Advice desperately needed

tinyteeny

I am not sure if this is the right forum but we are looking for some advice or information which may help us.

We have/had a mortgage with Nationwide. Back in Nov 2010 we received an offer on our house with a set completion date. We agreed to this as it is a tough market and started looking for a new home. I informed Nationwide of the situation.

We found a house and had an offer accepted in December 2010. I informed Nationwide that we wished to port our mortgage, we did not want to borrow any more and there was likely to be a gap between our completion date for sale and completion date for purchase. We completed our application and received our mortgage offer on 18/01. On 19/01 I received a phone call from a manager at Nationwide as they had given us £500 more than we had asked for on our mortgage offer. I had a few queries of my own as our solicitor had been sent the wrong redemption figure. It did not contain the ERC's which I had been told would be due as there was going tobe a gap of more than two weeks between completion dates but it would be refunded once we complete on our purchase. The manager did not seem to be aware that there was going to be the gap but said it would not be a problem and when we had completed on our sale to ring the underwriter who would arrange with the branch to do a 'branch hand off'. We were told a simple matter of signing some forms.

We exchanged on our sale and completed as agreed. I phoned Nationwide and the underwriter refused to take my call. I was told to go into the branch and speak to the mortgage advisor who would see the notes on the computer and know what to do. Off we went to the branch to be told it had become an exceptions case and the computer was unable to upload our details. Apparently we should have been told from the very start that our application needed to be made in branch due to the gap between completion dates and we would now have to reapply. I was told there would not be a problem with the new application.

I wrote to Nationwide asking them to deal with the application in a timely manner. I received a letter in response stating it was their error, £150 by way of an apology but no our application would not be made a priorty.

Our initial application took thirteen working days including requesting info from us, our accountant and the survey being done. Our second application has so far taken eleven working days even though they have all the info and we still don't have the offer. I have been calling twice a day this week but they just keep fobbing me off and stalling. I was told they are completely up to date and there are no back logs.

As of Friday things have become a bit more desperate. Apparently someone in our chain has found another buyer and if we do not exchange by Thursday this week they will pull out.

I explained the urgency of the situation to Nationwide on Friday but was simply told they would get the case handler to call me on Monday morning to update me.

I would be grateful for any advice, information, help etc. All I want is for them to issue the offer.

magpiecottage

tinyteeny wrote: »

I received a letter in response stating it was their error, £150 by way of an apology but no our application would not be made a priorty.

If they get the offer out in time that is probably about the right amount.

On the other hand, if they do not, then you can reject the response and go to the Financial Ombudsman Service.

MegaMiniMouse

I guess you are in the grip of a large organisation, and there is probably nothing you can do to beat their system

Clearly the figure of £150 is totally irrelevant in your situation, and you probably need to be prepared to make alternative accommodation arrangements

Whether or not you will be able to sue Nationwide for the financial costs and personal damage which you will have experienced is a matter for legal experts

Hopefully, Nationwide will call you as promised on Monday with some useful information

Also, maybe the person in the chain who has threatened to pull out is 'only kidding'

Whatever, you are probably in for some sleepless nights, and I have every sympathy

I wish I could be of more assistance

MMM

Ju&Mel

Could you apply for a bridging loan?

shar46y

Just found this thread and would be interested in the outcome as we may end up being in a similar situation. We also have a mortgage with Nationwide and are in the process of selling our flat.

For various reasons, it is likely that (touch wood) we will end up completing on our sale at least a couple of weeks before we complete on our purchase.

We are not quite at the end of our 5-year fix, so an ERC will be payable which we have been told will be refunded on completion of our purchase. We're still in the throes of the application process for the purchase, and nobody has told us we have to apply in branch so it has all been done over the phone and by post so far.

(Incidentally, just had a letter from them asking for a bunch more documents which they didn't ask for initially, so I am worried they're going to decline because our circumstances are not completely standard, but perhaps that is for a new thread).