Natwest have cancelled my mortgage

paulmx3

dont be forced into taking out another mortgage that in this climate will cost you much more,if you can even get one at all,quite ironic that one willing to give it to you was owned by nat west,at a guess the repayments much higher on new mortgage....;)

looks like damage limitation,dont think it would even get to court,id be suprised if they are that set on this route for whatever reason then they will be out of business by the time a date came up,and a doubt theres much left in the kitty for many more bail outs.

Adebisi

JMC39 wrote: »

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?

I would like to know the answer to this question also.

feisty1

Adebisi wrote: »

I would like to know the answer to this question also.

the answer to what?

shaven-monkey

You secured a loan against an asset which is now worth less than the loan amount, Natwest don't want to repossess because it'll be worth substantially less than the loan amount if they have to sell it themselves.

Did they even mention the option of paying off a chunk of the mortgage to reduce the LTV percentage?

You earn 20k more per year than your unsecured loan total, have you made any effort to pay that loan down?

Effectively they see you as a bad credit risk and they want rid of you, whether they can do that or not is up to the courts but if they can, you end up forced into rented accomodation with a much larger loan to repay and they end up with a larger unsecured debt on their books so finding an alternative seems to be in everyones best interest.

Originally Posted by 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?

It isn't going to help your credit rating but i wouldn't worry too much about that seeing as their next step will be to repossess your house which is likely to have a negative effect on your credit rating.

silvercar

If lenders could suddenly change their mind on any mortgage for no reason they have given in the last 5 years, the whole system breaks down.

still reckon there is more to this than we know.

luckyfool

silvercar wrote: »

If lenders could suddenly change their mind on any mortgage for no reason they have given in the last 5 years, the whole system breaks down.

still reckon there is more to this than we know.

I could understand it if the lenders investigations had turned up mortgage fraud or something like that . . . a wee bit of fasttrack/self cert abuse or fraudulent non-disclosure on the application form. Without something serious like that I would imagine a judge would laugh at them if they tried to enforce a repossession.

lennon_2

Still no joy at present.

We have our Politician Gary Streeter investigating the case for us at present.

we have contacted Natwest solicitors and offered to pay some money to bring down the LTV, but no response.

You can see why some people never want to buy there own house cant you.... you keep to all the T+C but still end up in this situation.