Nationwide Mortgage - new fees and charges

Leaseholder49

Vincenzo wrote: »

They will not turn your request for consent down as T&Cs explicitly state consent will not be unreasonably withheld.

Do you know what grounds would constitute consent being reasonably withheld?

Just wondering if they will now be tightening up and saying that it is reasonable to withhold consent after you've already let for 3 years as you're clearly not just letting on a temporary basis?

Vincenzo

Leaseholder49 wrote: »

Do you know what grounds would constitute consent being reasonably withheld?

Just wondering if they will now be tightening up and saying that it is reasonable to withhold consent after you've already let for 3 years as you're clearly not just letting on a temporary basis?

Nationwide cannot define 'reasonable' as they wish. By including the term in the contract Nationwide must have a stated reason for withholding consent which cannot be arbitrary, foolish, unfair, illegal, or unethical.

Besides, Nationwide has already stated they will continue to allow their borrowers consent to let, albeit with the new fees and charges in place.

Leaseholder49

Vincenzo wrote: »

Nationwide cannot define 'reasonable' as they wish. By including the term in the contract Nationwide must have a stated reason for withholding consent which cannot be arbitrary, foolish, unfair, illegal, or unethical.

Is there a particular legal definition of the word 'reasonable' then?

I'm asking because there must surely be situations in which they can withold consent, otherwise why put the clause in the T&C's after all, why not just say 'CTL will be granted if applied for' if it's a forgone conclusion.

Vincenzo

Leaseholder49 wrote: »

Is there a particular legal definition of the word 'reasonable' then?

I'm asking because there must surely be situations in which they can withold consent, otherwise why put the clause in the T&C's after all, why not just say 'CTL will be granted if applied for' if it's a forgone conclusion.

I am not a legal expert, my experience of this legal term comes from commerical leases. There might be a lawyer or two reading that can shed some more light on this but I expect they would be able to withhold consent if you were in breach of the terms and conditions of the mortgage e.g. you were in arrears or if they were aware that the property was uninsured.

Money_Worry_Wort

Poppy_Kennedy wrote: »

woo hooo im in!!

all sorted - you guys were right, she is sending me a new form to fill out and the charge will NOT be applied

seems they didnt tell there staff so that most people would end up with the charge - very sneaky if you ask me, they should have just let it apply to all new BTL people

anyway - im happy

new worry... what if they turn me down for BTL EEEKKKKKKKK

Hi Folks,

I was really excited when I saw the posts saying that you weren't going to get charged, I thought all my problems were solved. However I have now spoken to N'wide twice and they are still insisting that any property let for more than 3 years will incur the extra fee.

First time I called was when the letter first arrived and we spoke to a normal call centre person and then their supervisor. Second time (this morning) I spoke to a girl, she checked with her supervisor and I asked to check again and apparently she asked her manager the second time. Still insisting I will have to pay. I mentioned I knew some people who have been told it won't apply and she said they must have been mis-informed and that they should call back.

Not trying to rain on everyones party, but have you guys all got it in writing now that the fee won't apply? I don't want to log in here in Dec to find all of you have received a letter with the new charges added on.

From what I can see my only options now are to call AGAIN but who do I believe the first two or the third person I speak to, or go down the route of e-mailing the CEO as per the other thread.

Everyone has been really helpful on here, so I am really grateful. Please make sure you are definately home free and have it in writing.

Poppy_Kennedy

i had the same issue and they spoke to their 'admin' fee and have also had it noted on my records

i would call back and ask to speak to the admin department

Money_Worry_Wort

Poppy_Kennedy wrote: »

i had the same issue and they spoke to their 'admin' fee and have also had it noted on my records

i would call back and ask to speak to the admin department

Dp you think they were referring to their £50 fee to apply for permission to let or their additional 1.5% rate increase for the life of the mortgage/rental?

I have been told I won't pay £50 if I apply for the permission to let before 1st of Sept but that I will be charged 1.5% ongoing from 1st of Dec because the property has been let for more than 3 years.

Sorry to keep asking for clarification but this is driving me potty.

Poppy_Kennedy

dont worry it was driving me potty too - it means i dont pay fee or interest rate - one women i phoned was very sure that i woudl have to pay 1.5% despite me going on and on, 2nd time i called she said same thing, i made her speak to someone higher up to check and she said i was right

basically - they havent told their staff as to get away with charging every one 1.5%

i dont have it in writing but the conversation is down on the system and i have her name

i will also write to them confriming the convo i had

i would phone back again and ask for them to check - i pretended it was work colleagues that had been told they didnt have to pay 1.5% didnt mention any forum

let us know what they say

platch

Interesting thread - but in many case Nationwide will have lent the money, like so many other lenders, on the basis that mortgage applicants were going to live in the property as their main residence.

In many cases that I've seen where I work this is being abused and a lot of customers are no doubt getting a residential rate on a property that is let, with or without permission, instead of paying the rate a typical buy to let lender would charge. The only surprsie is that Nationwide has taken so long to decide it should charge extra! Can't see our good old banks being so slow off the mark!;)

For those out there who have to let out in the future I believe, though I've thrown out the leaftlet (oops), you get six months grace anyway.

Hey ho, a few will no doubt whigne about the change, but no-one forced us to let our houses out and move elsewhere.:beer:

Fuzzyness

sorry if this has been covered. our three consent to let runs out in July 2011 i.e after the 1st December 2010 deadline. if we apply before the 1st september this year will it reset the clock or are we stuffed with the 1.5% hike? can we reapply when our three year period hasnt expired. we have just relet the property as of the 1st Augsut this year so there may be an arguement that we are keeping NW informed. long shot maybe and thoughts welcome.