Early repayment charge - sorry it's a long one

amnblog

Perhaps we are all running off in the wrong direction here?


Your original product was under the help to buy scheme and a 75% loan to value product. You then state that for the second application your deposit had dropped to 8%? This makes that previous product unsuitable for the new purchase - you now seek a 95% product.


Since the portability offer refers to taking the product on to the new property (not mortgaging again with Nat West) - you are NOT eligible to reclaim the ERP.


For the record, if you were undertaking a new purchase on which the original product would be suitable, you do have 4 months to complete your purchase with the same product via Nat West in order to reclaim a paid ERP.


Enjoy the hamper and move on.

Acdc

amnblog wrote: »

Perhaps we are all running off in the wrong direction here?


Your original product was under the help to buy scheme and a 75% loan to value product. You then state that for the second application your deposit had dropped to 8%? This makes that previous product unsuitable for the new purchase - you now seek a 95% product.


Since the portability offer refers to taking the product on to the new property (not mortgaging again with Nat West) - you are NOT eligible to reclaim the ERP.


For the record, if you were undertaking a new purchase on which the original product would be suitable, you do have 4 months to complete your purchase with the same product via Nat West in order to reclaim a paid ERP.


Enjoy the hamper and move on.

Thanks for your advice but in answer to your question no people are not going off in the wrong direction. I have not said anything about porting my mortgage - I knew from the outset this was not an option so no need to explain it to me.

It is a simple mistake by Natwest, yet for me here it is more like here is what you could have won. My advice was whether it was worth pursuing them which I think you have kind of answered with your flippant "enjoy your hamper and move on" remark. For the sake of writing an official letter of complaint I will be pursuing this further. If natwest stick to the goodwill gesture then I will probably accept it.