Fobbed off by Nationwide?

Bermonia

Not at all - single premium loans are only considered poor due to the fact that most do not offer a pro-data rebates and as such when paying off early (commonly consolidating) this caused a greater cost to future loans as they would need to cover the insurance element that was not rebated.

If a pro-rats rebate loan were settled early or not would not make a difference as they would only pay for period policy was in place.

[Deleted User]

-taff wrote: »

So if it wasn't settled early, single premium still applies?

It only applies if it was actually set up that way. By no means every loan was front-loaded. The OP would need to check prior to complaint.

Thrugelmir

Bermonia wrote: »

As the loan were with Natiowide I’m afraid being single premium would not be an argument at all - Nationwide offered pro-rate rebates on early settlement, thus negating the usual uphold reason for single premium loans.

Loan was through Portman. Nationwide would have simply run off the mortgage book.