Nationwide mortgage

cool_techie

Nationwide applied - 15th October
Solicitor appointed - 15th October
Valuation done - 17th October
Mortgage offered - 23rd October
Funds transferred - 30th November
Completion - 7th December.
Cashback recieved - 31st December

Applied in brach direct for the 'Flexclusive Save to Buy Mortgage'. We had a NW S2B account since October 2011 and were saving small amounts per month.

The adviser(s) (Mortgage and Current account porting) were very well informed, courteous and prompt.

Must say that I found the Nationwide service first class in all respects and unsurprisingly, am a loyal customer.

The only delay in the whole process happened at the Vendors solictors and seller at the top of the 4 person chain.

Regards,
CT

Brazuca

Hi poet123, thanks for the help.

I received my letter today, and my details are:
Completion: 20th December
Letter received: 05th January
First Payment: 16th January (including the interest from the 20th Dec to 31 Dec)
Following payments: 1st of each month

The problem: my mortgage offer had a rate of 5.69% for the first 3 years.
They are charging me 5.94% for the first 3 years.

I checked the offer and account number etc. And they really changed it.

Background info:
First time was 5.94% and 5% deposit.
The freeholder advised of future works in the communal areas, and this will be a considerable amount. The seller said she would agree to leave a £4K retainer.

This was notified to Nationwide. And they asked me to increase my deposit to 6%, and they decreased the mortgage value (they didn't agree to the retainer as such, they just decreased the offer so there is no retainer needed).

Their system couldn't cope with the change in valuation, and they rekeyed everything again and opened a new case. Hence it was a new offer, new customer number/mortgage reference etc.

The new offer was for a better rate: 5.69%, but I also had to increase my deposit, and the loan amount was decreased.

Now I received the letter, and it has:
- the higher deposit - OK
- the lower amount - OK
- and the rate of 5.94% as my very first offer

So my question is:
Can Nationwide get "the best of both worlds" and pick and choose what's more beneficial to them from each offer? Or should they honour the latest offer as sent to my solicitor and agreed?

In my mind I think the offer should be honoured. And not pick and chose the worst terms. But of course I may be wrong and just wishing what's the best to me (of course).

Anyone has any ideas on how they should treat this?
I emailed them and asked to review this.

Thanks!

Brazuca

Hi Everyone, any views on the above?
Thanks!

Cara79

Brazuca wrote: »

Hi poet123, thanks for the help.

I received my letter today, and my details are:
Completion: 20th December
Letter received: 05th January
First Payment: 16th January (including the interest from the 20th Dec to 31 Dec)
Following payments: 1st of each month

The problem: my mortgage offer had a rate of 5.69% for the first 3 years.
They are charging me 5.94% for the first 3 years.

I checked the offer and account number etc. And they really changed it.

Background info:
First time was 5.94% and 5% deposit.
The freeholder advised of future works in the communal areas, and this will be a considerable amount. The seller said she would agree to leave a £4K retainer.

This was notified to Nationwide. And they asked me to increase my deposit to 6%, and they decreased the mortgage value (they didn't agree to the retainer as such, they just decreased the offer so there is no retainer needed).

Their system couldn't cope with the change in valuation, and they rekeyed everything again and opened a new case. Hence it was a new offer, new customer number/mortgage reference etc.

The new offer was for a better rate: 5.69%, but I also had to increase my deposit, and the loan amount was decreased.

Now I received the letter, and it has:
- the higher deposit - OK
- the lower amount - OK
- and the rate of 5.94% as my very first offer

So my question is:
Can Nationwide get "the best of both worlds" and pick and choose what's more beneficial to them from each offer? Or should they honour the latest offer as sent to my solicitor and agreed?

In my mind I think the offer should be honoured. And not pick and chose the worst terms. But of course I may be wrong and just wishing what's the best to me (of course).

Anyone has any ideas on how they should treat this?
I emailed them and asked to review this.

Thanks!

By my understanding they should honour the mortgage offer that you signed. They can't just change it after completion if they haven't got you to sign it.

Your solicitor would have also had to check everything prior to completion.

If they r not honouring what you signed....you need to urgently raise this with them (which I think you've done). Did u use a broker?
X

Brazuca

Thanks Cara.
I am sorting out with the complaint's handler. I think they will change the rate!
Best Regards

slscarborough

Applied 21/12/12
Valuation 04/01/13
Offer 07/01/13

Cannot be more pleased !!

stonecold379

slscarborough wrote: »

Our application went in on 21/12/12 and we received a text the same day to ring and book the valuation. We couldnt get hold of anyone to book the survey until 27/12/12 and then they advised us that our lender had not yet instructed them to do the survey.

Will have to chase up the broker on Wednesday but the wait is killing me!!

They have also asked for bank statements showing our rent payments for the last 6 months. They already have our bank statements but we have only been paying our rent by direct debit for 6 months. Prior to this we paid on the internet and only the web address shows on our bank statements. Our broker seems to think this will be satisfactory but I am not sure.

I applied NW app through broker on 7th Jan'13, received text on 9th Jan that they have received application. Now my agent informed me that my survey has been booked for Monday next week (no any text received from NW though,,,) now,

I don't understand why they want to see your rent payment on bank statement. I and my wife are renting a room (only) in a three bedroom house and we are paying rent by cash. I don't understand if they ask me to provide proof of rent payment, then I don't know how to proof..:eek:????? I hope they wouldn't ask me this...

slscarborough

stonecold379 wrote: »

I applied NW app through broker on 7th Jan'13, received text on 9th Jan that they have received application. Now my agent informed me that my survey has been booked for Monday next week (no any text received from NW though,,,) now,

I don't understand why they want to see your rent payment on bank statement. I and my wife are renting a room (only) in a three bedroom house and we are paying rent by cash. I don't understand if they ask me to provide proof of rent payment, then I don't know how to proof..:eek:????? I hope they wouldn't ask me this...

Nationwide had asked for permission to contact our landlord if we couldnt provide proof of up to date rent account so maybe they would do that?

Hope it goes well :-)

Rm-ca

whoop..i finally completed! and moved on 15th January.

Do the boxes ever disappear though!!

For anyone thinking of applying to nationwide, i'd recommend them.
I had an (almost) hassle free experience with them.. Well done Nationwide!

lou34_2

Quick update.
Finally after 13 weeks, shocking communication, numerous admin errors, persistent pestering from me we finally got our offer. Exchanged last week and move next week.

Needless to say I have written an official complaint for which ill hear a response in the next couple of weeks.
NW sound like they do a good job for most people, just unfortunately not us!