nationwide mortgages what a joke

lynx701

my two sons have been with the Nationwide for circa 7 years and have decided to purchase a flat together , they have the 15% deposit and approached the nationwide for a mortgage . They were refused as my youngest had a non payment against his name that he was not aware of , they advised him to investigate and if it was removed there would be no issue with the mortgage . that was 5 weeks ago , he discovered it was an error made with Barclays that went back almost 4 years and after some phone calls they cleared this , experian sent him an email and letter saying that this was an error and they have cleared this from their system , durign teh 5 weeks period they found a flat , made an offer and this was accepted , they were back at the bank this week with the letter and some papers and were told yeterday that they were refused again because they use an overdraft and credit cards , both products that the nationwide have sold them , the overdrafts are within the amount offered and are not large £500 and £400 even offering to clear these as they haev funds in an nationwide isa , the answer was still no . Yesterday they went to the Halifax , where they have no account and have been accepted for a mortgage , I am confused by all this how one bank can offer and the other cannot even when you are a customer - anyone put me straight on this please

McKneff

Its all very confusing isnt it.

Re the Halifax - My OH and I have ISAs with them,(50K) £1800 goes into the account every month.
We have no debt whatsoever, Mortgage free

And the refused us a credit card.
Couldnt understand it..................

Mobility151990

All l can say is, don't deal with branch, ring us direct at the call centre...

RX-78

Barclays refused us mortgage over the phone despite having impecable record with them for 15+ years and savings of 20k+, based on my self employed status. HSBC approved the mortgage. I then went to my local branch to transfer all bar small pocket money into the new HSBC account and the branch manager asked if I have a few minute to tell him why I was leaving them.

Told him whats happened and you can see the shock in his face - my work was just across the bank, he knows my profession and how stable the income is (despite being self employed). He was disappointed the call centre failed to listen beyond "self employed"....

opinions4u

I am confused by all this how one bank can offer and the other cannot even when you are a customer - anyone put me straight on this please

There are a million and one reasons. This is why people often use a mortgage broker who has a better feel for which lender will accept a particular type of customer.

Here's some of those reasons that I can think of:

- different lenders interpret credit reference information in different ways.
- different lenders credit scoring systems prioritise different customer attributes in different ways.
- once a lender's system has spotted "derogatory" credit information, it may be programmed to be reluctant to score a revised credit reference.
- some lenders cherry pick the market, e.g. HSBC tend to offer the best rates but choose to decline a higher percentage of applicants.
- some lenders are targeting specific market segments to balance their overall mortgage portfolio.
- some lenders interpret two brothers buying together as a different risk to a married couple, some wouldn't.

The list could, in all honesty, go on forever.

lynx701

its all becoming a bit of a carry on really the thing that is bugging me they could not give me a path to obtain a mortage from them it was just a straight no and that was it so they are wasting their time banking there

GMS

Mobility is correct, if you phone the call centre you will usually be treated better. However this should not be necessary. A branch should be able to deal with applications, after all this is where people tend to do their day to day banking. The market is difficult at the minute with lenders looking for reasons to decline rather than approve. Looks like Nationwide's loss is Halifax's gain in this case.