The mortgage works

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SAMMYE_2
SAMMYE_2 Posts: 244 Forumite
in Mortgages & endowments
Just had my Mortgage transferred to "the Mortgage works" apparently a wholly owned subsidiary of Nationwide.

Anyone know what this outfit is like?
[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560 :D
Currently £85,203 - 71% LTV 26/08/11
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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    SAMMYE wrote: »
    Just had my Mortgage transferred to "the Mortgage works" apparently a wholly owned subsidiary of Nationwide.

    Anyone know what this outfit is like?

    Speaks for itself.

    "a wholly owned subsidiary of Nationwide."
  • SAMMYE_2
    SAMMYE_2 Posts: 244 Forumite
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    Thrugelmir wrote: »
    Speaks for itself.

    "a wholly owned subsidiary of Nationwide."

    I realised that but I just wondered why it was a subsidiary and if anyone had a mortage with them and how they found them? Bank of Ireland (My last mortgage lenders) were pretty good and easy to deal with...
    [STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
    Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
    Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
    Mortgage was £690 now £560 :D
    Currently £85,203 - 71% LTV 26/08/11
  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    TMW has said it won't increase the SVR of incoming BoI borrowers immediately. I'd read that as an indication it will happen sooner rather than later and that means nearly 2% increase.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • farcove54
    farcove54 Posts: 71 Forumite
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    We are in the same situation , although TMW say they won't increase the SVR our rate with the BOI was 2% less that Nationwide. Spoke to Nationwide and got the impression they would raise it. Seems very unfair as they've only taken over mortgages that have never had arrears with not much left to pay. Just to be sure we are in the process of looking for another mortgage.
    Kay
  • Bigsmak
    Bigsmak Posts: 188 Forumite
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    I've put a lot of Mortgages through them in the last 6-12 months purely based on the fact that they offer the best rates at the moment.

    I have no problem with them at all.
    I work in finance

    Anything posted on this forum is for discussion purposes only and should not be considered financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation
  • SAMMYE_2
    SAMMYE_2 Posts: 244 Forumite
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    I'm on a cr*ppy fixed rate for the next 1.5 years anyway.

    Am I right in thinking if I was allowed to overpay 10% per financial year with BoI then I should be able to do the same with TMW!? I am just waiting to hear back from them about this they dont have all my details yet..
    [STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
    Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
    Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
    Mortgage was £690 now £560 :D
    Currently £85,203 - 71% LTV 26/08/11
  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    SAMMYE wrote: »
    I'm on a cr*ppy fixed rate for the next 1.5 years anyway.

    Am I right in thinking if I was allowed to overpay 10% per financial year with BoI then I should be able to do the same with TMW!? I am just waiting to hear back from them about this they dont have all my details yet..
    Yes. You should.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Mrs_Z
    Mrs_Z Posts: 1,104 Forumite
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    I have a BTL mortgage with them. Have needed to contact them over the phone couple of times, no problem, usually have been able to sort out the queries like that.

    Their rates may be competitive but arrangement fees for BTL mortages are astronomical for my liking (% instead of a flat fee).
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    farcove54 wrote: »
    Seems very unfair as they've only taken over mortgages that have never had arrears with not much left to pay.

    Not unreasonable for TMW to cover their cost of providing you with funding. Low mortgage rates are unsustainable for lenders in the long term.
  • farcove54
    farcove54 Posts: 71 Forumite
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    Thrugelmir wrote: »
    Not unreasonable for TMW to cover their cost of providing you with funding. Low mortgage rates are unsustainable for lenders in the long term.
    I agree TMW need to cover the cost of their funding. At present we are on a fixed rate of 2.9% with BOI, if TMW adapt Nationwides rates we will be £300 a month worse off. We do feel that we are being penalised for never being in arrears and only having 45% of our mortgage left to pay.
    But lets face it , they can put the rates up to whatever and whenever they want to.
    Kay
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