We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Today my Building Society pulled out of my remortgage??
Comments
-
Could the simple explanation not be that the BS checked their phone records and spotted that kiwi had indeed been told by their telephone adviser that they would be eligible for the product.
Therefore, while they would not normally offer that deal to exisiting customers (remember the Nationwide 'Brand new customers only' Ad?), they realised that one of their staff members had given incorrect information that they had to honour.
Therefore, they did a product transfer for kiwi_saver - giving them one of their remortgage deals.
One very good reason to be glad calls are recorded and to insist that the call is retrieved if you are given incorrect info - has worked for me before.I am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, 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.0 -
Marky you party pooper!
Did kiwi get a result? = yes
is he/she better of as a result? = yes
does he / she deserve it? = for sheer effort yes
is this a vistory everyone who has made the mistake can expect? = NO
does the use of terminology bother anyone as he/she has got the result = NO
Am i happy for Kiwi? Definitely.I'm glad the OP is happy
If people want to use incorrect terminology, they won't help themselves to be understand and they'll increase the risk of errors occurring. As probably happened here.0 -
MarkyMarkD, kiwi_saver acted exactly according to the definition dunstonh provided: took out a new mortgage that paid off the existing one.The lender's staff said on the phone that they do offer that to existing customers.The lender's web site was also fully informed that kiwi_saver was an existing customer and was set up to accept the remortgage in that situation, when it could have been set up to decline if that was desired.And now the lender has confirmed this with their decision.I suppose kiwi_saver could ask for proof that the lender did secure the funds then use the newly secured funds to pay off the original loan but that's not likely to be helpful to anyone.Choosing to do it with a remortgage could prove costly: there might be redemption costs and penalties for the original mortgage, for example. Presumably kiwi_saver has had to pay those exit costs from the original mortgage since it was redeemed. Certainly seems fair that this should be so, given that kiwi_saver chose a remortgage rather than a product change.Insisting that a lender is only allowed to offer product changes, not remortgages as well, to existing customers is unhelpful. You might expect that but it's not necessary.0
-
MarkyMarkD, I suppose that kiwi_saver could complain if the exit fee wasn't paid and the legal charge released then re-applied to ensure that the differences between a remortgage and product switch were taken care of.
If the lender doesn't charge kiwi_saver the exit fees from the original morgage it would be interesting. After all, kiwi_saver did ask to remortgage, not change product, and should pay the appropriate costs for the difference.
Or I suppose that next time kiwi_saver could do it by switching to a different lender on a no-fees deal and then switching back to the original lender.0 -
Or perhaps not.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards