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Nationwide mortgage special conditions
Molly80
Posts: 9 Forumite
Hi, I have just received my mortgage offer from nationwide. It has a special condition to repay a personal loan with an approximate balance of £109 on or before completion of mortgage.
This £109 is my monthly loan repayment, does this mean that I need to repay my entire loan or are they just expecting me to make a monthly payment before the mortgage starts.
Does anyone with a nationwide mortgage know what this means? I’ve read a few things about nationwide special conditions not being very clearly worded.
This £109 is my monthly loan repayment, does this mean that I need to repay my entire loan or are they just expecting me to make a monthly payment before the mortgage starts.
Does anyone with a nationwide mortgage know what this means? I’ve read a few things about nationwide special conditions not being very clearly worded.
I’ve emailed my mortgage advisor to ask about this but she’s on holiday for the next 10 days so was just wondering if anyone had experienced something similar?
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Comments
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Sounds like the broker may have entered it incorrectly.
I wouldnt worry too much (I know you probably will), your broker will be able to fix it im sure.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2 -
We had the same with a loan for a caravan- we ported our mortgage to our new house with nationwide and their special condition was that we pay off the 11k loan on completion, with the equity. I queried this with our solicitor and she said it is what they ask, but isn't enforceable and it's our decisionMolly80 said:Hi, I have just received my mortgage offer from nationwide. It has a special condition to repay a personal loan with an approximate balance of £109 on or before completion of mortgage.
This £109 is my monthly loan repayment, does this mean that I need to repay my entire loan or are they just expecting me to make a monthly payment before the mortgage starts.
Does anyone with a nationwide mortgage know what this means? I’ve read a few things about nationwide special conditions not being very clearly worded.I’ve emailed my mortgage advisor to ask about this but she’s on holiday for the next 10 days so was just wondering if anyone had experienced something similar?
Obviously nationwide counted our affordability as being better with the loan gone, as it is, we did pay it off but at no time have they asked for evidence etc0
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