Porting Nationwide Mortgage

Exellis01

Thanks for all your comments, I feel slightly better having these posts. Although the Nationwide have today (on Friday - thanks guys ruin my weekend!) that they are not prepared to give us the mortgage. We are taking this further and I still truly believe they cannot wash their hands of us - our next step is the Banking Ombudsman. They will not give us a reason why they have refused us. We cannot stay put as we have already sold although not exchanged. The worse way we can sell and move into rented although this is not a preferred option as in 6 years time when the IVA is completed my husband will be approaching 50 and there is not much chance of us getting a 10 year mortgage.

epsilondraconis

I'm not too sure what the banking ombudsman will do about it in this case. I suspect they will do nothing. As far as I can tell the Nationwide are within their rights to do what they have done. I think 'FinancialAdvisor' explained very clearly the reasons why the Nationwide have reacted the way they have - see post #10.
Your decision to move house and reduce your LTV will simply cause Nationwide a greater risk in terms of their investment (your mortgage).
If you were in charge of lending at the Nationwide, I'm sure you too would reject the mortgage porting request because the financial risk was too high.
Hope you get it sorted. I just think that you shouldn't hold out too much hope regarding the financial ombudsman - anyway, that route will take a while anyway and by the sounds of it, you don't have time on your side.
Good luck with everything. I wish I could help some more - I just don't think you should rely on the financial ombudsman route too much.

_Andy_

The Ombudsman isn't going to help because Nationwide aren't in any way obliged to port your mortgage.

Exellis01

They may not be obliged to port it but the fact is we were mis-sold a product ie the mortgage is portable. I will take it to the ombudsman because they are impartial and people need to be told the t&cs in no certain terms.

John_Pierpoint

nspnick wrote: »

If I were you I would sell house, reduce debt and rent for 6-12 months. Now is a great time NOT to own a house. Your timeing looks perfect!

This in effect would be a giant Mortgage Equity Withdrawal, so put the spare money somewhere where you will not be tempted to fritter it away. You can put 30K into inflation proofed National Savings.
In 3 - 5 years time, who knows what opportunities there might be, you will have learned how to live as comparatively "poor" people and you will be able to plan your retirement years.

Got the prospect of any half decent pensions (and their lump sums) in the future?

nspnick

We are taking this further and I still truly believe they cannot wash their hands of us - our next step is the Banking Ombudsman.

Choose your battles wisely. Think you are wasting your time and efforts. Best course of action would be find somewhere nice to rent for a year or so. With a decent deposit you should always stand a reasonable chance of getting a mortgage even with IVA but if house prices are 10 - 20% lower your money will go alot further. Good luck

_Andy_

Exellis01 wrote: »

They may not be obliged to port it but the fact is we were mis-sold a product ie the mortgage is portable. I will take it to the ombudsman because they are impartial and people need to be told the t&cs in no certain terms.

The mortgage is portable as long as you still meet the lender's criteria - which unfortunately you don't. Your husband's adverse credit/failure to meet credit commitments represents a higher risk to any lender.

Take it to the FOS if you want but this is wasted time, effort and energy.

Exellis01

Thanks but we were not told that the lending critieria would change if we ported. In none of the paperwork that we have of our original mortgage agreement does it state this - ie they have not made it clear and have been dishonest. My husband has not failed to meet his credit commitments, he is not in default with any of the payments as he pays all of them under the IVA and has statements to prove this fact.

Griptool

Unfortunately my husband has an IVA due to unpaid credit card bills

My husband has not failed to meet his credit commitments, he is not in default with any of the payments as he pays all of them under the IVA

Your husband has taken on debt and been unable to repay in full so entered an IVA with his creditors, or am I missing something here - Lets just say if he asked me to sub him £20 down the pub I'd tell him politely to p1ss off.

Nationwide have no obligation to increase their risk of losing money for your convenience (read the T's and C's they will have covered their !!!!).

Remember nobody forced you or your husband to borrow more money than you can afford to repay - so get over the boo hoo I've been mis-sold and start finding a way to put yourself in a more stable financial position for your future.

_Andy_

Exellis01 wrote: »

Thanks but we were not told that the lending critieria would change if we ported. In none of the paperwork that we have of our original mortgage agreement does it state this - ie they have not made it clear and have been dishonest. My husband has not failed to meet his credit commitments, he is not in default with any of the payments as he pays all of them under the IVA and has statements to prove this fact.

Did the IVA exist before or after you started the mortgage?

It's not the lending criteria that's changed it's your husband's credit history.