garden. As for the car, you want me to re mortgage my house so I can buy a car that will be worth little or nothing in 10 years?.
She replied, “erm yes, sure the bank will never know what you use the money for!"
I told her it was the worst financial advice I had ever got, and said good buy.
So there you have it, you save and scrimp, and all the bank wants to do is get the people who have good credit rating into debt.

Yes!!! The recession is over - roll on the next Celtic Tiger :rolleyes:

Big Nasty

Lando Griffin wrote: »

Some background.
Bought a house 2 years ago and through scrimping and saving have 15 years left on the mortgage.
Have healthy savings put aside for the rainy day, through more scrimping and saving and budgeting.
So, got a call from the bank yesterday from a financial adviser asking me if I would like to re mortgage?
I nearly choked and asked her “Why on earth would I re mortgage”
Her response was “Maybe you would like to build an extension or get a new kitchen”
I replied “when I bought the house 2 years ago it was big enough for the eventually of having children, and it is still big enough, and our kitchen is fine”
She then said maybe I would use it to do the garden or buy a car.
I replied that I bought a shovel, digging fork, wheelbarrow and 2 packs of lawn seed and spent all summer doing the garden. As for the car, you want me to re mortgage my house so I can buy a car that will be worth little or nothing in 10 years?.
She replied, “erm yes, sure the bank will never know what you use the money for!"
I told her it was the worst financial advice I had ever got, and said good buy.
So there you have it, you save and scrimp, and all the bank wants to do is get the people who have good credit rating into debt.

When did all this happen? 2005?

Wertz

You're in good standing with the bank, have a good credit rating and are an asset...they want to make you more of an asset by getting you deeper in the mire.
That's what banks do.
It angers me about this nonsense of buying this or remodelling that with the drawn down funds though....obviouslyt he people trying to convince you to do this are thinking of the sales bonus they'll make come christmas.
What pisses me off most is there are people and companies out there crying out for credit that would actually be put to good use, and the banks instead want to further indebt homeowners to bulk up their asset book...

Lando Griffin

Dravokivich wrote: »

Good buy?

That rep wasn't from the company you got the mortgage from initially was it? I find it rather odd that you'd be offered a re-mortgage so early in the term.

Yes, the same bank who every once in a while offer to up my credit card rating, still quite shocked by it actually, if I was a gullible fool I could be now getting an extension, new kitchen, landscaped garden and brand new car. Think what the neighbours would say.

Dravokivich

Lando Griffin wrote: »

Yes, the same bank who every once in a while offer to up my credit card rating, still quite shocked by it actually, if I was a gullible fool I could be now getting an extension, new kitchen, landscaped garden and brand new car. Think what the neighbours would say.

"We've got to keep up with the Jones' Griffins!"

smash

Are you on a tracker? Sounds like they're trying to get you out of it.

smokingman

Before anyone comes in raging jealous with the usual bitterness, may I be the first to say well done Lando and congrats on having the sense to live within your means!

We don't celebrate people like this half enough any more.

starbelgrade

The banks are the biggest shower of cunts going in this country & the lack of proper regulation is pathethic.

Moral hazard always plays a part when it comes to finances, but I really believe that the banks are hugely irresponsible with their lending practices, especially with practices like pe-approved loans & increased credit card limits that were never asked for in the first place.

smash

smokingman wrote: »

Before anyone comes in raging jealous with the usual bitterness, may I be the first to say well done Lando and congrats on having the sense to live within your means!

We don't celebrate people like this half enough any more.

Now go re-mortgage and buy a Ferrari or a holiday home. What's the worst that could happen?

Captain Darling

billybudd wrote: »

But why didn’t you ascertain her professional particulars and actually report her for gross misconduct?

You wanted him to take down her particulars??

Ohhhh saucy!

Snakeblood

gonedrinking wrote: »

What bank was this? As a taxpayer I own a few banks and if this is one of mine I am going to be fcuking furious!

Sorry, that was me. I rang them up and asked them to give out a few loans and things.

smash

gonedrinking wrote: »

What bank was this? As a taxpayer I own a few banks and if this is one of mine I am going to be fcuking furious!

I think you'll find the banks own you!

Elmer Blooker

Kojak wrote: »

Yes!!! The recession is over - roll on the next Celtic Tiger :rolleyes:

The recession must be over :rolleyes: The traffic this morning was the worst I've seen for a few years - it was as bad as it was at the height of the boom.

stovelid

You're wonderful so you are.

Lando Griffin

smash wrote: »

Are you on a tracker? Sounds like they're trying to get you out of it.

No, variable, tracker was unavailable when getting the mortgage as far as I can remember.

regi

Offering credit to creditworthy people is how banks make money - they obviously think the OP is a good, safe bet. If you don't want or need the credit, don't take it!

If the banks don't make money through viable and profitable lending, you'll never get them off state life support.

stovelid

regi wrote: »

they obviously think the OP is a good, safe bet..

The promulgation of same was probably the entire motivation behind the thread.

Or am I being a cynic...

mickdw

Lando Griffin wrote: »

No, variable, tracker was unavailable when getting the mortgage as far as I can remember.

Sounded very much like an attempt to get out of a tracker by the bank.

Dotrel

Lando Griffin wrote: »

So, got a call from the bank yesterday from a financial adviser ......

Can't blame them in them trying to get you to do it (after all it is their business), but the idea of her actually suggesting stuff for you to buy with money you don't want is just ridiculous. Is this was the credit/consumer culture has come to?

sbsquarepants

May i please have this ladies number?
You see lando, unlike yourself, i found living within my meagre means to be unfulfilling and spending wildly, to be strangely euphoric and addictive. Horses for courses and all that m'boy.
Now, where were we?
Oh yes, that number please?:D

staker

Snakeblood wrote: »

Sorry, that was me. I rang them up and asked them to give out a few loans and things.

Any sign of that Bentley they promised me?

StephenHendry

the banks are incredibly persistent, not taking no for an answer. i find it easier on the phone when they ring me up every so often with their financial advice. my dad lost about 15k in savings from the same bank

amovingstatue

and all the bank wants to do is get the people who have good credit rating into debt.

dilallio

Lando - call her back now.

Tell her you just lost your job, but by an amazing stroke of luck, you just found a golden opportunity in a new business-venture with a Nigerian lawyer.

Ask her to have 20 grand in tens & twenties in a brown paper bag. Also ask her does she know what the weather is like this time of year in Lagos, because you burn easily.

120_Minutes

And yet I can't get a loan from my bank to clear a €1500 credit card debt, the only debt I have.

4leto

I have a fair wad in my cashsave at present because I am in the market for a car. But I to got a call from the bank offering a loan.

I think they are pressuring people with secure jobs to get credit because they will profit with little risk.

I said NO.

Mountjoy Mugger

Poor old Beverley dear, trying to earn a crust.

pickarooney

smokingman wrote: »

Before anyone comes in raging jealous with the usual bitterness, may I be the first to say well done Lando and congrats on having the sense to live within your means!

We don't celebrate people like this half enough any more.

We need to celebrate common sense now? What is this, Idiocracy?

No offence Lando.

4leto

I'm trying to live like that now, be a saver rather then a borrower, it makes more sense in the end and it stops impulsive buying.

But I know something will come up and I will have to borrow.

suitseir

gonedrinking wrote: »

What bank was this? As a taxpayer I own a few banks and if this is one of mine I am going to be fcuking furious!

PAYE (taxpayer);)

suitseir

Liam Byrne wrote: »

I'd suggest reporting her to the Financial Regulator......he'd put her in her place

......oh, hang on..........

AFAIK it's the Central Bank...............we know from past history how GOOD the financial regulator WAS!!!!!

suitseir

We STILL haven't found out which Bank it is who OFFERED this facility?????

Freddie59

Lando Griffin wrote: »

Some background.
Bought a house 2 years ago and through scrimping and saving have 15 years left on the mortgage.
Have healthy savings put aside for the rainy day, through more scrimping and saving and budgeting.
So, got a call from the bank yesterday from a financial adviser asking me if I would like to re mortgage?
I nearly choked and asked her “Why on earth would I re mortgage”
Her response was “Maybe you would like to build an extension or get a new kitchen”
I replied “when I bought the house 2 years ago it was big enough for the eventually of having children, and it is still big enough, and our kitchen is fine”
She then said maybe I would use it to do the garden or buy a car.
I replied that I bought a shovel, digging fork, wheelbarrow and 2 packs of lawn seed and spent all summer doing the garden. As for the car, you want me to re mortgage my house so I can buy a car that will be worth little or nothing in 10 years?.
She replied, “erm yes, sure the bank will never know what you use the money for!"
I told her it was the worst financial advice I had ever got, and said good buy.
So there you have it, you save and scrimp, and all the bank wants to do is get the people who have good credit rating into debt.

In all fairness.......WTF??!!:eek:

Worth a try really, bank customer with savings and 15 years left on the mortgage, why not offer them a loan, as said that's how banks make their money. Fair enough you didn't want it, fair play.

joseph brand

sbsquarepants wrote: »

May i please have this ladies number?
You see lando, unlike yourself, i found living within my meagre means to be unfulfilling and spending wildly, to be strangely euphoric and addictive. Horses for courses and all that m'boy.
Now, where were we?
Oh yes, that number please?:D

Ahahahahahaha.


"That's it, baby! When you got it, flaunt it, flaunt it!" Max Bialystock

maygitchell

Lando Griffin wrote: »

Some background.
Bought a house 2 years ago and through scrimping and saving have 15 years left on the mortgage.
Have healthy savings put aside for the rainy day, through more scrimping and saving and budgeting.
So, got a call from the bank yesterday from a financial adviser asking me if I would like to re mortgage?
I nearly choked and asked her “Why on earth would I re mortgage”
Her response was “Maybe you would like to build an extension or get a new kitchen”
I replied “when I bought the house 2 years ago it was big enough for the eventually of having children, and it is still big enough, and our kitchen is fine”
She then said maybe I would use it to do the garden or buy a car.
I replied that I bought a shovel, digging fork, wheelbarrow and 2 packs of lawn seed and spent all summer doing the garden. As for the car, you want me to re mortgage my house so I can buy a car that will be worth little or nothing in 10 years?.
She replied, “erm yes, sure the bank will never know what you use the money for!"
I told her it was the worst financial advice I had ever got, and said good buy.
So there you have it, you save and scrimp, and all the bank wants to do is get the people who have good credit rating into debt.

Now this is a story
All about how
My mortgage got flipped turned upside down
If youd like to take a minute just sit right there
Il tell ya how I became the Alison of 2012

ScumLord

120_Minutes wrote: »

And yet I can't get a loan from my bank to clear a €1500 credit card debt, the only debt I have.

A loan to cover a debt? Is that how it works? Banks confuse and scare me so I've never gotten a credit card or a loan.

Snakeblood

ScumLord wrote: »

A loan to cover a debt? Is that how it works? Banks confuse and scare me so I've never gotten a credit card or a loan.

I got a loan to pay off my credit card. It was just easier (although more expensive) to do it that way. Because my name is a little weird though, and I filled out an online application, I was refused initially. I rang them up to see what the story was (as I was in full time employment, the amount was small and the repayments would be manageable) and the guy I spoke to essentially said they thought I was foreign and thus a bad risk.

fun times with banks.

maygitchell

Snakeblood wrote: »

I got a loan to pay off my credit card. It was just easier (although more expensive) to do it that way. Because my name is a little weird though, and I filled out an online application, I was refused initially. I rang them up to see what the story was (as I was in full time employment, the amount was small and the repayments would be manageable) and the guy I spoke to essentially said they thought I was foreign and thus a bad risk.

fun times with banks.

With a name like Snakeblood how could they refuse?

UglyBolloxFace

Lando Griffin wrote: »

I told her it was the worst financial advice I had ever got, and said good buy.

Did you say goodbye or did you actually tell her that your home was a 'good buy'?

foxyboxer

ScumLord wrote: »

A loan to cover a debt? Is that how it works? Banks confuse and scare me so I've never gotten a credit card or a loan.

It's debt re-structuring. Credit Card debt is the worst kind. Crippling interest charges, so the bank loan would be at a lower rate. The Credit Union may be able to give a loan for that.

maygitchell

foxyboxer wrote: »

It's debt re-structuring. Credit Card debt is the worst kind. Crippling interest charges, so the bank loan would be at a lower rate. The Credit Union may be able to give a loan for that.

Somebody has been watching Ocean Finance TV in the early hours of the morning

opinion guy

120_Minutes wrote: »

And yet I can't get a loan from my bank to clear a €1500 credit card debt, the only debt I have.

ScumLord wrote: »

A loan to cover a debt? Is that how it works? Banks confuse and scare me so I've never gotten a credit card or a loan.

Credit card interest rates are much higher than personal loans. By forcing 120_Minutes to pay off at credit card rates they are essentially extorting him. 120_minutes you should threaten to report that to the regulator if they won't offer you a loan.

Snakeblood wrote: »

I got a loan to pay off my credit card. It was just easier (although more expensive) to do it that way. Because my name is a little weird though, and I filled out an online application, I was refused initially. I rang them up to see what the story was (as I was in full time employment, the amount was small and the repayments would be manageable) and the guy I spoke to essentially said they thought I was foreign and thus a bad risk.

fun times with banks.

How in God's name was it more expensive to pay off a loan that a credit card bill ?