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Nationwide Loan terms and conditions

moatmeister
moatmeister Posts: 324 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
Below is a quote taken from the Nationwide "who can apply for a loan" section of their website

"If self-employed, applicants must be homeowners and be able to supply 1 year's audited accounts"

What would you take to be the definition of "homeowner" please??


My wife owns two houses jointly with me. One is rented out, the other is being renovated which we will move into shortly when it is finished. Thus we are not on the electoral register at either of these addresses. We currently live in one that is soley in my name and have done for the past 7 years. Is she a homeowner?

We have a track record banking with Nationwide and so decided last night to apply for a 10k personal loan in her name with them as her credit file is perfect with no adverse and low utilization and a good history.

After a long discussion on the phone they refused to accept the application because she doesnt own the house we currently live in. The reason I was given on the phone was that because it was an unsecured loan they would be unable to repossess the house.

They also would not consider a joint application (although we would not have done that for other reasons) based on the same explaination

I was not happy to say the least.
And this is from a bank that claims to be "on your side"!

Comments

  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    Take your buisness elsewhere where good account history with other banks wouldn't give a toss if your self/employed or not as long as they can see money coming in and running a decent account.
    Loyalty has certantly not helped your position here and would honestly move on where I bet you'll be treated a lot better with another bank.
  • YesI think you are right . We have tried to move away from a long term relationship with both the A+L and Abbey, both now Santander. They have been generous with their lending in the past but customer service issues and their spanish background worries me. Guess i'll have to swallow my pride for a bit longer!

    I was trying to "buy british" but we obviously dont fit Nationwide's Mr Average customer profile. This is the third time in as many months I have had to tell them that they just dont want us as a customer.

    I will be writing to Graham Beal asking for an explaination of the Banks position and enclosing my cut up bank and credit cards!
This discussion has been closed.
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