Nationwide Mortgage / IMA help

Technaut

Hey,

I went to see an independant mortgage advisor on the 26th March this year and she got me an AIP from the nationwide and also reserved the product.

After I found out she charged £300 for her services I decided to look elsewhere and put that 'bad' experience all behind me...I had lost out on the property I was involved in at the end of march anyway so it was no big deal.

About 2 weeks ago I had an offer accepted on another property so I went to see a differrent mortgage advisor who is both whole of market and free of charge. On Friday just past found me a deal which I was happy with the Halifax and he is awaiting them sending him through a confirmation before I go in and sign my life away, this will probably be some time tomorrow.

Last night when I was watching the telly an advert came on for the Nationwide and I sudddenly remembered that the first mortgage advisor I had seen had reserved me a product. I still have a copy of the AIP page with the reference nuber on it but it doesnt tell me all the details of the mortgage.

I'm guessing that four weeks or so can be quite a bit of movement in the mortgage and it may be that the deal from the natiowide has slightly better interest rates than the one I was presented with on Friday.

Now comes the questions. Would the Nationwide deal with myself directly in respect of the AIP I already have or do i have to go through the 1st mortgage advisor. I am thinking I could phone them up and compare their with the halifax one and if i think it's any better go with them?

Any thoughts would be greatly appreciated. :beer:

drummer_boy_2

Technaut wrote: »

Hey,

I went to see an independant mortgage advisor on the 26th March this year and she got me an AIP from the nationwide and also reserved the product.

After I found out she charged £300 for her services I decided to look elsewhere and put that 'bad' experience all behind me...I had lost out on the property I was involved in at the end of march anyway so it was no big deal.

:beer:

Technaut

It seems that you already have it all worked out, you went to see a mortgage advisor to get advice and got advice! how can that be a bad experience, did you not know from the beginning that the advisor charged for her seervices?

drummer boy

Technaut

twas a bad experience as never told me until the end that she charged any fee's...but anyway, I dont have it all work out or I wouldnt be asking for help on here

The question remains, will the Nationwide speak to me directly regarding the AIP already set-up or will I have to go back to the mortgage advisor?

thanks

Technaut

my friend told me earlier that they wont deal with me since it was set-up through an IMA. Bummer.

i'm going to phone them tomorrow just incase he isnt right

Cara79

Hi there

To be honest I wouldn't worry about the Nationwide AIP. You have now seen a whole of market, fee free broker who would have checked the whole market, including the Nationwide as they're such a big broker around at the mo.

Your broker should have recommended the best to suit your needs.

Also, you do not have a product 'reserved'. An AIP is basically saying that in principle they will lend you xx amount of money pending further checks.

It's only after that you look at products and the only way you can 'reserve' a product is by signing up.

I would trust your broker. If you're still unsure, tell your broker you have this other AIP (which you should have done anyway - as there would have been a 'footprint' on your credit history) and get them to re-check that they've got you the best deal.

Hope this helps
Cara

Technaut

hey there

The 1st person I seen told me she had also reserved a product with the nationwide and got an AIP on the same deal.

I did tell the 2nd person I seen that I had an AIP, think I told him about the "reserved" product but not sure...he told me we would look for current deals which I was happy to do at the time. it's just when the conversation I had with the 1st broker about the 'reserved' product sprung to mind on saturday that I thought i should look into it a bit further.

So do you think it's worthwhile phoning the nationwide or just forget about it?

HelpWhereIcan

The Nationwide's online system does allow you to reserve a product and if the one reserved for you is much better than what is currently available, it could be worth your while pursuing.

Normally, the purchase price and loan amount need to be the same as the AIP, but this can be got around by using a 'material changes' form to advise Nationwide of the difference.

I do not think that the Nationwide will let you go direct and get the reserved product, but it is always worth a try.

Your new adviser may be allowed to take the application over if you provide written confirmation that your relationship with the first adviser no longer exists and you want the new one to handle your application.

As with everything else, if you don't ask you don't get.

Good Luck

Hope this helps

MortgageMamma

You could always reapproach the first adviser and tell her you are not happy to pay her a fee as she gets commission but you would like to do the business through her, so would she mind dropping the fee?

You never know, she might agree.