Nationwide won't allow us to port our portable mortgage!

Dave_Ham

Sorry, you will need specific advice on your specific circumstances and the company will only deal with brokers in any case.

I have been caught out in the past, if I name the lender and it not be appropriate for another reason and you incur cost it will be on my head.

They do have minimum income and age criteria though and obviously the property will need to be valued and rent at least 125% of mortgage cost.

I would imagine a half competent broker would be able to place this for you...

Simon_gloster

This is a huge error from the broker. The whole case was dependant on the second home issue although a call was made, the lending policy, which most underwriters wont overturn in fear of reprocussions, seems to be readily available on line.

That should form part of the recommendation investigation and not through a convrrsation as we all know not everyone knows everthing hence broers access to policy.

I'd get them to source another lender as the complaint process can take up to 8 weeks and complaint staff cannot overturn lending rules.

kingstreet

Simon_gloster wrote: »

This is a huge error from the broker. The whole case was dependant on the second home issue although a call was made, the lending policy, which most underwriters wont overturn in fear of reprocussions, seems to be readily available on line.

That should form part of the recommendation investigation and not through a convrrsation as we all know not everyone knows everthing hence broers access to policy.

I'd get them to source another lender as the complaint process can take up to 8 weeks and complaint staff cannot overturn lending rules.

I think you wanted the other Nationwide thread, Simon.

Simon_gloster

Too many Nationwide issues...cheers ks.

Thrugelmir

The_Joneses wrote: »

I have asked Nationwide for a copy but they won't send us one - another barrier they are putting in the way

You speak as if you have a right or entitlement. Which is not the case.

At a rate of 2.5% the Nationwide will be losing money on your business. That's the real reason behind the decline of your application.

The_Joneses

Thrugelmir wrote: »

You speak as if you have a right or entitlement.

I know but thats the problem i have with this... it clearly states in our paperwork that the mortgage is Portable, no if's, no but's.

So if Nationwide change their rules, surely the new rules only apply to new applicants and can't just supercede the terms we took the mortgage on... otherwise whats the point in having terms and conditions if they can be changed at will by just one party (ie, by Nationwide but not by us)

GMS

Portability does not mean a switching of mortgage from one property to another regardless.

It is a new application whereby rate can be retained and any early repayment charges refunded.

If it was as simple as people think you could go bankrupt, have no income, have thousands of pounds of debts and wish to take the mortgage to a property constructed of cardboard with a wool roof.

All parts of the application need to meet the current criteria.

Often it looks baffling, i.e 300k mortgage at £1500 a month currently which is being maintained yet they refuse to allow porting to a 200k mortgage which will cost £1000 a month on a similar property. In that situation it appears to be a no brainer but criteria needs to be met. If not the lender will leave the applicant on the more expensive mortgage.

BobQ

The_Joneses wrote: »

Oh yes, Key facts of course, sorry.

KFI states... Portable. that is all it mentions regarding the issue.

It was before November 2004.

I have asked Nationwide for a copy but they won't send us one - another barrier they are putting in the way

Is Nationwide not obliged to provide such information under the industry's codes of practice or the law?

pink_pirlie

Can't comment on the detail of your questions, but if it's any help I ported my nationwide mortgage last year and I had 6 months from the sale of my property to complete on the new one.
The sale went through in Feb and the new purchase completed June. They refunded the redemption fees on completion of the new purchase.
Got to keep my 2.5% interest mortgage for the majority and had to take out a top up mortgage for the remainder.

Thrugelmir

The_Joneses wrote: »

So if Nationwide change their rules, surely the new rules only apply to new applicants and can't just supercede the terms we took the mortgage on... otherwise whats the point in having terms and conditions if they can be changed at will by just one party (ie, by Nationwide but not by us)

A lender can decline a mortgage application without giving any reason. That's their prerogative.

They haven't changed their terms on your existing mortgage contract. So there's no breach.