British financial columnist Nicole Blackmore wrote a piece indicating UK banks and lenders are perhaps more inflexible and draconian than their counterparts in the United States.
One cute contrast in American/Brit vernacular was the usage of Telephonists in lieu of customer support representatives(or the more terse service rep.) Also portable loans appear to be the equivalent of transferable in the states. Finally PC. used in place of %.
Dawn Bryan bought a home in Reading in March 2013. She took out a £120,000 10-year loan with Leeds Building Society at 4.29pc. The loan was sold to her as portable which was crucial given the length of her contract.
Less than two years later her life completely changed when her mother passed away. Suddenly she needed to move to Manchester to care for her father, who has dementia.
Miss Bryan put her home on the market for offers over £300,000 and explained the situation to Leeds(the lender). She asked to port her loan, now worth £113,000, to a new home in Manchester.
But shockingly, Leeds rejected her request. It said that since she had left her job, she didn’t qualify.