Bad advice Nationwide - should we complain?

dwsjarcmcd

Ian_W wrote: »

You sold for £128K and bought for for £149K, a difference of £21K. Where did you thnk the the £6K shortfall between that figure and your £15K in cash would come from? What's "mysterious" about it? It was the diference between your sale and purchase prices.

I think that Nationwide have ported your negative equity. Using the above example, the additional £6k has been effectively been added to your new mortgage.

If you received £128k on sale, you owe NW £6K. For your new property, the £149k price is made up of £128k mortgage plus the £6k negative equity port and your £15k funds.

I think that you should either have a mortgage of £128k and owe them £6k OR a mortgage of £134k and owe them nothing else.

Gorgeous_George

When I bought my current home the solicitor asked me for the money a week or so before completion. To her surprise, I told them that I didn't have the money and it was to come from a remortgage/sale of old home. She had no idea that I was using a mortgage. I have no idea how this brekdown in comunication happened but all went well in the end.

OP, you are not out of pocket. You could ask NW to cover the loan at the same rate as your mortgage as a gesture of goodwill but it's along shot.

GG