Ref: 004658797.I am following up on the above ref. I applied for substitution for bond as my husband is unemployed and cannot afford to pay the bond any longer. In an attempt to save this asset I agreed to do a substitution. I received feedback now to say the substitution has been declined as I have to apply for new home loan with an offer to purchase, signed by seller which is my husband and his ex-wife, and the application to be captured in that way. My husband called Standard Bank before on 4 Jan 2014 at 10:03 from my cell 0829941552. The consultant confirmed that substitution is definitely possible under section 57 provided I (as the main applicant) qualifies for the remaining bond balance. So why is Standard Bank changing their story now? Why would they make me pay more given my circumstances being the only income earning parent with 2 kids??? This will cripple my family not to mention that all the added fees that comes with a new bond application??? We were also told that we cannot negotiate terms if the substitution is granted. Our interest rate will increase. I would like to bring your attention to an article on Property 24 by Standard Bank Head Steven Barker.
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