FTB Mortgage - now found potentially better deal ?

musicboy

Not quite king ... both I and Loopy have made them aware that we had a house previously and it's a problem for me and not for her ... also when you search online for mortgages you only get the option of FTB or moving mortgage, neither of which we are but I would have assumed there are some extra costs and hassle involved if you are changing mortgage provider or are selling a house, neither of which we are again .. and lastly, I am not saying that I am taking a risk going for an FTB mortgage, I told them in the first instance our situation and was told to make the offers etc etc and now we can't have it

As an update, I have had a call from the MA and her boss last night (both have been great to be fair) and I was told that the valuation has been ordered so if it has been done I would have to pay the fee, but the arrangement fee only applies once the valuation has come back and the mortgage has been finally approved so the next question for Nationwide (or one of them at least) is, if I have to pay the valuation fee to Natwest, would they accept it for their mortgage application so I don't have to pay it twice ?

More news to follow ...

musicboy

Just called Chorley BS ... they are doing a fixed rate 2yr 90% which comes out at £125 a month less ... plus you get £400 cashback towards fees AND your valuation fee refunded - so if they use the NW valuation then I can pay a small charge for them to have it transferred on to the Chorley paperwork or at worst I have to pay the NW charge but the Chorley one is 'free' anyway ...There is of course the arrangement fees etc but they are a bit less as well.

The only stumbling block I see potentially is that the bloke said that because the Chorley is only a small society they don't actually use credit scoring, they just look at affordability and then the underwriters make the decision - this shouldn't be a problem for us as my last couple of payslips look healthy (ish) but it's just something that will definitely take longer than a week .. which is when I need to sack off NW by ... !

Another thing - Nationwide depend on you taking their account out and transferring ALL your existing DD's etc ... which is something I didn't want to do as we've only just opened a NW account which is pretty good .... so fingers crossed.

loopyanna

kinglewis wrote: »

I know it's clearly something non of you want to hear.. but non of you you are first time buyers! Not one of you have bought for the first time(hence the term fitst time buyer) so you must have known you were taking a risk going for these mortgages????

Always somesone elses fault.

Your are quite right King, we're not. However i know that my partner is and i think that Music's is as well. The issue here, as Music has pointed out, if that Natwest were made aware of the situation beforehand and advised Music to go for the FTB option anyway...

You know that saying - if you've got nothing nice to say...

musicboy

Hey hey !! Natwest have credited £999 into our joint account which we haven't even used yet !!! I do hope this doesn't mean they are sneakily saying the arrangement fee has gone through after all .. which we have been told it hasn't ... if not ....

SPENDSPENDSPEND !!!!!!!!!!!! HAPPY DAYS !!!!

lol...

loopyanna

Well, as my mum would say, "it's better than a poke in th eye with a burnt stick!"

musicboy

not really ... a colleague mentioned he'd been paid today instead of monday so I checked just now ... £1200+ quid come out of my first direct account to Natwest Birmingham on Friday ...

So it seems (coincidentally ??) the same day I have put the mortgage on hold I have had the valuation fee and arrangement fee debited from FD .. but then the arrangement fee credited to Natwest joint account ... hmmmm ..........

So it puts my FD account £850 overdrawn - luckily I have the overdraft to cover it but !!!!!! is going on ???

musicboy

update .. a bloke rang from NatWest the other day to make sure we had registered for all the benefits of the gold account ... we had ... he said 'blimey you're the best customer I've had all day - can I put you down as a satisfied customer ?' ... I said well the bank accounts fine, not used it yet, but I only got it for the mortgage deal which I didn't get .....

Begger me if he didn't then say that he had got the same deal himself so he didn't see what the problem was !! He said he would try and look in to it and give me a call back if he had any positive news ... still waiting ..

Meanwhile I wrote a letter to the mortgage adviser basically to get it 'in writing'... I got a reply back from someone who deals with these things saying he would hope to resolve my 'complaint' in 10 working days .. I certainly didn't word the letter as a complaint, more to confirm that we wanted to cancel the application etc etc....

The only satisfactory solution is to let us have the mortgage at the initially agreed rate - however the Chorley deal is better in the short term (2 years) plus we have already been charged for the valuation we now don't need. Ho hum.