Nationwide - Proud to be different

JonnyBravo

Good ol' Nationwide. :rolleyes:

Proud to be different. :rolleyes:

Back in May with only 5 months to my tracker expiring I rang up my trusty provider for the last 10 years to try to arrange a new deal.



Nationwide: "Sorry we only arrange deals 3 months in advance at the most"

Me: "Well how about I come off my tracker now ie early (at 4.87%) and go onto the fixed 5 year I want (5.68%) hence costing me money, (ie 5 months at a higher rate), but obviously I wouldn't want to pay ERC"

Nationwide: "Oh sorry, we have no flexibility. You'd have to pay ERC"

Me: (let me paraphrase) "Oh how disappointing"




Aware rates were about to sky-rocket I toddle off to FirstDirect and bags myself a fixed 5.49% offset mortgage to start 1 Oct.


Now Nationwide are sending me their automatically generated letters warning me my offer period is coming to an end and I should give them a call. So I give them a call. (I know, I know, but I like to prove myself right)

I give a quick summary of the situation and ask them what they intend to do about it.
The "well educated and quick thinking lady" on the other end of the phone instantly grasps the situation and starts running through their current offers etc eg 6.18% for 5 years etc :rolleyes:


I inform her she'll have to do better than that. More like 5.18% please so I can recoup the fees I've paid to FD etc.

"Oh no sorry we can only do the offers we have online. We have no flexibility"

So I inform her that I'll be leaving the Nationwide and taking my 43% LTV, 2x joint income, extremely low risk (IMO) mortgage elsewhere.



Nationwide.

Proud to have sh!tter customer service than they used to.

robnye

congratulations on getting a good new deal.... but i think your next to last sentence probably answers why.......

taking my 43% LTV, 2x joint income, extremely low risk (IMO) mortgage elsewhere.

JonnyBravo

robnye wrote: »

congratulations on getting a good new deal.... but i think your next to last sentence probably answers why.......

eh?

Surely it's that type of loan they want to keep? Not only do they have the funds already secured for it, ie 10 years ago, but it's a low LTV.
What are the odds on them replacing it with a loan of better LTV? :rolleyes:
Surely my leaving will reduce the quality of their book not increase it. (Admittedly by a miniscule %age... but what if many others are doing/have done the same?)


Realistically did I expect them to come up with some special under the counter etc offer? No.

Did I think they were silly to turn me down of my offer to come off their 4.87% rate 5 months early to go onto a more expensive deal (in those 5 months admittedly) so long as they waived the ERC? Yes.

Hawksmuir

So you were with Nationwide, and you now have a better deal elsewhere.

Well done you and whats the issue ?

mike_the_bike_2

I'm suprised they didn't point you to their in house machines to do your transaction..Mine now has only one serving window open ...the others with the blind permanently down to try to force you to use it..

They are just a bank (in another guise) with hugely renumerated directors ..The only good thing about them is I suspect they would be a lot further down the line to go bust than a lot of other financial institutions!

I went in there a couple of years ago to see if they could lend me 50 grand to buy an overseas property (and have charge over my 400k property which I own outright)....sorry they couldn't help!!!

JonnyBravo

Hawksmuir wrote: »

So you were with Nationwide, and you now have a better deal elsewhere.

Well done you and whats the issue ?

:doh:

Simply sharing my growing dissatisfaction of the last 2 or 3 years with the Nationwide. It's been a point of discussion in here on occasions.

If it's not to your taste......

Move along nothing to see here.

essexsi_2

Hi JonnyBravo,

Where is their 5 year fix @ 5.68% I cannot see it on their website?

Cheers Si

mountainlioness

JB - we had a similar experience and have walked too, to a +0.38 tracker, unlimited OPs, no tie-in. We've been actually pretty happy customers for many years, also have current accounts with them, but there was no attempt to keep us, just the v limited range of products they offer anyway.

essexsi_2

hi mountainlioness,

may I ask where you have got that deal?

thank you Si

bristolleedsfan

Hawksmuir wrote: »

So you were with Nationwide, and you now have a better deal elsewhere.

Well done you and whats the issue ?

:T U said what I had already been thinking. :T Often on here their are tales of self importance. :rolleyes:

JonnyBravo

essexsi wrote: »

Hi JonnyBravo,

Where is their 5 year fix @ 5.68% I cannot see it on their website?

Cheers Si

It was available several months ago.