Help with mortgage ending soon - probs with Nationwide.

LilacPixie

could the offspring not raise 20k?? it appears some of the secured debt has came about by helping them out so surely to ease a parents worry and stress sons raising capital should be an option??

aimingforadebtfreelife

The secured loans were through Nationwide, so there was no preferential treatment. When my parents met the Nationwide a few years back when they went onto interest only they were told to come and see them again when the mortgage term was nearly up and they would look at the options. Nothing was mentioned about the 40 year ruling. Again only a couple of weeks ago the lady who saw them who said the extension of 7 years was no problem, the computer accepted it and printed out the paperwork to sign only for head office to write back to say no.

opinions4u

aimingforadebtfreelife wrote: »

The secured loans were through Nationwide, so there was no preferential treatment. When my parents met the Nationwide a few years back when they went onto interest only they were told to come and see them again when the mortgage term was nearly up and they would look at the options. Nothing was mentioned about the 40 year ruling. Again only a couple of weeks ago the lady who saw them who said the extension of 7 years was no problem, the computer accepted it and printed out the paperwork to sign only for head office to write back to say no.

All the verbal stuff needs to be written down. It helps establish that Nationwide are complicit in the situation arising and should therefore be more flexible in finding an agreeable compromise.

If such flexibility isn't forthcoming, you need to involve the FOS who, as I stated above, I would expect to rule against Nationwide. Of course, I could be wrong.

That said, anybody else with an interest only mortgage and inadequate repayment vehicles really does need to get their act together and work out how they are going to repay their debts.

Out of interest, has moving the mortgage to a new lender been given serious consideration? First Direct have some great rates.

aimingforadebtfreelife

Letter received today from Nationwide after complaint sent to HO to say they have backed down and will allow the extension. As a repayment plan was in place - ie going to capital repayment for an extra 5 years to clear the debt, this was fair and should not have been declined considering the payment history.

Many thanks to all for your advice.

BillTrac

Good that it is all sorted..

although did anyone notice the complete lack of interest in the 3 off spring paying off the 20k?;)

Aren't families great?...

LilacPixie

BillTrac wrote: »

Good that it is all sorted..

although did anyone notice the complete lack of interest in the 3 off spring paying off the 20k?;)

Aren't families great?...

To be fair maybe the kids are not in a position to raise 7k each, I know if it was my parents I would raise the cash if pysically able too but getting my dad especially to accept it well you would probably of found it easier to walk on water