i took out a 5 year fixed deal with nationwide in sept 07 at 5.68%, the mortgage advisor (independent, recommended by estate agent selling the house) stated we could cancel the mortgage at anytime in the 5 years but there would a charge, around 4k! now i can get a better deal saving me at least 3k by 2012 (same time as the 5 year fixed ending) even after paying nationwide for grand.
after having called them 10mins ago, the customer rep stated they have removed this option 3 days ago for all customers on fixed deals and that a letter stating this is on its way, she couldnt give me a reason why and said wait until the letter arrives.
i feel like they are trying tieing me down so they make maximum money. can i report them to the FSA or should i speak to the mortgage advisor first? i am extremely annoyed, as my monthly payments are £896 and if i could cancel and go elsewhere they would be £663, so you can clearly see where id be saving.
any help would be appreciated, thanks