Current Remortgage with Nationwide

stuartroberts

Hi,
Me and my wife are currently in the early stages of going through a remortgage with Nationwide which we are happy with.

We decided last week to go for a 3 yr fixed deal on 106000 at 66% LTV at £614 pm over 25 years with a monthly overpayment of £50 every month.

We are not going to pay our product fee untill Sat but have been accepted by Nationwide.

As the natonwide rate has come down a little am i entitled to ask my broker for the better deal which comes in at £593 or do we start over with the whole process again?

any advice would be great

KarenBB

If oyu haven't paid a product fee you haven't reserved a product so I would have thought you would have to have one of their new products as the others would've been withdrawn - I think. I'm sure someone who knows will be along soon. Hope you do get a better rate.

stuartroberts

is this info correct anyone?

Thrugelmir

Until you've paid the product fee then most likely you haven't been reserved the product. Well that's what should happen officially. Though if you back out now you may well be chased for the fee.

My personal experience is that the in house estate agent "mortgage advisor" handled it incorrectly though my circumstances were different and more complex.

VIGILANT22

Thrugelmir wrote: »

Until you've paid the product fee then most likely you haven't been reserved the product. Well that's what should happen officially. Though if you back out now you may well be chased for the fee.

My personal experience is that the in house estate agent "mortgage advisor" handled it incorrectly though my circumstances were different and more complex.

Why has this been handled "incorrectly"?.....

stuartroberts

The nmortgage broker showed us all of the mortgaes available to us last weekend and it came down to two lenders Nation wide and Abbey, he said that Abbey would be an admin nightmare and reccomended the Nation wide.

He then proceeded to go online and process an application, (this is the bit i am unsure about). Is that to determine wheather or not the nationwide would give us a mortgage or was it for the specific product we had discussed.

The decision said Fast track accept ( does that mean anything?)

We are meeting up tomorrow and had agreed to place a £99 product fee. Can i now ask for the same mortgage but at the new rate as i have not yet payedf the product fee?

I must admit i have looked through the mortgages available on comparison sites and on the Nationwides website and I am happy that the broker has offered me the same deals i can get myself.

Thrugelmir

VIGILANT22 wrote: »

Why has this been handled "incorrectly"?.....

Normally product fees are paid up front as part of the resevation process. In mine they didn't. Luckily for me as the house was valued materially different. I would have had to sue the EA to recover the fees. Though I was threatened by the legal department of the lender which was part of the same group as the EA.

stuartroberts

Thrugelmir wrote: »

Normally product fees are paid up front as part of the resevation process. In mine they didn't. Luckily for me as the house was valued materially different. I would have had to sue the EA to recover the fees. Though I was threatened by the legal department of the lender which was part of the same group as the EA.

EA??? I have no idea who they are:T

Leon_W

With Nationwide the product is not reserved until the product fee is paid. It seems to me that all you have at this stage is an Agreement in Principle.

If you have not paid the product fee the funds are not booked so you will be able to change to the more competitive mortgage.

Regards

stuartroberts

great just what i wanted to hear, thanks

An agreement in Priciple is good though with nationwide yes?

Leon_W

Yep, pretty much.

As long as what you've told them you can back up and you're not hiding anything !

Good lender in my view.