Early Redemption Charges - Nationwide Building Society

Cookies1001

Loyalty counts for nothing! Have banked with Nationwide for over 20 years - Took my first Mortgage out with them & every mortgage since. Despite this I have just been charged c.£4.5k today on Early Redemption Charges (These were listed in the T&Cs). Unfortunately we had to relocate to Manchester with my husbands job in quite a short space of time, took a rental property due to the time span & have just completed our house sale today. We have been unable to find a suitable property to buy as had the added complication of appealing for schools for our 2 children & so were unsure exactly which area we would end up in. I have explained all of these specific circumstances to Nationwide (several times) and they're response "we have to treat all of customers fairly and it would be unfair to other customers who may be in a similar situation if we were to make an exception in this case." I believe that every customer is individual and each case should be viewed on it's own merits - Perhaps Nationwide would have preferred my husband to be made redundant & we be a household of 4 with no income? Totally exasperated & frustrated by this uncaring B/Society

mrginge

It's a lovely rant, but it doesn't change the answer that is always given when someone posts the exact same complaint....

marksoton

Cookies1001 wrote: »

Loyalty counts for nothing!

Contracts do though....

Did you even look into options to mitigate this?

amnblog

Rare circumstances and life now owes you one.

tomtontom

Too late now but you could have asked for permission to let your current property, or your husband could have lodged in Manc and you stayed where you are for the time being - that's what friends in similar circumstances have done.

[Deleted User]

Damn those terms we agree to honour.

Cookies1001

Did consider this but needed to get schools for the children & due to over subscription in Trafford had to be in situ for best chance at appeal

Cookies1001

Had a solicitor look into this for us & other than either delaying the sale (Would have lost our buyers) or Finding a property to buy there was no way out

amnblog

A shame that Nationwide is your Lender. Some other lenders will refund your ERP if you take a new qualifying mortgage with six months.

Thrugelmir

Cookies1001 wrote: »

I believe that every customer is individual and each case should be viewed on it's own merits

Mortgage products would have to rise to compensate for the additional cost burden.

You cannot have your cake and eat it. How much have you gained personally from the increase in house prices over the past 20 years ? I suspect that the ERC is an insignificant amount when set against this.

Cupcake85

Nationwide will wave our redemption charge as long as we change to another nationwide product within 3 months