Nationwide Mortgage - new fees and charges

nautilus08

Hi,

not sure if this the right forum, but sounds like people have been dealing with Nationwide a bit.

basically, have a mortgage with them, however now am abroad, so the place is being let, and has been ticking over since 2008.

thing is, haven't told them of the change in circumstances, so the question is, does one:

a) keep schtum - as long as the mortgage is being paid, this shouldn't make a difference, you would have thought - and if they do catch up, pay the fine + increase in rate
b) come clean and let them know the place has been let since 2008 - in which case no doubt there will be a fine + increase in rate.
c) inform them of a 'new' change in circumstances and let them know the place is being let as from now, but risk the paperwork asking questions as to when the tenancy agreement commenced - are they able to get in touch with the agents?

any thoughts most appreciated.

cheers

Thrugelmir

nautilus08 wrote: »

b) come clean and let them know the place has been let since 2008 - in which case no doubt there will be a fine + increase in rate.

If it comes to light your credit profile will be black marked and visible to all lenders.

More importantly your insurance cover will be invalid in the event of a claim. As lacking permission of the lender renders the policy void. As is a material fact.

nautilus08

Hmmm interesting points, certainly a black mark on a credit profile is not ideal, and the insurance does indeed raise issues. However the buildings insurance is included ground rent, so not strictly speaking anything to do with them - or is it?

just a worry that a bill of x thousand will be a bit tough to come up with.

i would generally say that 'honest is the best policy', but these days, depending upon which paper you read, it's not!

thanks for the info.
cheers