ERC Nationwide - New Build Delays

darkcloudi

I am buying a new build but sold my property two weeks ago due to the new house not being ready, as a result my original mortgage was hit by a ERC due to redemption.

The plan was to port Mortgage 1 (old) and take out Mortgage 2 for the remaining balance. Reading Nationwide's website (snippets below), I understand that I should get a refund since I am still taking a mortgage with them.

Does anyone know if the ERC is refunded via the solicitor during completion? As I am getting contradicting information, some staff tells me Nationwide refunds it and then someone else in Nationwide says its via the solicitor. Not sure who is correct and completion is this Friday.

Also any ideas if its now going to be a single mortgage account (as oppose to 2) since mortgage one was redeemed? Or is mortgage 1 re-enabled during completion, as this was being ported but due to delays its caused me a problem and was paid off early.

Thanks in advance for any responses

https://www.nationwide.co.uk/support/support-articles/manage-your-account/mortgage-early-repayment/early-repayment-overview


you take all your existing Nationwide mortgage with you to a new property, a porting application has been accepted and an offer produced by Nationwide - but there's a delay between the sale of your existing property and the purchase of your new one (split port).

In this case we'll refund any applicable fees on completion of your new property purchase, providing this is completed within the offer validity period.



https://www.nationwide.co.uk/support/support-articles/manage-your-account/porting-your-mortgage/porting-your-mortgage-faqs#xtab:move-transfer-different-days

If you're buying and selling on different days, you'll be able to port your existing mortgage product and balance as long as you complete on your new property within 6 months of your redemption date.
You'll need to pay an Early Repayment Charge and redemption fee. We'll refund these charges when you complete the purchase of your new property within the offer validity period.
Please note, if you do not reach completion on the new property within 180 days of the sale of your property, you won't be able to port your existing mortgage product to your new property and you'll need to choose a new mortgage product. This means any fees and charges you've paid when you closed your existing account won't be refunded.