‘At 67, NatWest refuses to port my house loan due to the fact of my age’

A reader is compelled to shell out an early repayment cost because he is not allowed to port his mortgage loan &#thirteen &#thirteen &#thirteen &#13 &#13   Image: PA &#thirteen &#13

I am becoming compelled into having to pay an early compensation demand (ERC) on my home loan because of the sheer intransigence of NatWest.

The sale of our property is properly below way. We have exchanged contracts and completion is set for up coming thirty day period. There is an fantastic mortgage with NatWest which runs right up until Oct 2017.

Months before our impending go was conceived I took the possibility to reduce the curiosity paid out on this curiosity-only house loan by accepting a two-calendar year fastened price.

This commenced 5 months in the past and in turn invoked the 2pc ERC demand. In buy not to confront this penalty yet again I asked for that the mortgage loan is ported to my new property obtain which must complete following thirty day period.

NatWest has refused stating that it is not its coverage to lend past the age of 70. I am presently 67 many years and nine months and the minimal time period of their mortgages is not generally much less than 3 years.

RG, Suffolk

More to my involvement an exception was agreed for you to carry on with the existing time period on your house loan taking it previous your 70th birthday.

By the time this concession was conveyed to you there was only a week left till you were owing to comprehensive on your new residence. By then you had moved out of the outdated one particular and into a caravan.

The application was hampered one way and one more for various causes. Seriously brief of time you obtained the cash for your following obtain from another resource. NatWest has now agreed to waive the early repayment charge of just more than £2,000.

You say this end result is very satisfactory.

• If you want to speak to Jessica, click on listed here