Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • SouthLondonUser
    • By SouthLondonUser 13th Jul 17, 11:51 AM
    • 146Posts
    • 25Thanks
    SouthLondonUser
    Remortgage: Nationwide vs HSBC vs Santander? Quickest / most efficient?
    • #1
    • 13th Jul 17, 11:51 AM
    Remortgage: Nationwide vs HSBC vs Santander? Quickest / most efficient? 13th Jul 17 at 11:51 AM
    I have to remortgage. LTV ca. 50% , the loan is ca. 1.6x combined gross salaries, no other debt, so affordability shouldn’t be an issue.
    I was all set to remortgage to a FirstDirect offset (it had all been approved), but my circumstances changed and I now need a mortgage with no early repayment charge; letting the property out won’t be an option for a number of reasons, so we absolutely need the option to repay early without penalties.

    I have narrowed it down to Nationwide, HSBC and Santander. All Bank of England trackers with no early repayment charge.

    In summary, my question is: which of these 3 banks has a reputation for speedy and efficient processing? Would going through a broker speed up the process? If I don’t remortgage, my rate goes up on August 1st, which means that I am better off with a bank that can approve my mortgage quickly, than with one that takes forever but charges a few basis points less of interest.

    Nationwide have made me waste a lot of time, because I cannot apply online due to an “error” in their system which they cannot explain, and I must start the process again over the phone http://forums.moneysavingexpert.com/showthread.php?t=5677407.

    Wrt HSBC, I have heard horror stories about Countrywide Conveyancing, which they insist on using. Maybe the fact that FirstDirect had approved me for a mortgage might help speed up the decision, since they are part of the same group?

    My only concern about affordability is that I have recently started a new job, and am in probation for 2 more months. It’s a bigger job with a good pay rise, so, if anything, my affordability should have improved, but I understand some lenders don’t lend to employees on probation, no matter what.

    Thoughts?

    Thanks!
Page 1
    • amnblog
    • By amnblog 13th Jul 17, 1:43 PM
    • 9,571 Posts
    • 3,697 Thanks
    amnblog
    • #2
    • 13th Jul 17, 1:43 PM
    • #2
    • 13th Jul 17, 1:43 PM
    If speed and efficiency is the issue I do not see why you would not be using a Broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • SouthLondonUser
    • By SouthLondonUser 13th Jul 17, 2:00 PM
    • 146 Posts
    • 25 Thanks
    SouthLondonUser
    • #3
    • 13th Jul 17, 2:00 PM
    • #3
    • 13th Jul 17, 2:00 PM
    Well, I genuinely don’t know what to think about this. I have heard lots of contradicting feedback.

    On one hand, brokers should be more familiar with the processes and requirements of each bank, should be able to advise that bank X prefers documents this way while bank Y will want documents that other way, etc.
    On the other hand, once documents are received, I very much doubt the underwriters process them any quicker simply because they were received through a broker.

    Or, if the solicitors are overstretched, have too many cases, take too long to process paperwork, etc, can brokers really make a differenze?

    I am not trying to be polemic – I genuinely do not know what to think.
    • amnblog
    • By amnblog 13th Jul 17, 3:00 PM
    • 9,571 Posts
    • 3,697 Thanks
    amnblog
    • #4
    • 13th Jul 17, 3:00 PM
    • #4
    • 13th Jul 17, 3:00 PM
    The relationship is that the Lender pays the broker a fee for identifying a suitable client and putting an application pack together in a form that makes it easy and swift for the Lender to say yes.

    The most efficient Lender in the Country will have a problem if presented with the wrong applicant, or the wrong detail.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • SouthLondonUser
    • By SouthLondonUser 13th Jul 17, 3:06 PM
    • 146 Posts
    • 25 Thanks
    SouthLondonUser
    • #5
    • 13th Jul 17, 3:06 PM
    • #5
    • 13th Jul 17, 3:06 PM
    OK, but for prime clients (50% LTV, loan ca. 1.6x combined gross salaries, mortgage held for 4 years, no other debt) applying for a standard product, how much of a difference does a broker make?
    I'd most likely go to a broker if I were self employed or applying for a buy-to-let,

    In my case, I'm trying to understand if the broker would, say, facilitate the process because he'd avoid a lot of back and forth with the bank, or not.
    • amnblog
    • By amnblog 13th Jul 17, 3:11 PM
    • 9,571 Posts
    • 3,697 Thanks
    amnblog
    • #6
    • 13th Jul 17, 3:11 PM
    • #6
    • 13th Jul 17, 3:11 PM
    All I would say as an example is, if you have used a broker you would not have wasted your time with Nationwide.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • SouthLondonUser
    • By SouthLondonUser 13th Jul 17, 3:21 PM
    • 146 Posts
    • 25 Thanks
    SouthLondonUser
    • #7
    • 13th Jul 17, 3:21 PM
    • #7
    • 13th Jul 17, 3:21 PM
    Touch!

    Do brokers require face-to-face meetings or lengthy telephone conversations? My wife and I both work long hours, in totally different parts of the city, so we wouldn't be able to meet with a broker in person. We'd be able to arrange phone calls, of course, just not at the same time.

    Would we be able to send documents online? Or would we need complicated certification procedures, like having documents certified at the post office or a bank branch (massive waste of time)?
    Last edited by SouthLondonUser; 13-07-2017 at 3:21 PM. Reason: typo
    • amnblog
    • By amnblog 13th Jul 17, 3:24 PM
    • 9,571 Posts
    • 3,697 Thanks
    amnblog
    • #8
    • 13th Jul 17, 3:24 PM
    • #8
    • 13th Jul 17, 3:24 PM
    You've just described our service, so, yes.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • SouthLondonUser
    • By SouthLondonUser 13th Jul 17, 3:25 PM
    • 146 Posts
    • 25 Thanks
    SouthLondonUser
    • #9
    • 13th Jul 17, 3:25 PM
    • #9
    • 13th Jul 17, 3:25 PM
    I tried to write this: http://dictionary.cambridge.org/dictionary/english/touche
    But the site deleted the accented "e". This site doesn't like the French, I guess
    • Tommyjw
    • By Tommyjw 13th Jul 17, 8:42 PM
    • 10 Posts
    • 1 Thanks
    Tommyjw
    I just used Nationwaide through a broker and went from app to offer in a week
    • SouthLondonUser
    • By SouthLondonUser 13th Jul 17, 10:29 PM
    • 146 Posts
    • 25 Thanks
    SouthLondonUser
    Thank you. That's useful colour. Without a broker, in two weeks I have gone from approval in principal to... nowhere because of Nationwide's stupid IT system!
    Tommyjw, how was the conveyancing /legal phase? Did you choose your own firm or did Nationwide force you to choose from its panel? Were they a pain?
    • itchyfeet80
    • By itchyfeet80 14th Jul 17, 4:32 PM
    • 18 Posts
    • 36 Thanks
    itchyfeet80
    I also encountered multiple problems with the Nationwide IT system, including it doing several hard credit searches instead of just one. I had to apply via a paper application in the end with an in-branch advisor, but everything went through OK and I've now received my offer 2 weeks after they received the application so although it took time to get there in the beginning, once I bypassed the system errors, it was plain sailing.
    • xyz123
    • By xyz123 14th Jul 17, 7:20 PM
    • 1,472 Posts
    • 364 Thanks
    xyz123
    Touch!

    Do brokers require face-to-face meetings or lengthy telephone conversations? My wife and I both work long hours, in totally different parts of the city, so we wouldn't be able to meet with a broker in person. We'd be able to arrange phone calls, of course, just not at the same time.

    Would we be able to send documents online? Or would we need complicated certification procedures, like having documents certified at the post office or a bank branch (massive waste of time)?
    Originally posted by SouthLondonUser
    From personal experience few months ago in similar situation with regards to low LTV and income. Multiplier.

    I had four phone conversation with broker. All documents send by scanning and email. I had done my research earlier though and had few options already identified. I was not asked for any certified documents.

    Best of all, I has to pay no fees. My case was as straight forward as it gets but I have no complaints in using broker. After he applied, I got mortgage offer within 36 hours... If u want his contact details pm me..
    • SouthLondonUser
    • By SouthLondonUser 18th Jul 17, 10:16 PM
    • 146 Posts
    • 25 Thanks
    SouthLondonUser
    In the end I applied to HSBC directly.
    It was a mistake. In the future I am going to use a broker, unless I need a very specific deal which is not available through brokers.
    I applied online. Then my wife called to confirm her details. She spent two hours on the phone but HSBC couldn't find the application. Then they found it. They told her I had to amend certain details because I had entered them incorrectly (I had the starting date for her job wrong by 4 days - surely that completely alters our risk profile and affordability!!!). So I tried to login to change these details. I can't, they're all locked. I tried the IT approach - log out and back in. Now the HSBC website asks me for "memorable answers" I had never set! I use a password manager, and diligently enter all these passwords security questions memorable this and memorable that - well, those questions I had simply never set.
    Now I have to call another HSBC number to "unlock my account".

    Over the last months I must have spent tens and tens of hours applying for this **** mortgage, and every single time there is some kind of IT ****-up which makes me waste even more time and makes me lose the will to live. Note that it's never a question about affordability, income, risk profile or anything like that -- it's always about some IT f***-up. We are basically slaves to machines and algorithms we do not control.
    Last edited by SouthLondonUser; 18-07-2017 at 10:17 PM. Reason: typo
    • SouthLondonUser
    • By SouthLondonUser 18th Jul 17, 10:22 PM
    • 146 Posts
    • 25 Thanks
    SouthLondonUser
    In summary, my experience with these banks over the last 4 years or so is:

    Nationwide: useless. It takes determination to lose documents as many as 3 times [sic], and to block an application because of some unspecified IT glitch, for a mortgage to a proeprty the bank had already mortgaged 4 years ago!

    Chelsea Building Society: weird documentation requests and useless solicitors in its panel. They asked for a copy of our marriage certificate. WTF? How is it relevant? The solicitor made me waste time and money forcing me to buy an insurance policy because a company liquidated 70 years ago had some kind of claim on the land. If it was so important, why did no other banks bother?

    First Direct: the only decent of the bunch. Everything was ready to go but I had to cancel because my circumstances changed and I now need a mortgage with no early repayment charge. The underwriting was smooth. They asked lots of questions about income and expenses, which is understandable, but didn't make me waste time asking for useless paperwork.

    HSBC: the IT system sucks. see above. This is actually weird since First Direct is part of the HSBC group.
    • Thrugelmir
    • By Thrugelmir 18th Jul 17, 10:36 PM
    • 54,394 Posts
    • 47,228 Thanks
    Thrugelmir
    Seems far simpler to book an appointment , take a day off work, and do everything in house.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • charco
    • By charco 18th Jul 17, 10:44 PM
    • 34 Posts
    • 12 Thanks
    charco
    Nationwide were fairly swift with us despite unexpected delays caused by Purple Bricks and their useless conveyancers. What I did find is that their IT system is poor. It's set up to send SMS alerts. However, these are limited and appear to be triggered by mistake a LOT. Can be a concern if you don't know to expect it.

    Definitely use a broker. They'll need an appointment but most of it can be done by email or phone. Just make sure you have past 3 months payslips, utility bill and passport/driving licence.
    • SouthLondonUser
    • By SouthLondonUser 19th Jul 17, 12:32 PM
    • 146 Posts
    • 25 Thanks
    SouthLondonUser
    We called HSBC again this morning. We spent 50 minutes and got nowhere. The lady on the phone reset my account; I was asked to set new security questions etc etc.; then, while the lady was still on the phone, I tried to login again… and the system, once again, asked me for answers to security questions I had NOT set! It was, well, beyond words, really. When I finally managed to login (after yet another reset), I could not modify my details; the lady on the phone did something (after a long wait) and I finally managed to modify them. Then I log out, clear browser cookies etc etc, and pass the telephone to my wife. She logs in online, the system welcomes here with: “Welcome, Mrs. Wife”… but the system had mixed up our data: it was showing my DOB instead of hers. And no, it was not my mistake: I had entered the DOBs correctly, and have screenshots to prove it. My wife asked how on Earth HSBC would rectify this and the lady on the phone had no clue. At this point we had wasted 50 minutes on the phone and we simply decided to give up.
    Oh, by the way, we were both late for work, of course. We couldn’t have called this evening and, well, calling in the morning was the only option.

    I then called again to ask how the application in a branch works. Should be easier, right? Wrong. Branch applications are on an advised basis only and we must go to the same branch at the same - an issue for us: we work far from each other, so the only realistic option is to go on a Saturday and hope our child does not misbehave. Oh, and we might need two appointments! Why two? One to apply, one to discuss the results of the application. What’s there to discuss? I know what I want, you either give me the mortgage I want on the terms I want or you don’t. No, it doesn’t work like that, we need to consider the situation in its entirety yadda yadda ya…

    So broker it is for me. At this point I don’t even care if, by going through a broker, I’d pay more fees (my wife is an HSBC customer so she could save £200-300 of fees in a number of cases). My time is more valuable and I have wasted too much of it already.

    The crazy thing is, I don’t really need a broker. I don’t need any advice. I know what I want. There is no question about affordability (low LTV, low salary multiple, no other debts). If the IT systems of these banks functioned properly, our application would have been processed weeks ago. Technology can bring many positive changes; but botched implementations are all too common, so we end up slaves to broken IT systems which cause errors no one can explain or sort out!
    • ACG
    • By ACG 19th Jul 17, 12:43 PM
    • 15,077 Posts
    • 7,621 Thanks
    ACG
    Santander seem to be single handedly keeping us busy at the minute.
    3 applications in the last month where they have spent 4-5 weeks assessing applications only to go on and decline the application. In fairness to Santander, 2 of those were submitted by brokers who should not have applied to Santander as the case did not fit criteria.

    But the fact it is taking them to take 4-5 weeks to say no is very slow.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • amnblog
    • By amnblog 19th Jul 17, 1:24 PM
    • 9,571 Posts
    • 3,697 Thanks
    amnblog
    I thought we had agreed this time last week that you should be using a broker ?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,998Posts Today

8,669Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin