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★☆☆☆☆

“Should not get ONE star!”

written by housecatcher on 20/09/2014

I originally took out a commercial mortgage with The Derbyshire Building Society. All was fine until Nationwide took over the mortgage book in 2008.

Even though I have never been in mortgage arrears NW insisted in having new property valuations at hugely inflated prices earlier this year. I was first told the valuation would be over 4k but after much protest got a basic valuation for the bargain price of 2.5k for a total loan of 140k using of course their panel of surveyors. This fee was then added to my mortgage account against my will further reducing my loan to value.

Surprise surprise the surveyor then massively undervalued the property and I received a letter stating that the loan to value exceeds the initial loan to value percentage and I now have 28 days to make a huge capital repayment or they will repossess the property. So much for nearly 10 years as a loyal customer!

It is way time banks started taking some responsibility for the financial crisis and stop putting all the onus on the borrower's to make up any shortfall on the LTV after the banks greed in pushing the LTV's to the max pre crisis.

Shame on you Nationwide for putting another nail in the coffin of small business!

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