We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Financial court order/Nationwide mortgage penalty
Skinny
Posts: 3 Newbie
Can anyone help or offer advice how to go about the following. It is rather long winded.
Following a recent divorce(husband left for a work colleague) and court order. I had to release my ex from his obligations on the former matrimonial home(which was in his name only-purchased together 2000) and give him 40K.
This meant i had to borrow £100,000 to take on the existing mortgage, pay him and any solicitor fees.
He had a 5yr fixed 4.76% with Nationwide for approx 54K. I approached N/W to ask if i could take on the existing product. To be told no as it was in his name only, it had to be redeemed and the penalty paid. They would not even let me know the redemption amount and the penalty amount.
I then asked if i could borrow 100k to redeem that product, pay the ex and solicitor fees. I was told no as I was classed as a 'high risk borrower' they would not take into account tax credits, child benefit, increased working, and the court order for maintenance.
I had no option but to look elsewhere and pay the redemption penalty(which i still did not know the amount).
I was then told by the mortgage advisor that:
1. the ex could keep the product and port it to his new property
2 Upon completion of his purchase receive a refund of the penalty. WHICH I PAID.
In my opinion once a mortgage has been redeemed and penalty paid it is no longer available to either party. To issue a refund of penalty to the person who did not pay is absurd.
It has been brought to my attention that the ex has not been paying the mortgage whilst financial proceedings have been on going resulting in myself having a higher redemption cost and that he has kept the above product and obtained a payment holiday until 31st May 2008.
Someone is making a lot of money at my expense as if i haven't had to pay enough already in legal fees. I strongly beleive i should receive the refund of the penalty AS HE HAS KEPT THE PRODUCT and that original product should no longer be available to either of us.
Please, please can someone help me get approx £2,000 back. My young children and i could make very good use of it after the turbulant last year.
Thanks
Following a recent divorce(husband left for a work colleague) and court order. I had to release my ex from his obligations on the former matrimonial home(which was in his name only-purchased together 2000) and give him 40K.
This meant i had to borrow £100,000 to take on the existing mortgage, pay him and any solicitor fees.
He had a 5yr fixed 4.76% with Nationwide for approx 54K. I approached N/W to ask if i could take on the existing product. To be told no as it was in his name only, it had to be redeemed and the penalty paid. They would not even let me know the redemption amount and the penalty amount.
I then asked if i could borrow 100k to redeem that product, pay the ex and solicitor fees. I was told no as I was classed as a 'high risk borrower' they would not take into account tax credits, child benefit, increased working, and the court order for maintenance.
I had no option but to look elsewhere and pay the redemption penalty(which i still did not know the amount).
I was then told by the mortgage advisor that:
1. the ex could keep the product and port it to his new property
2 Upon completion of his purchase receive a refund of the penalty. WHICH I PAID.
In my opinion once a mortgage has been redeemed and penalty paid it is no longer available to either party. To issue a refund of penalty to the person who did not pay is absurd.
It has been brought to my attention that the ex has not been paying the mortgage whilst financial proceedings have been on going resulting in myself having a higher redemption cost and that he has kept the above product and obtained a payment holiday until 31st May 2008.
Someone is making a lot of money at my expense as if i haven't had to pay enough already in legal fees. I strongly beleive i should receive the refund of the penalty AS HE HAS KEPT THE PRODUCT and that original product should no longer be available to either of us.
Please, please can someone help me get approx £2,000 back. My young children and i could make very good use of it after the turbulant last year.
Thanks
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards