Property News · September 28, 2016

Nationwide won’t let me transfer a 10% mortgage


Despite never missing a payment, and even overpaying to bring the mortgage down, the lender insists I make a new applicationI have had a fixed-rate mortgage with Nationwide for about four years, originally for £100,000, but with overpayments I have reduced it to £61,000. I want to move and have had an offer accepted on a £685,000 house. Nationwide, however, has refused to transfer the mortgage and insists I make a new application.I gave it details of my past two years’ earnings – £53,000 and £34,000 respectively – but was told that as I was moving out of the area I needed future predicted earnings. I am a foster carer so this is not straightforward – all for a 10% mortgage. I have never missed a payment or had credit refused. I’ve been told that there is no point in appealing. If I redeem my mortgage and go with another lender, I have an early repayment fee of £3,000. Is this fair? NG, Norfolk Continue reading…

Source : theguardian.com
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