Can I appeal nationwides fee for leaving a fixed rate deal?

mitt123

Hello
Im not sure if this the right place to post this but... I have had a mortgage with nationwide for 15 yrs. Fixed in march 2020. Have overpaid the mortgage for approx 5 years. Unexpectedly found a house we loved and needed to borrow more. easily affordable on the afforability check online however they turned us down citing my partner being self employed and taking the government grant and my use of overdraft. We appealled with no luck so Mortgage is now agreed with another lender but nationwide are charging us just over 6k to leave. Id like to try and challenge them/appeal this fee but not sure how or where to begin? Thanks 🙂

MWT

What possible basis would you have to contest the fees?

Presumably you were fully aware of them when you took the mortgage?

Nationwide have no obligation to allow a transfer to the new property so not sure why you would think you could contest it?

mitt123

Im of the impression 'dont ask, dont get!' 
I know they have no obligation but even today if we go through the affordability/criteria for increasing mortgage there is no problem we are well within their criteria. By overpaying we are paying more per month than what the new mortgage would have been. They have is between a rock and a hard place as if we want the house, we have to leave them and pay their fee. We have previously ported our mortgage to a new property so MA said there shouldnt have been a problem doing it again.
I cant help but wonder if we werent overpaying would they have agreed? We have taken 9 years off the mortgage by overpaying so theyre loosing their interest from me.
Prob if I hadnt fixed they would have allowed me to increase. To me, in every situation they win

grumiofoundation

mitt123 said:

Hello
Im not sure if this the right place to post this but... I have had a mortgage with nationwide for 15 yrs. Fixed in march 2020. Have overpaid the mortgage for approx 5 years. Unexpectedly found a house we loved and needed to borrow more. easily affordable on the afforability check online however they turned us down citing my partner being self employed and taking the government grant and my use of overdraft. We appealled with no luck so Mortgage is now agreed with another lender but nationwide are charging us just over 6k to leave. Id like to try and challenge them/appeal this fee but not sure how or where to begin? Thanks 🙂

Presuming fee means early repayment charge? Was this made clear to you when you took out the mortgage?

If you want to complain, complain to nationwide then escalate to ombudsman when they (most likely) dismiss your complaint. 
https://www.financial-ombudsman.org.uk/businesses/complaints-deal/mortgages/early-repayment-charges

mitt123

Just to add, I often challenge banks/business' on fees even if agreed on a contact and have been suprising successful!!! As I said, dont ask, dont get!!

bradders1983

Appeal? There is no "ombudsman" who would be interested in this case, no. If the lender don't want to waive them, that is the end of the line.

mitt123

Thanks for the link! Im def going to try. Nothing too loose by sending an email!! Thanks for the....help?! 🙃

bradders1983

Just make sure you spell "lose" correctly in your official complaint

Thrugelmir

mitt123 said:

Thanks for the link! Im def going to try. Nothing too loose by sending an email!! Thanks for the....help?! 🙃

You are contractually tied in. ERC's have been around for decades. 

Thrugelmir

mitt123 said:

I know they have no obligation but even today if we go through the affordability/criteria for increasing mortgage there is no problem we are well within their criteria. 

The NW are declining you on their current lending criteria. You'll find other mainstream lenders have tightened up their criteria too. 

[Deleted User]

OP - Im the same as you. Im a complainer. If you work on the basis you win some you lose some, but unless you ask you’ll never win any ! My hit rate is around 70-80% and because I take the gung ho attitude, Im never that upset on the non winners !