£99 Nationwide Fee - how do I get it back?

JA1000

I have just applied for a Nationwide mortgage through a broker. We submitted a full Decision In Principle, this was accepted and the paperwork sent to the broker confirmed this quite clearly.

I then submitted the full application, what was annoying was that why do I fill out all my details again why can't they extract the detail from the DIP? Why don't they just send a list of additional information needed it was a long drawn out process.

Anyway - on the form they ask for card details to charge £99, a small fee which I was fine with.

This was until the application was immediately thrown out for reasons which are unknown and undisclosed. How can there be such a disconnect between a DIP and a full application? I feel I have been lulled into applying with a fee charged and then thrown out.

On top of all of this I have seen on my credit file that they carried out 2 searches in under a week, one for the DIP and one for the application, if this is the case it rules out the reason for the refusal. I think this is very unnecessary.

Has anyone ever got these fees back?

VIGILANT22

The fee is non refundable

Conrad

You can lodge a written complaint to thier compliance officer - use special delivery post and refer them to the '6 core TCF principles' - they know what this means.
In a nutshell you might win on the gounds 'thier systems have not been robustly tested to ensure TCF outcomes in ALL instances, and that part of TCF requires key personel to test and ensure all systems and process' deliver fair TCF outcomes'.

Good luck - could take a while.


Some lenders do not have this up front booking cost. The muppet companies right now are Woolwich/Barclays, Abbey and RBS. Now someone may post here and say 'abbey were great for me' but when making decisions we should consider much more than whether some people luckily found the service good.

dunstonh

How can there be such a disconnect between a DIP and a full application?

Typically, they only fail if lending criteria has changed between the DIP and application or information you gave to get the DIP has turned out not to be correct. There is of course the potential for errors as well. (happened to me last year when providing my income they decided to halve it as I was a partner. I had to point out their error and it was fine after that).

What does you mortgage adviser say as they can usually spot the problem easy enough?

JA1000

Thanks for advice, TCF has quite clearly failed in my opinion, absolutely nothing changed between DIP and app, all the same paperwork was still with them P60 etc

In my opinion it makes a DIP absolutely worthless and a complete waste of time. In my opinion, the person who looks at the DIP was a very nice sensible person in the real world, but when it reached the horrible species known as underwriters who do not live in the real world and probably still think we are entering a recession rather than trying to work on coming out of it put a block on it.

I wish we could get conversion rates published it would be interesting to see where we are.

My adviser has put it to one side and said we should try again in a month which if is the case it's probably not worth complaining and writing it off.

dunstonh

My adviser has put it to one side and said we should try again in a month which if is the case it's probably not worth complaining and writing it off.

Can you clarify if it is a mortgage broker you are using and not a branch mortgage clerk?

If the adviser is a broker then it does seem strange that they feel that they are saying that. It suggests they know or think they know that there is a problem.

JA1000

Hi

Basically they had the refusal overturned by a BDM manager, although they asked for my bank statement there were two returns on my November statement, only caused by a transfer not going through, however in light of this they decided that the 'wonderful' underwriters wouldn't take to kindly to it hence the pause and clearer bank statements.

opinions4u

JA1000 wrote: »

Thanks for advice, TCF has quite clearly failed in my opinion, absolutely nothing changed between DIP and app, all the same paperwork was still with them P60 etc

Significantly more information is provided on a full application when compared to a DIP.

So quite a lot changed.

In my opinion it makes a DIP absolutely worthless and a complete waste of time. In my opinion, the person who looks at the DIP was a very nice sensible person in the real world, but when it reached the horrible species known as underwriters who do not live in the real world and probably still think we are entering a recession rather than trying to work on coming out of it put a block on it.

It is far from clear that any recovery from recession will be sustained. Given the continuing shortage of funding for mortgages and the potential of a double-dip recession I think cautious underwriting is wise.

That's not a pop at you. I don't know your circumstances. But reckless lending ahead of a second dip would be a disaster for us all.

I wish we could get conversion rates published it would be interesting to see where we are.

Different lender, different era. But in my experience less than 15% of DIPs failed at a later stage.