My Terrible Experience with Nationwide

savageHK

Any reason you went with Nationwide through a broker rather than direct? We just did a direct application (and as we had a FlexAccount could get the Flexclusive mortgage deal) and had no hassles whatsoever. All over the phone.

AndriaG

unbeleivably Nationwide have just come back to my FA and approved the lend, they say they will have the offer out before the end of the week.....

I dont have any unsecured debt and on the nationwide "how much could we lend you" webpage they would lend 482000.

what a crazy few weeks and even crazier hour or so since i posted my OP

harvey115

Going direct or not have both pros and cons:

Going Direct
Pros:
- May be able to get a better rate from the lender not available through FA
- Some lenders only deal directly
- Better understanding of the process and feels better connected with the lender

Cons:
- May not be able to pass through the hurdles due to no special contacts
- Timescale of the application may well be unknown
- May not be able to present yourself to the underwriter to explain things
- May get declined in the last moment, thus sale/purchase falling through


Through FA/Broker
Pros:
- Might have better deals only available through them
- Chasing up your application is done by them
- Will be able to apply their expertise to select the right product and lender for your needs
- Any further advice in the process such as insurance, solicitors may be available straight away
- Could be free and paid by the lender on commission basis
- Many more - i.e. no approved mortgage no commission etc

Cons:
- You may end up selecting a bad FA/Broker - recommend by the estate agents
- May forward fake details to the lender in order to get the application approved
- May try to hold you to test applications to new lenders
- Force you to buy insurance or conveyancing through them
- May charge you unreasonably

So many points to think about. However I would say if your case is not straight forward i.e. a stable permanent job with easily passed affordability and good credit report, you should consult an FA/Broker

anotherginger

Glad to hear your good news. I'm currently in the middle of a pre-application nightmare! Fingers crossed.

Dave_Ham

Lets stick to the positives, you should have the mortgage offer soon.

It honestly would be unlikely to be down to Nationwide..

Best of luck

anotherginger

Dave_Ham wrote: »

It honestly would be unlikely to be down to Nationwide..

Do you know how Nationwide deal with annually renewed temporary contracts?

Dave_Ham

anotherginger wrote: »

Do you know how Nationwide deal with annually renewed temporary contracts?

It will be down to underwriter approval. They are open minded and will look at how many times it has been renewed previously, general working history/track record and they may want an employer reference.

They will assess overall risk, so any gaps in employment would make this harder.

Hope this makes sense

anotherginger

Dave_Ham wrote: »

It will be down to underwriter approval. They are open minded and will look at how many times it has been renewed previously, general working history/track record and they may want an employer reference.

They will assess overall risk, so any gaps in employment would make this harder.

Hope this makes sense

Thanks Dave, yes that makes sense. No gaps in employment, and in same work place for a few years. I have already sent my contract of employment which seems to have conused them so they want confirmation from HR. I can't really prep my HR because I don't know what Nationwide want to know! (I don't mean I want them to lie, but I want to make sure they emphasise the important points).

Dave_Ham

They will just want to know the obvious, how long have you worked there, do you have specialist skills, are they likely to renew your contract etc.

Usually they are pretty adult at Nationwide, there are other lenders that are more lenient on your type of employment although not at Nationwide rates.

KiethBEN

I could tell you within 10 minutes if an AIP has been accepted and Nationwide then tell you what they want in terms of proof etc. I could actully tell you with just your credit file whether or not Nationwide would accept you, honestly this will be your broker and not Nationwide.