Mortgage change of terms and conditions

tsmiller62

I took out an offset mortgage with Intellegent Finance on a 5 year deal. Before I signed up I made sure it was portable as we would like to move house before the 5 years is up. This was agreed in writing. They have now written to me with a change in Terms and Conditions. The mortgage is no longer portable. If I want to move I have to pay off the mortgage and pay hefty redemption penalties.

They say I have no right to cancel due to the change in Terms and Conditions.

Surely this cannot be legal?

any comments welcome

TEDDYRUKSPIN

Hmmm.. subprime lending. The company is in dire-straights and are trying to force you out. Normal strategy. Northern Rock did it as well.

As for legality - they can do this.

mortgage-adviser-now

Phone them up and tell them you are registering a formal complaint.

(don't let them tell you that you have to put it in writing - you dont)

They will have to prove they were in the right.

If you don't like their response you can take it up with the Ombudsman.

dunstonh

Portability has never been a cast-in-stone guarantee.

If you have it in writing, the FOS (if it got that far) may say that the change in T&C should allow you to be able to repay the mortgage without any ERC should you choose to move in that period.

Some T&C are not in the contract though but are able to be adjusted as they go along. Portability tends to be one of those as its based on their lending criteria in place at the time you want to move. If they pull out of mortgage lending then portability is a dead issue to you unless you are borrowing the same or less.

deedee71

There are at least 2 other threads on here at the moment on this subject. One has a number of links you might find useful.

tsmiller62

Sorry deedee71 a bit new to this can you point me in the direction of the other threads please?

Thanks

budda79

I also took out a mortgage with nationwide because there was a 12 month payment break option, I went into enquire about doing this and they now tell me that I can not take 12 months payment break unless I am on maternity leave, this was not part of the terms and condition when I took the mortgage out 4 years ago is their anything that I can do, or do I now have to go with the new terms. I believed that when i signed for the mortgage that it was a bidding document am I wrong in thinking this. Can anyone help

Richard

tsmiller62

Buddha79,

I have gone to the ombudsman so I will let you know how I get on.

Toni

dunstonh

I have gone to the ombudsman so I will let you know how I get on.

You cant go direct to the FOS. You have to complain to Nationwide first. The FOS will just forward your complaint onto Nationwide to deal with.

new_home_owner_3

sureley this is misselling and the FO should side with you every time, how can someone sell something to you then change the terms half way through the deal, and if they do it shouldnt have to cost you anything.definatley make a complaint i did earlier in the year and if you point out the facts im sure the mortgage company will honour what they said they would when they sold it to you.

budda79

keep me posted as my brother also took out the same mortgage but on his own, so how can he go on maternity leave as he can not give birth.