Nationwide going back on their word about ERC - Please help

minimike2

I would say in this scenario that OK you got told wrong information, but if you have been told in writing that you will receive a refund then that should stand. The ombudsman would certainly rule that way, so it is in the interest of NW to honour it. Will be interesting to see what they say. Assume this written evidence has been provided with the complaint? (Making sure you kept a copy).

ninjacat_2

Thanks for the replies everyone. Our formal complaint is with the mortgage specialist complaints team at Nationwide now and we should hear back this week.

To clarify some of the points made: we aren't trying to port my fiance's mortgage. Because my mortgage is shared ownership we have to take out a 'second' mortgage to buy the rest of it. This would be a new mortgage and Nationwide confirmed that would count as a new product and therefore waive the ERC since we are in the last 3 months of fiance's mortgage.

Our issue though is that the actual terms of the ERC at this stage are irrelevant. Nationwide, as the experts in their own products, told us in writing that our situation meets the criteria and said to go ahead and sell Fiance's flat and we won't need to pay the ERC. To then go back on their word at the point of sale is immoral. We trusted that they told us the correct advice and have the email from them confirming we will not need to pay the ERC. We will have to hope that this is judged in our favour by the complaints team and if not we will go to the Ombudsman and Watchdog.

ninjacat_2

Just wanted to update everyone - Nationwide have confirmed they were wrong to go back on their word and are waiving the ERC and compensating us for the stress caused.

Thanks for the advice and if this happens to anyone else I hope this thread is helpful x