Nationwide Mortgage - Fee Complaint

[jinkster]

I currently hold a fixed rate mortgage with Nationwide of which I am overpaying considerably and to the maximum.

Since taking out the mortgage I have changed employment and currently working overseas based in the Middle East. I understand from speaking to the mortgage team that Nationwide will not give me a mortgage based on my Middle east income to which all of my income in now based upon. With this in mind we are looking at moving house and require a larger mortgage in order to purchase a bigger property.

I have to pay 1% + £65 admin fee of the remaining balance. I feel that this fee is inappropriate.

Can anyone suggest anything? I have complained to Nationwide. The next step is the FSA.

[russ_a]

I'm UK based and can't renew my mortgage with Nationwide, even though the remortgage is £200 a month cheaper than my current payment.

Computer says no to self employed with less than 2 years accounts.

[Sarnie]

jinkster said:

I currently hold a fixed rate mortgage with Nationwide of which I am overpaying considerably and to the maximum.

Since taking out the mortgage I have changed employment and currently working overseas based in the Middle East. I understand from speaking to the mortgage team that Nationwide will not give me a mortgage based on my Middle east income to which all of my income in now based upon. With this in mind we are looking at moving house and require a larger mortgage in order to purchase a bigger property.

I have to pay 1% + £65 admin fee of the remaining balance. I feel that this fee is inappropriate.

Can anyone suggest anything? I have complained to Nationwide. The next step is the FSA.

Firstly, it's the FCA these days. And the next step would be FoS (Financial Ombudsman)

Google, Mortgage Credit Directive (MCD), which came into force yesterday, most lenders will now no longer accept income paid in a foreign currency.

Lending criteria has changed and so have your circumstances. There's no complaint here, you want them to lend against something which their lending criteria states isn't acceptable to them now. Your mortgage offer will state that you can port the mortgage, subject to meeting the lender criteria applicable at that time, which you no longer do.

That being said, I can help with this if you want to drop me a mail