Natwest have cancelled my mortgage

silvercar

I've got a lifetime tracker mortgage with NatWest, not heard a thing!

Clearly, even if there is no more to it, they are being selective.

poppy10_2

silvercar wrote: »

I've got a lifetime tracker mortgage with NatWest, not heard a thing!

Clearly, even if there is no more to it, they are being selective.

It seems to be people on very generous trackers though - the ones in the newspaper article were on 0.04% above base rate, others are on base rate minus

Cozworth806

Presume that you made NW fully aware of the loans you had when you remortgaged.
As for calling in the debt then I find that a 25 year contract can be called in unless the payer breaches the payments or T&C's.
If you can get the new mortgage then you may be able to take out a second secured loan or an unsecured loan, or consolidate the others. Not advice just throwing things in.

FraudBuster

For information 24/11/08:

All APACS members have committed to this initiative. Starting this December, five credit card issuers - Barclaycard, Capital One, GE Money, HBOS and MBNA - will be ready to share the data and others will then follow in accordance with their specific IT plans. The data will be shared to help to identify and assist people who may be starting to experience financial difficulties. The new initiative will also help the industry to fulfil its commitment to responsible lending, as set out in the revised Banking Code, which came into effect in March this year.

http://www.apacs.org.uk/08_11_24..htm


And:

Credit card behavioural data sharing


http://www.apacs.org.uk/payment_options/Creditcardbehaviouraldatasharing.html

socrates

If I am understanding correctly - Any lender can call their loan/mortgage at any time - even if it is being paid properly etc.

A colleague of mine called them as he has a number of BTL mortgages with Nat West at 1% above base and was told that as his loans are only over 10-15 years and are repayment they cannot do the same with him.

Is that true?

dunstonh

If I am understanding correctly - Any lender can call their loan/mortgage at any time - even if it is being paid properly etc.

Yes. However, they have to state exceptional circumstances or breach of T&C of the mortgage. It still requires a judge to agree to grant a possession order and that is unlikely where the mortgage is being paid and no T&C breach has occured.

A colleague of mine called them as he has a number of BTL mortgages with Nat West at 1% above base and was told that as his loans are only over 10-15 years and are repayment they cannot do the same with him.

They can an indeed, if he is treated as a commercial customer (and a number of BTLs would suggest he should be) then he has even less protection.

socrates

Thanks for that.

So the question is can they call in a loan if they feel it is not commercially viable - even if it is being serviced properly by the borrower?

dunstonh

So the question is can they call in a loan if they feel it is not commercially viable - even if it is being serviced properly by the borrower?

No-one can answer. That would be one for the judge. Personally, i doubt a judge would agree a possession order on those grounds.

luckyfool

socrates wrote: »

Thanks for that.

So the question is can they call in a loan if they feel it is not commercially viable - even if it is being serviced properly by the borrower?

Yes, but they are unlikely to be able to enforce a repossession on a residential customer who has kept to the terms and conditions.

OP - Did you take your original mortgage out on a fast-track or self cert basis? Was all your income proven and correct, and the application fully completed in an accurate manner? To be honest if you are up to date and don't have any worries about your application having been fraudulent I would call Natwest's bluff and tell them to take you to court if they must. I can't see any reasonable judge siding with Natwest in these circumstances. Keep some documentation showing that you have attempted unsuccessfully to remortgage, write to Natwest explaining that due to the current mortgage market and financial climate you have been unsuccessful remortgaging. Keep copies of all correspondance.

socrates

I have a funny feeling that the banks may just try it in the future - specifically with people on trackers that are too near to the base rate. I know people will say "it will never happen" but there are a lot of things happening that have never happened at the moment.

Customers that they do not feel add any value will be dumped and I am not talking about people with problem accounts/mortgages I am talking about perfectly good customers who have very good tracker rates.