Natwest have cancelled my mortgage

luckyfool

Yes, they are quite possible chancing their arm with unprofitable customers and are hoping 30-60% of them just leave. They are within their rights to ask customers to go, I just think they would really struggle to get a court to side with them if push came to shove.

ALIBOBSY

I wonder if they would do this then if the customer can't remortgage say well your fixed rate/tracker is ended but as a gesture of goodwill we can offer you a SVR mortgage. Sounds a sneaky way of dumping the trackers etc?

ali x

luckyfool

ALIBOBSY wrote: »

I wonder if they would do this then if the customer can't remortgage say well your fixed rate/tracker is ended but as a gesture of goodwill we can offer you a SVR mortgage. Sounds a sneaky way of dumping the trackers etc?

ali x

Hmmm, not sure how keen the FSA would be on that. Doesn't sound very Treating Customers Fairly!

Gorgeous_George

If I had loaned £0.25M to somebody I would be assessing the risk of default on a case-by-case basis using all the data available to me. Credit reference agency reports, other debts (and whether thesewere rising to pay tyhe mortgage) would feature quite highly.

Any hint that there may be trouble ahead would see me trying every method availble to me to reduce the risk of me not get my money back - especially as the bankruptcy laws are so ridiculous.

GG

feisty1

Re' Risk, the lender is 1st in line as they're holding 1st charge on the property. To force people into repo' who are paying the mortgage without default is crazy, Nat West are "constructively bankrupting" people by their threatened action. I think they would struggle in court to have such cases upheld..........

whathavewedone

I can't believe that a court would uphold a repossession order in such circumstances. How horribly stressful though to have to go through all that.

I hope that once a couple of cases have gone to court and been thrown out we will see an end to this kind of bullying because that's what it seems to be.

Kavanne

I don't understand, can't the homeowner just get a mortgage elsewhere? Have I missed something?

I know it's awful what natwest are doing blah blah but they aren't FORCING people into bankruptcy.....

feisty1

Kavanne wrote: »

I don't understand, can't the homeowner just get a mortgage elsewhere? Have I missed something?
quote]

YES

Kavanne

feisty1 wrote: »

Kavanne wrote: »

I don't understand, can't the homeowner just get a mortgage elsewhere? Have I missed something?

YES

Is it just the principle of the thing? Or do these people have issues that mean they can't go elsewhere to pay off natwest?

I remember one of the first stories I saw of this the couple were on interest only and had other loans secured on the house. Are most of the cases like this?

EDIT: Oh I see, no remortgage because of property prices dropping. Oh dear...

silvercar

The point is that NatWest offered a mortgage for the whole term. The boorower has kept to all terms and conditions and so should be entitled to keep the mortgage.

How can NatWest go to court and ask for repossession. On what grounds?

Whether the borrower can find a different lender is IMO irrelevent.

At the very least, if NatWest wants repayment they need to offer a sweetener to do so, just like a few of the sub-prime lenders recently did.