Natwest tricked me into staying with them

enthusiasticsaver

I am sorry for your position but I don't think you have a case. My daughter has the same situation in that she moved and ported the original mortgage to her new property but needed additional borrowing to buy it. She however aligned the two mortgages as closely as possible so her main mortgage deal finishes in October this year and the additional amount is next February so she will stay on SVR for 5 months until the additional mortgage deal finishes or she will weigh up paying the ERC on the new amount depending on deals available. She knew that already before taking on the new debt.

Terms and conditions for both deals will have shown ERCs and in much the same way lenders do not talk about implications for the whole of your finances when you take on new debt there is really no onus on them to discuss your main mortgage when you took on additional debt. So you can either stay with Nat West until 2023 on a new deal and then move or pay the £520 ERC on the second mortgage. Ideally of course you should really have taken a shorter deal on the second mortgage.

fokwok

well i thought i would post an update to this. Thank you to some of you for your rounded advice and comments.
I complained via Natwest's complaints system and specified exactly what i was complaining about in that I felt more advice should have been provided about the implications of taking out additional borrowing and how this would affect remortgaging with two separate parts of the mortgage ending at different times.
i highlighted that essentially i either have to pay a charge OR stay with them at rates which aren't competitive. I accepted that i signed a document regarding the charges/redemption fee but that i felt that this lending practice was immoral given the lack of advice provided.
After complaining i had several chats with the complaints team who were very helpful and very respectful over the phone and provided several updates.
I received a letter on Friday which stated that they accepted my complaint and found the complaint in my favour. they did not go into detail in the response but stated that they 'will review practices to ensure that all aspects customers' borrowing are considered when recommending products'.
That was it, not a lot of detail but i do not have to pay the early repayment charge.

I have to say,. some responses seemed unnecessarily abrupt, rude and presumptuous.

I came here asking for advice and the responses given in a lot of replies were simply belittling. Everyone is on the same side - trying to save money, trying to highlight bad practices, trying to warn others about potential mistakes, but responses such as ones on this thread highlight an arrogance of some of those contributing. There is always a 'tester' in any financial challenge, which is what i have done, and succeeded with in my small case. I felt that the situation was unjust and immoral. How some people would be put off challenging anything like this after seeing the smug, unhelpful and simply rude responses given.

Nick_C

Congratulations on getting the result you wanted from the complaints team.

I've just re - read this short thread. I don't think any of the responses were rude.

You could have framed your initial post differently, but hopefully other people will learn from your mistake.

spadoosh

Nick_C wrote: »

Congratulations on getting the result you wanted from the complaints team.

I've just re - read this short thread. I don't think any of the responses were rude.

You could have framed your initial post differently, but hopefully other people will learn from your mistake.

New people will learn from this new persons mistake because theyll read all of the forum before they post?

I can pick out rude comments, i appreciate its text and theres a good chance it can be misconstrued. I suspect thought the arrogance and the intent would be there. Theresa certainly a lot of pomp on these forums. Things like repeating the same comment twice ie "they didnt, they really didnt" could be a particularly quirky and colloquial way of conversing online but i just cant help but picture it being said in the voice of Alan Partridge with an air of pomp.

Alas, its much easier ensuring everyone else fits our posting requirements, things like be especially nice to newbies, its good to see theyll be listened too and then told theyre wrong.

ACG

Interesting. Thanks for coming back and updating this thread.
I VERY nearly wrote a sarky comment on this thread but that was primarily because you used the word "tricked" it implies they went out of their way to tie you in - thankfully it was one of those days where I kept my mouth shut.

I genuinely did not think you would get them to waive ERCs.

Just shows, that nobody really knows for sure and that old saying - if you do not ask, you do not get can pay dividends.

dunstonh

It is difficult to judge any decision from a bank for some years now. They have a very scattergun approach to complaint handling. They will argue the toss on nailed on cases and roll over easily on others where they have done nothing wrong.

somethingcorporate

Good work on getting it refunded, like the others this was a situation of your own creation.


When we did this we took the additional borrowing as a low rate tracker with no ERCs so we could move the bulk when that ran out rather than trying to tie all three together, which can be very tricky!


You live and learn...

clairehi

I wonder if
1. It was a small sum and the bank refunded as goodwill gesture as not worry their time or
2. The bank checked their records and something hadn’t been done by the book so they decided to avoid any further investigation into the case. They have to go such a rigmarole now to lend you 50p, not like the bad old days...

Thrugelmir

fokwok wrote: »

That was it, not a lot of detail but i do not have to pay the early repayment charge.

Let us know how you get on with remortgaging to a new lender.

getmore4less

Extra borrowing £12k £520 ERC