Trouble with Nationwide Mortgage Application Process - do we have a valid complaint?

betmunch

Theres good and bad lenders, whos good and bad will often change though.

In 2008 Abbey was absolutely shocking, so bad I considered whether I wanted to continue in a job where I had to use them. Cut to now, I put a case on with them 3 weeks ago and it was offered in a day!

If I have a good case I sing a lenders praises.
If I have a bad case I manage the next clients expectations
If I have an atrocious case (like the nationwide!) I advise the next client what happened and hope they dont want me to use them anyway.

If you walked into my office today and Nationwide was the best product for you, you would hear how long the last case took and from there we would decide if you wanted to take that risk for yourself, or pay a few quid extra for a lender whos recent history showed they were processing much quicker. I cant put a value on speed, I have to discuss this with the client

mic200202

The way Nationwide's system is set is that the case can't be submitted until the £99 fee is paid upfront.The product is therefore reserved at that point.The product shouldn't be changed irrespect of other rate changes the lender introduces.The only reason for changing is that the newer rates are actually better..Like all lenders they seem pernickety over things at the mo.The delays can be introduced when their system doesnt update itself correctly ie when a new doc is uploaded by the broker or when a reference doesnt come back in time *even when the employer says they have sent it).Because its an online system then the lender should be able tell the borker exactly what they are waiting on if anything at any particular time.

It sounds as though you havent been clearly told where you are so this is when the anxiety creeps in.If the first instance you should ask the broker.If you don't get a full answer that satisifies you then there is nothing to stop you calling the lender (you should have some correspondence to tell you the number) to ask or report your dissatisfaction.

lucybrown162

This is very confusing!

At all times we've communicated only with our broker, we haven't seen anything from Nationwide ourselves, we've just been going off what our broker has told us.

With regard to the additional documentation, it was our broker who asked us for it - but she stated that was because the Nationwide had asked for it.

I now don't understand why our £99 fee wasn't taken at the outset when we provided card payment details, and how our application was seemingly processed for several weeks before the money was taken?

betmunch

It sounds to me, and I could be completely wrong, that this has happened:

You go see your broker and agree a nationwide mortgage.
Broker asks for some extra information that Nationwide will want
While waitign for this extra info to come in Nationwide reprice their rates
Extra info arrives so Broker puts the online application in
Broker then comes back to you to advise that rates had changed

The question is, could the Broker have submitted the application, without the extra info that was requested and thus secure the original rate.

What was the extra info they asked for?

Also, does anyone have another, more likely, explaination?

lucybrown162

betmunch wrote: »

It sounds to me, and I could be completely wrong, that this has happened:

You go see your broker and agree a nationwide mortgage.
Broker asks for some extra information that Nationwide will want
While waitign for this extra info to come in Nationwide reprice their rates
Extra info arrives so Broker puts the online application in
Broker then comes back to you to advise that rates had changed

The question is, could the Broker have submitted the application, without the extra info that was requested and thus secure the original rate.

What was the extra info they asked for?

Also, does anyone have another, more likely, explaination?

Hi - no, it had definitely gone in to the Nationwide before she contacted us to say the rates had gone up, as before then Nationwide wrote to my employer directly for a reference.

The only other thing I can think of is that the rates went up when she submitted the application, but then the broker neglected to tell us this for a couple of weeks?

betmunch

Could be. Fact is if your Booking fee was paid, the rate is booked.

eschaton

Could you have not applied for the mortgage without the broker?

I have only dealt with a broker once and it wasn't good. Time was important to me, there was only 6 weeks between making an offer and moving in to my new house and at this point my then current house wasn't even up for sale.

I had a lot on with the house puchase/sale and was busy at work so thought I would use a broker to make things easier. Mistake!

One week in and continually chasing the broker and was then told it had been declined unless I borrowed £6k less. Not an option. Broker said he would try other options. A week to get this far.

I wasn't happy at all, I needed it sorted. He said he would phone me back which he did 4 hours or so later. During the 4 hours, I found another mortgage myself which was slightly better with First Active (RBS company), applied online. They called me back within an hour and went over a few things and all was agreed. Broker phoned back as promised for the first time and was told to take a jump.

In the space of 6 weeks despite the broker wasting a week, I put in an offer on new house, put current one on market, arranged mortgage, sold old house and then moved into new house.

Drop the middleman and deal with the bank yourself.

betmunch

eschaton wrote: »

Could you have not applied for the mortgage without the broker?

I have only dealt with a broker once and it wasn't good. Time was important to me, there was only 6 weeks between making an offer and moving in to my new house and at this point my then current house wasn't even up for sale.

I had a lot on with the house puchase/sale and was busy at work so thought I would use a broker to make things easier. Mistake!

One week in and continually chasing the broker and was then told it had been declined unless I borrowed £6k less. Not an option. Broker said he would try other options. A week to get this far.

I wasn't happy at all, I needed it sorted. He said he would phone me back which he did 4 hours or so later. During the 4 hours, I found another mortgage myself which was slightly better with First Active (RBS company), applied online. They called me back within an hour and went over a few things and all was agreed. Broker phoned back as promised for the first time and was told to take a jump.

In the space of 6 weeks despite the broker wasting a week, I put in an offer on new house, put current one on market, arranged mortgage, sold old house and then moved into new house.

Drop the middleman and deal with the bank yourself.

Sounds like you got a duff one.

We're not all rubbish!

Conrad

eschaton wrote: »

Could you have not applied for the mortgage without the broker?

I have only dealt with a broker once and it wasn't good.

I once had a bad holiday in Greece, don't go to Greece.

I once had a bad Chinese meal, avoid all restaurants.

I once saw an accident on the M1, never go on the M1.

Many people on this forum have terrible experiences with lenders direct - so your logic must dictate they never go near one again:rotfl:

eschaton

Conrad wrote: »

I once had a bad holiday in Greece, don't go to Greece.

I once had a bad Chinese meal, avoid all restaurants.

I once saw an accident on the M1, never go on the M1.

Many people on this forum have terrible experiences with lenders direct - so your logic must dictate they never go near one again:rotfl:

Obviously being a broker yourself, you are hardly going to agree, no problem there. It's not surprising that turkeys don't vote for Christmas either.

But in reality, who needs a broker to organise a mortgage? It isn't a hard thing to do.