Our mortgage provider has screwed us over twice now before day of exchange is there a

Yoe

I'll try to keep this as short as I can; me and my other half want to buy a house. We found one on the local housing scheme under a section 106. The house value is £136,000 but with the section 106 we only need to pay £109,000. We have managed to save £10,000 deposit.
We go through with everything and get to our exchange date and our mortgage provider Nationwide pulls out. After a ton of work from our solicitor turns out they thought the company building the house was bankrupt so we correct them and start all over again from the beginning. Now it's the day of completion number 2. Yesterday Nationwide told us they have the interest rate wrong because our application was filled in wrong buy there Mortgage advisor in our local branch. They tell us our mortgage will go from £432 to £581 a month.
Ok that sucks but we will just about afford it. So we carry on. Now it's the day of completion and they tell us because they got the application wrong they will no longer lend us the full amount of £99,000 instead will only offer us £90,000
Keep in mind up to this point everything is signed and submitted we were just waiting for funds to be released. But now were £9,000 short. Also something to note Nationwide was willing to offer us £115,000 at the start.
This has cost us both about 3 months of none stop stress and allot of ££££. Does anyone have any advice for us or know of anything we can do?
Thanks in advance


Just an update our Solictor actually has the £99,000 but Nationwide want it back!

Yoe

Bump, this went to the second page fast

fannyanna

What has your solicitor said about the matter?

princeofpounds

Well, I think that a formal complaint is certainly in order. Perhaps after you get the mortgage so they don't close shop on you.

You might wish to elevate it to the financial services ombudsman if they don't help at all. They will look at problems like this, as the case study below indicates (although not to the success of the applicant in this case, but it appears you are not the party at fault from your account).

Any written acknowledgement that they have made mistakes will help your case. Bet they haven't put it in writing though.

Make a record of the calls you have made and ask for transcripts if you like.

http://www.financial-ombudsman.org.uk/about/helped-me/helped_me_1.html

Yoe

Nationwide have pulled out. We contacted the solictor who has repeatidly told them they were offering us the wrong product

She has also forward all the emails from Nationwide saying that we can go a head and exchange today.

HB58

I have never heard of this happening before, you must be gutted!

Dave_Ham

First stop solicitor for advice, although any complaint will not help with the important matter of your house purchase and/or sale

Nationwide are having an absolute shocker of late, they really are and they have to increase their rates soon, in order to reduce demand as they simply cannot cope..

I feel for you, all the best of luck

Yoe

HB58 wrote: »

I have never heard of this happening before, you must be gutted!

We are yes. Were still trying to work out where there pulling there new numbers from as it doesn't add up

Dave_Ham

Re-reading, they cannot just change your product with no reason.

By all means let us know loan to value and the rates changed from and to, will quickly be able to ascertain why they have changed, although this bigger issue is probably the loan amount and again no idea why and will not be able to determine without more information

more_money_for_me

We are in a position where we will complete our sale on Friday, but through their repeated incompetence we will be putting everything into storage to complete our purchase next week. Not ideal with 3 young kids. They have issued documents incorrectly, not sent documents when they said they had and seem to answer everything with "we have a 10 day backlog at the moment". Very frustrating for everyone concerned, if I had a choice I would bin them, but we are a bit far down the line. Good luck with it. As a warning to others thinking of using Nationwide, I would think very carefully, we would have lost our buyer if we didn't incur extra storage costs.