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Advice please re advance on Mortgage seperated from mortgage
tinkeroo_2
Posts: 2 Newbie
Afternoon all,
I was just wondering if anyone could give me any advice.
My mum took out a mortgage with Nationwide back in 1999 as a first time buyer. She wanted to borrow additional money for home improvements. Nationwide agreed this but supplied the funds as a separate loan. My mum assumed this was the norm.
The property was ex council and as she was a tenant for years she was lucky enough to qualify for the reduced price. Therefore there house was valued at a higher price than she paid so this cannot be a reason for the advance being separated from the main mortgage.
Both loans had PPI on them and she was charged fees separately for both.
She started disputing this with Nationwide back in May 2012 as she believes that they took advantage of the fact that she had very little knowledge on mortgages and possibly ripped her off. They keep fobbing her off, she even have had to travel to the branch twice in the last year to sign in front of a staff member as they said her signature didn't match what they had on her records, after her first visit they said they misplaced it hence the second visit.
She last went there this July and when she calls them they keep saying that that they are dealing with her complaint; but she hasn't received any written confirmation at all of this.
I was just wondering if anyone could give me any advice.
My mum took out a mortgage with Nationwide back in 1999 as a first time buyer. She wanted to borrow additional money for home improvements. Nationwide agreed this but supplied the funds as a separate loan. My mum assumed this was the norm.
The property was ex council and as she was a tenant for years she was lucky enough to qualify for the reduced price. Therefore there house was valued at a higher price than she paid so this cannot be a reason for the advance being separated from the main mortgage.
Both loans had PPI on them and she was charged fees separately for both.
She started disputing this with Nationwide back in May 2012 as she believes that they took advantage of the fact that she had very little knowledge on mortgages and possibly ripped her off. They keep fobbing her off, she even have had to travel to the branch twice in the last year to sign in front of a staff member as they said her signature didn't match what they had on her records, after her first visit they said they misplaced it hence the second visit.
She last went there this July and when she calls them they keep saying that that they are dealing with her complaint; but she hasn't received any written confirmation at all of this.
0
Comments
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What's the actual issue? Did one carry a higher rate than the other?0
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She wanted to borrow additional money for home improvements. Nationwide agreed this but supplied the funds as a separate loan. My mum assumed this was the norm.
It is the norm. In fact it's possible to have numerous sub loan accounts under the mortgage charge. All can be for different periods and different interest rates.0 -
Your mum should get all the PPI payments plus interest back.
She should use this money to overpay the more expensive part of her mortgage.
If you look on this website you should be able to find a template letter to write to Nationwide.0
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