Nationwide Mortgage Disaster

steveninthesun

And to make matters worse - after telling me that they had refunded my fees, they have taken £374 from me today and are refusing to return the money.

...we were told at that time that the fees would be refunded. But now being told that the lady had made a 'mistake' when telling me this.

UnderPressure

Oh dear I can inderstnad your frustration and also your need to vent at Nationwide

I have to say though it is obvious what the problem is do you not think? As a joint application all was fine for some unknown reason only known by you then you decided to take your wife off the application and then they say no, to me this is obvious your wife has a stronger credit rating than you so with her on the application the "overall" risk was lower and they were happy to proceed, you need to be taking stock of your credit reports and finding the real problem rather than blaming Nationwide TBH and I am not having a pop at you

Why oh why did you take her off the app to begin with, she is your wife she SHOULD be on the app regardless of income this is the "right" way it should be done, maybe it was this unusual behaviour Nationwide did not like who knows they are not a liberty to tell you the exact reason and noe should they TBH.

So far as Halifax saying yes well again there is a huge difference in a shared ownership between 15% deposit and 20% deposit, you cannot compare the 2 in any way as Halifax were not willing to offer you a 15% deposit deal were they??? Who knows maybe if you were to offer Nationwide 20% deposit they may have said yes to you on your own, I suspect they were more concered at your motives in taking your wife off the application to begin with as said before to a lender when the applicants are married this is unusual behaviour.

If all that is stopping you is 2k then there must be a way you can raise it surely, if not then I suggest you may not ne in the best of financial positions to be taking on a mortgage in the first place especially in this financial climate...............................

I am sorry to hear your situation but I do think are a victim of your own actions sorry but I would put money on it.

steveninthesun

Does anybody know if the valuation fee is transferable to another building society?

GMS

steveninthesun wrote: »

Does anybody know if the valuation fee is transferable to another building society?

No. The valuation is carried out on behalf of the lender. Nobody else could use it as they would be unable to rely on it should there ever be a need to.

steveninthesun

Hi. Thank you for your post.

Originally we were told that all fees would be returned.

The problem we're now having is that they claim to have valued the property in the evening, then the following morning our application was rejected.

Is it possible to carry out an evaluation at night?

If I have paid for these 'goods', why am I not able to use them elsewhere?

GMS

steveninthesun wrote: »

Hi. Thank you for your post.

Originally we were told that all fees would be returned.

The problem we're now having is that they claim to have valued the property in the evening, then the following morning our application was rejected.

Is it possible to carry out an evaluation at night?

If I have paid for these 'goods', why am I not able to use them elsewhere?

A valuer could have done a 'drive by' valuation or the lender could have carried out an electronic valuation which would require no visit.

You have paid for the goods on behalf of the lender. If Nationwide chose to proceed with the mortgage they would expect to rely on the valuation should there ever be a need to repossess, or if there was found to be a problem with the property (assuming a physical valuation). If for instance Woolwich used a Nationwide valuation then they would have no way to rely on the report.

It would be like you using somebody elses car and then expect for their insurance to cover you.

Sorry it is not what you want to hear. If you have been told by Nationwide that all fees would be refunded you may want to ask them to pull the recorded call and appeal that way

steveninthesun

Hi, no, no it's not - but at least someone is explaining this to me.

I just want to say thank as well to the UnderPressure.

It seems that everyone here is agreeing that changing the mortgage was a bad idea. But I didn't know that. This is my first time trying to get a mortgage. I earn a good wage, I pay more on the rent now than we would in our own house. This was a great opportunity for us to have a home and save money, and the scheme is difficult to get through. We were 120th on the list and we've had to go through hopes with the Housing Association.

I think Nationwide should have told me on the Friday that I should not have changed my details. I had no idea that this mattered and they were so willing to do this that I never saw it coming when she said it had been rejected. She said it may be because we had applied to too many on line already and that it could have effected my score. But then Halifax said otherwise.

I will ask them for the recorded conversation - I remember it clearly as when she said she would refund the fees, she began typing away furiously... I thought that she had done it there and then and at least it would be a painless experience from then on.

GMS

Have you applied to other lenders on line?

This is not a biased piece of advice but have you considered speaking to a broker? This should cut out any unneccesary applications to lenders who would not do it and hopefully lead to a mortgage for you.

steveninthesun

We have a broker now. It's just it has been one thing after another with Nationwide and now we're out of pocket before we've even begun...

One other thing about the property evaluation: Nationwide claim to have done the evaluation Thurs, but we spoke to them at 9pm.

In order to proceed, they would have had to contact the Housing Association for the address details.

But as we rang Nationwide at 9am Friday (at the application was then refused) it is not possible that they could have done the evaluation in time. They did not have the address and did not have time to contact the Housing Association before then.. we will be speaking with the Association in the morning to confirm.

GMS

Did you not put the property details on the application form?