Natwest have cancelled my mortgage

feisty1

Instead of u all posting "I can't believe this" "I dont understand" etc.........click on this link i posted earlier or below....i have been aware of several cases since late 08.....

http://www.thisismoney.co.uk/mortgag...a_source=&ct=5

beecher

feisty1 wrote: »

Instead of u all posting "I can't believe this" "I dont understand" etc.........click on this link i posted earlier or below....i have been aware of several cases since late 08.....

http://www.thisismoney.co.uk/mortgag...a_source=&ct=5

I did click on it, and saw that they had a second charge on the property for £100,000. This seems different from the OP's circumstances, and is probably why people are thinking there's something missing in the story.

toonfish

they can't just "cancel it" unless you have missed payments, or made a fraudulent application surely?

I had a bit of a row with a muppet at NatWest who called me one evening to question why my income had fallen over the last 12 months

A_Star

toonfish wrote: »

they can't just "cancel it" unless you have missed payments, or made a fraudulent application surely?

I had a bit of a row with a muppet at NatWest who called me one evening to question why my income had fallen over the last 12 months

Of course they can! They are within their rights to call in a loan at any time same as anyone who lends money.

I do wonder if NatWest is in trouble, I've heard of this happening a few times to their customers.

tcall

I cant work out why it would be in their interests to cancel a mortgage which is being repaid on time, and therefore making them money? What have they got to gain? Seems quite bizarre.

dunstonh

They are within their rights to call in a loan at any time same as anyone who lends money.

I dont see a judge granting a possession order if they have kept to the T&C of the mortgage and are not in any arrears. It doesnt happen. There is always something. That something may or may not be significant but until we know what that something is, it is really hard to comment any further.

They can call in and attempt repossession but only under exceptional circumstances when the lending has been clean and no T&C have been breached.

lennon_2

We will continue to make are monthy payments and wait and see.

Mortgage was for 33 years, i have contacted politicians also and natwest have failed to reply.

Most annoying thing is when we renewed mortgage in October 08 we had another offer from barclays but decided to stay with Natwest.

SouthCoast

and in october had just changed to a new 2 year fixed with them.

Could this be a full disclosure issue?

JMC39

I assume if my lender was to call in the loan I could refuse to transfer the mortgage seeing as my house has probably fallen onto the border of negative equity? Would this affect my credit rating?

Gorgeous_George

My guess is that NatWest have over-exposed themselves to tracker mortgages without collars and are now stuck between a rock and a hard place.

If this is the case then NatWest can either:
1. Do nothing and go bust.
2. Call in enough loss making trackers or high risk mortgages to balance the books and reduce the exposure to risk.

Of course, with hindsight, they should have understood the risk of near-zero base rates. While the likelihood may have been underestimated the impact is extremely high (Bank failure). They should have limited their exposure but what is done, is done.

My solution would be to ask their tracker customers to accept a move to SVR in return for shares in the bank or cash. Essentially, buying out the risk.

Heads should roll at NatWest.

GG