ERC Catch 22

Langbournetony

Nationwide have denied our request to portal our existing mortgage despite an 8 year unblemished repayment record , no detrimental changes to our circumstances and the borrowed sum now being less than 50% of the new properties value. We were able to obtain a mortgage immediately with another lender at the same interest rate but we are now face with paying a £3,000 ERC if we leave NW
We have appealed against NW’s decision but ,with time running out ,we may have to go with the other lender 
As it is the actions of NW that have forced us to go elsewhere , are there any  grounds that we can avoid paying the ERC
thanks 

MWT

Short answer is 'no'.

Porting a mortgage is always subject to approval, denial of the request to port doesn't remove the obligation to pay the ERC.

Were you given any reason for the denial?

ACG

No. Porting your mortgage involves a new application (you are just taking the rate with you), you and the property has to fit the criteria as of today and pass affordability today. If they do not back down, there is not much you can do unless you fit criteria, although if there is no additional borrowing, I would push it. 

Langbournetony

Thanks for the response. I thought I was probably clutching at straws.
 The only reason given for the refusal was ‘ a change in criteria “.
We are getting paperwork together for the appeal. Fingers crossed 

Thrugelmir

Langbournetony said:

We are getting paperwork together for the appeal. Fingers crossed 

Pointless. The charge imposed is contractual. You agreed to the terms and conditions when selecting the product. 

csgohan4

Criteria changes all the time and porting is at the lenders discretion, not guaranteed

Lenders have become more cautious due To the recent world changing events

[Deleted User]

Nationwide haven't forced you to move home.   Simple as that.