Nationwide Mortgage queries on insurance

danuk

Had a mortgage with Nationwide for 5 years now and decided to move house.... porting the mortgage across. We took out extra money to be able to purchase the new house. Thing is the mortgage application has been fully processed/credit checks and agreed, copies of payslips etc have been taken, i have paid nationwide for the valuation survey and also decided to go with there panel of solicitors as they were quite good price wise.....

Problem is now that the mortgage advisor then booked us into see the financial advisor to review our finances regarding insurance, life cover, building insurance etc. He asked me to also bring along all documents showing my entitlements to sick pay, our building and contents insurance policies etc etc....

I mentioned i was happy with my cover etc and he said that i HAD to see this person before the mortgage application was finalised. He said until i see him the mortgage application could not be complete.

Is this right?, can i not just keep my current insurers and also not have to wade through papers, documents etc to prove to Nationwide that i am covered?

I understand the building must be insured upon completion and that this might need to be proved but not sure about the rest!
Any ideas? This is causing me a nightmare with time off work for seeing them etc...

Madjock

Sounds like bullocks to me, the only insurance you are required to have is buildings insurance and it's up to you who you have that with. I'd decline the appointment and complain about his behaviour.

danuk

thanks, it did seem strange to me too..... ill try and find out more!

LisaT186

no you don't HAVE to see them. As Madjock says the only insurance you are obliged to have is buildings insurance and their solicitors will not let you exchange without proof of that. A change in mortgage / property is always a good time to review your other insurances such as income protection, life and critical illness insurance in order to consider the 'what if this happened, would we be able to manage', but it is not compulsory to see their financial advisor and it will not hold up the application. If you are happy with your insurance then cancel the appointment, or you could take it as an opportunity to review and make sure everything is ok, but then you might want to see someone who isn't tied to one provider!

miniemma

We have our mortgage with Nationwide and every time we switch to a new fixed deal we end up having a smililar meeting. We've never said no so never been told we HAVE to. We just go along out if interest and then turn them down on everything.

We originally had our buildings insurance with them and had to fill all sorts of criteria to move it elsewhere.

danuk

thanks for the advice.... phoned and cancelled , person was not about so he may call back..... i advised i would rather wait and possibly relook at the insurances etc after the mortgage etc has gone through!.

Will update if i hear anything further, thanks for all the help!

danuk

right oh, now unhappy....

cancelled the appointment and heard nothing until yesterday then the mortgage advisor phoned to say i had cancelled the appointment and therefore show no committment and my application cannot proceed until i have seen the financial advisor .... this cannot be right being held like this...

Any ideas how i should proceed, i do not need the hassle/stress of this person... i thought moving/selling was bad enough but this person is driving me nuts and may jepodise my house and he is being quite snotty to the point of saying ill get back to you and let you know whats going to happen with your mortgage paperwork....

HELP PLEASE!

danuk

so had to contact the main offices..... was told its my choice. Then receive another call from mortgage advisor today saying i really should attend. I remained calm and advised i did not have to attend as its my choice, he again went on about committment..... I think i really should complain about his behaviour to be honest as making me feel pushed into this meeting or my mortgage application gets delayed is not good business.

Think ill pop along to my local branch and speak with the managers.

herbiesjp

Ask him to put it in writing that you cannot complete the mortgage application until you see the financial adviser - tell him that you will pick his letter up this afternoon

See what he says

dunstonh

That is a good call from herbiesjp. Also dont be afraid to drop the suggestion that you would make a formal complaint about this. Tell them you have your own IFA and see no reason to see a lower qualified tied agent with a small product range and more expensive products.

They are doing it for marketing purposes only.

danuk

thanks will let you know when i get a reply lol