I 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
Having showered people with money in the past, mortgage lenders have now gone to the other extreme, and are obsessed with the ability to be able to meet the payments. Clearly in this case, your refusal was a nonsense, and happily, after we took up your case, Nationwide has reviewed and agreed you can port the mortgage. “We have a duty to assess our customers’ financial situation and ability to repay a loan for every mortgage application,” it says.
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