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Hi,
I recently remortgaged (in April) with Natwest and have 3 accounts with them, in joint names, all of which offset against the mortgage. 2 are savings account and one is a current account. Because my partner wants to manage his finances separately he keeps another current account elsewhere. So we use the joint current account for all bills and joint payments. I use one of the savings accounts as my current account, just for cash withdrawals and making online purchases (not direct debits or standing orders). This was a big consideration when choosing the Offset mortgage we went for, we wanted to retain an element of financial independence. We did check that we could use the accounts in this way when we took out the mortgage.
I have received advice from Natwest that, when our Visa Debit cards for the savings accounts (i.e. including the one I use as my current account) expire Natwest will only issue a cash card as a replacement. This will cause us significant difficulties, our choices are a) use the joint current account as my own account, but this muddies that water in terms of us managing our finances separately, or b) I open a separate current account, but this won't be offset against my mortgage and therefore I lose the benefit.
I am really cross about this, particularly given how recently we took on this arrangement, given my specific questions to Natwest staff at the time about hwo we could use the account, and the fact that we paid £499 arrangement fee for the mortgage! I have written to Natwest who have responded with a 'tough luck' letter.
I would really appreciate some legal advice, I think I have been mis-sold a financial product but don't want to pursue via the FOS unless I have a case as I have an ongoing PPI case against HSBC (my previous provider).
Thanks.
I recently remortgaged (in April) with Natwest and have 3 accounts with them, in joint names, all of which offset against the mortgage. 2 are savings account and one is a current account. Because my partner wants to manage his finances separately he keeps another current account elsewhere. So we use the joint current account for all bills and joint payments. I use one of the savings accounts as my current account, just for cash withdrawals and making online purchases (not direct debits or standing orders). This was a big consideration when choosing the Offset mortgage we went for, we wanted to retain an element of financial independence. We did check that we could use the accounts in this way when we took out the mortgage.
I have received advice from Natwest that, when our Visa Debit cards for the savings accounts (i.e. including the one I use as my current account) expire Natwest will only issue a cash card as a replacement. This will cause us significant difficulties, our choices are a) use the joint current account as my own account, but this muddies that water in terms of us managing our finances separately, or b) I open a separate current account, but this won't be offset against my mortgage and therefore I lose the benefit.
I am really cross about this, particularly given how recently we took on this arrangement, given my specific questions to Natwest staff at the time about hwo we could use the account, and the fact that we paid £499 arrangement fee for the mortgage! I have written to Natwest who have responded with a 'tough luck' letter.
I would really appreciate some legal advice, I think I have been mis-sold a financial product but don't want to pursue via the FOS unless I have a case as I have an ongoing PPI case against HSBC (my previous provider).
Thanks.
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