Nationwide won't allow me to leave £1 on my mortgage

Thrugelmir

g1gat wrote: »

A:Because two months after I "won" they wrote to me and told me that were taking it away again; they have contradicted their previous position. Now they say there is no way the facility can be maintained.

From April 2014 lenders are under even further tighter regulatory requirements. Much of what was proposed by the old FSA lenders had already introduced themselves ( little more than old fashioned banking principles in reality). So while they previously had to back track. The rules of the game have moved on. In their defence they can now cite new regulations to argue a change in policy.

MancBrel

I've just received a letter informing me that they have removed the £1 outstanding balance and have closed my mortgage account. I never received the letter last year informing me of this, so it's all news to me.

Can anyone remember what the letter said?

Ta.

wizzards

I just got a letter/package from Nationwide saying

"Dear Customer"

"We recently wrote to you to let me know we're closing our Nominal Balance scheme. We'll write to you when we've removed the small outstanding balance and closed your account. We've included your title deeds with this letter.

Your proof of ownership is stored with the Land Registry, which gives lenders and conveyancers access to the information. You don't need to store the paper copies as valuable documents. You can simply keep them at home.

If you'd like more details, including information about your proof of ownership or charges (money borrowed against the property) visit landregistry.co.uk or call 0844 892 1111"


Well they never wrote to me recently. They don't even bother to put a date or ref on the letter either and it just says "Dear Customer" Not that I really mind but attention to detail is something I came to expect from Nationwide and it seems not any more in its correspondence.