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Natwest have cancelled my mortgage
lennon_2
Posts: 7 Forumite
After reading though another post, it angers me that some people are posting that if your facing repossession then you deserve it because you missed payments etc.
Natwest cancelled are mortgage a week before xmas, we have never missed a single payment of 823.00 a month for last 2 years and in october had just changed to a new 2 year fixed with them.
They informed us that our mortgage of £127,000k had been cancelled due to commercial decision taken by Natwest and we have to get another mortgage asap.
We are now desperately trying to get a mortgage for 121k on property worth around £136,000k...................... but can we... no! valuations coming in at £115k twenty thousand less than what we require (average price in street is 134k)
So it looks like even after paying are mortgage and trying to get on the property ladder like we thought we should, we are going to be knocked off.
Natwest cancelled are mortgage a week before xmas, we have never missed a single payment of 823.00 a month for last 2 years and in october had just changed to a new 2 year fixed with them.
They informed us that our mortgage of £127,000k had been cancelled due to commercial decision taken by Natwest and we have to get another mortgage asap.
We are now desperately trying to get a mortgage for 121k on property worth around £136,000k...................... but can we... no! valuations coming in at £115k twenty thousand less than what we require (average price in street is 134k)
So it looks like even after paying are mortgage and trying to get on the property ladder like we thought we should, we are going to be knocked off.
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Comments
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lennon.......pls see link, i undertsand which is investigating these cases, maybe worth a call
http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=461591&in_page_id=8&in_a_source=&ct=50 -
Lennon - did you have a second charge on your home?0
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No 2nd charge.
We have personal loans between myself and wife that come to 30k
and annual salary of 50k coming in to the household.0 -
When they go to court to get a possession order they have to cite their reasons and the judge looks at the reasons before deciding to grant it or not. Somebody not in arrears with a good history of making payments and no other bad debts is going to require the bank to give an exceptionally good reason.
What reason do you think they are doing this?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Having applied for brittania mortgage with no joy, they told us it was just down to the fact that we had loans equalling to 30k and required 90%ltv mortgage.
But having now found a mortgage that will accept us in First Active, they have valued are property at 20k lower than market value!!
the walls are closing i feel.0 -
First Active- as owned by RBS/Natwest ??.. did they really take any application when "parent company" was asking you to leaveAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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I found that funny also!!0
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After reading though another post, it angers me that some people are posting that if your facing repossession then you deserve it because you missed payments etc.
Natwest cancelled are mortgage a week before xmas, we have never missed a single payment of 823.00 a month for last 2 years and in october had just changed to a new 2 year fixed with them.
They informed us that our mortgage of £127,000k had been cancelled due to commercial decision taken by Natwest and we have to get another mortgage asap.
We are now desperately trying to get a mortgage for 121k on property worth around £136,000k...................... but can we... no! valuations coming in at £115k twenty thousand less than what we require (average price in street is 134k)
So it looks like even after paying are mortgage and trying to get on the property ladder like we thought we should, we are going to be knocked off.
I don't understand this. Natwest are cancelling an existing mortgage, granted to you for 25 years? Is this a residential mortgage on a home you still live in? Or is it a let property?
If you failed to find another lender, what would they do? (Being that you have kept to their terms and conditions).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Lennon, is there anything else you can tell me. There is a reason N West are doing this - do you have abusiness overdraft with them or similar?0
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I find it hard to believe that there is not something missing here- BUT if there's not then I feel very sorry for the OP .. although sounds like we all could be in same boatAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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