Nationwide mortgage - fee complaint

jinkster

I currently hold a fixed rate mortgage with Nationwide of which I am overpaying considerably and to the maximum.

Since taking out the mortgage I have changed employment and currently working overseas based in the Middle East. I understand from speaking to the mortgage team that Nationwide will not give me a mortgage based on my Middle east income to which all of my income in now based upon. With this in mind we are looking at moving house and require a larger mortgage in order to purchase a bigger property.

I have to pay 1% + £65 admin fee of the remaining balance. I feel that this fee is inappropriate.

Can anyone suggest anything? I have complained to Nationwide. The next step is the FSA.

mrginge

Why do you feel it is inappropriate?

jinkster

They will not give me a mortgage on my existing income so forcing me to leave and charging me for it. "Damned if you do, damned if you don't" springs to mind.

ViolaLass

Don't buy the new place until the fixed term is up?

AnotherJoe

Why are they forcing you to buy a new house ! Sounds terrible, no wonder you are going to the FSA. Do they choose the house or just order how much you must spend on it ?

mrginge

jinkster wrote: »

They will not give me a mortgage on my existing income so forcing me to leave and charging me for it. "Damned if you do, damned if you don't" springs to mind.

No. I think what you mean is that you do not qualify for a new mortgage based on your foreign income.
Nationwide are perfectly able to decide who they wish to lend their money to and if foreign income is not something they wish to get involved in then why do you think you have a right to force them to do otherwise?

Secondly, they are not forcing you to leave. You are the one who wants a new mortgage.

Thirdly, they are charging you according to the terms that you agreed to when you took out the mortgage. They in turn have to pay the penalty to their lender. That is your contractual arrangement.

So what you are complaining about is that nationwide will not bypass their lending criteria and will not take a loss (both of which are to the detriment of their other customers) because you have made a personal lifestyle choice.

The Food standards agency will not be interested in your complaint so I wouldn't waste my time with them.
You could of course try the FCA but they will reject your complaint out of hand.

csgohan4

jinkster wrote: »

I currently hold a fixed rate mortgage with Nationwide of which I am overpaying considerably and to the maximum.

Since taking out the mortgage I have changed employment and currently working overseas based in the Middle East. I understand from speaking to the mortgage team that Nationwide will not give me a mortgage based on my Middle east income to which all of my income in now based upon. With this in mind we are looking at moving house and require a larger mortgage in order to purchase a bigger property.

I have to pay 1% + £65 admin fee of the remaining balance. I feel that this fee is inappropriate.

Can anyone suggest anything? I have complained to Nationwide. The next step is the FSA.

Got compo written all over it, or fail compo

ACG

YOU decided to tie in to a deal that had early repayment charges.
YOU changed your circumstances.
YOU want to get out of the deal.

THEY are enforcing the deal you both signed up to.

I do not fancy your chances with a complaint.

Just to add, I think this will be something you struggle with. A lot of lenders have pulled out of the foreign income market over the last 2-3 months.

amnblog

The ball is firmly in the Lender's court.

But we have seen more ridiculous claims getting a result on here.