Nationwide Mortgage - new fees and charges

fozzeh

samwardill wrote: »

The purpose of the case fee is to provide motivation for FS providers to resolve fees themselves.

Agree with the post apart from the above. I've seen cases where people have been offered £200 for a nothing case...and the customer wanted more (which took the Mikey) and hit with a £500 fee for something they had no control over, was more the customers fault than anyones and they tried to resolve to the best of their ability.

Equaliser123

Thrugelmir wrote: »

You've given no grounds for me to think otherwise.

As you've suffered no loss of any kind.

To be fair, you aren't an Ombudsman.

Thrugelmir

Equaliser123 wrote: »

To be fair, you aren't an Ombudsman.

Doesn't stop one from looking at the situation in an unbiased manner. With no vested interest easier to look at arguments from both sides. Rather than twist a view to suit individual circumstances.

Equaliser123

Thrugelmir wrote: »

Doesn't stop one from looking at the situation in an unbiased manner. With no vested interest easier to look at arguments from both sides. Rather than twist a view to suit individual circumstances.

No you are right, but I think you have given your view that you don't agree so it is now down to the FOS.

Have to say that, despite having a personal interest in this, I really can't see that Nationwide have acted lawfully.

luckyfool

fozzeh wrote: »

Saved me trouble starting a new thread

I'm looking at letting my property out and N/W are my mortgage provider. I'm on the SVR (BR+2%) and I'm quite miffed about being charged an extra ~£80pcm for the "priviledge" of N/W being the mortgage providers.

Has anyone had any response or indication yet on the fairness of this implication? It's simple profiteering. They do have a risk (which would be that the owner relys on the the letting to pay the mortgage) but this is superceeded and backed up by "if your mortgage repayments are not kept up, your house may be repossessed" so reverts back to straight ownership T&C's.

Alternatively, I do have another property. If I could switch the morgage over to that one and own the original outright, I'd get around the b*stard tax...what does anyone think to that one?



They should have included your "right to go to FOS" leaflet then :A

There is an argument that since you no longer live in the property, the mortgage is no longer regulated and its now outwith the purview of the FOS. Would not be surprised if the FOS adjudicators washed their hands of these complaints and turned them down on that basis.

NeilJ01

Has anyone anymore updates on this ?

As far as I am aware the extra interest payment was due to start on December on my mortgage and they were supposed to let us know the exact payment approx. 3 weeks in advance ?

Vincenzo

luckyfool wrote: »

There is an argument that since you no longer live in the property, the mortgage is no longer regulated and its now outwith the purview of the FOS. Would not be surprised if the FOS adjudicators washed their hands of these complaints and turned them down on that basis.

As far as I can see the product has not changed. CTL is part of the T&Cs of the residential mortgage. Consent is also granted in 3 year periods. It was not sold as a BTL mortgage and the contract remains the same. If the product was no longer regulated as a result of CTL, surely N/W would have to notify the borrower when it was granted?

Poppy_Kennedy

nothing to add from me as yet - no letter, they did say i wouldn't be charged the 1.5% but nothing in writing to that effect.... if they said 6 weeks before surely we should be getting somethign in post very very soon???

Saver2010

I received a letter from Nationwide saying that the 1.5% will not apply to me until 2013 as I had applied for the permission to let prior to September 2010 even though my previous permission to let expired last year so I essentially had 1 year without 'permission' and so when I received a letter from Nationwide saying I would need to write to them to re-obtain permission I did so immediately. So really I'm guessing that that having threatened a referral to the FOS really kicked them into responding to me promptly. I'm just happy now that this ridicious 1.5% letting rate doesnt apply to me anymore.

Equaliser123

Had a letter from Nationwide asking me to re-request permission to let (property has been let since 1999) and that the 1.5% fee will not apply until July 2014 (the end of the early repayment charges).

Partial climb down on their part methinks.