need some help please Nationwide mortgage

Colinthefish

Hi
Can any one advise please
We have had 2 mortgages in principle from nationwide, we are on 5 year fixed just finished the term and are moving house, The mortgages in princople have been with drawn and our brokers said Naitionwide should have not offered them becausethe product has not been avalable since 2005. anyway have been offered an other mortgage in principle ( higher rate and £1000 fee ) great ...
it has taken nearly 3 months and still waiting for conformation!!
we are worried that our sale might fall through , i have spoken to the broker and he is being told different storeys every time he calls nationwide.
Should i call them direct? does it take 3 months ?

Any help would be great

kingstreet

Why don't you port the base mortgage rate (2.5%) on the current amount of your mortgage to the new one?

You would then need to take only the extra bit on a new product.

Colinthefish

That's what I tried but you can't do that now , so will keep that one and got another one for 70k higher rate plus 1k !,

kingstreet

When did ability to port BMR end?

I've heard nothing about it and I talk to Nationwide practically daily.

Have you spoken to Nationwide yourself?

Colinthefish

Was told by my broker that since 2005 you can't add on to the mortgage ,
So have kept that product as now 2.5% and taken another out top up of 70k

kingstreet

Yes. That's what I was suggesting.

You take a new mortgage with Nationwide and port the BMR over to the first part of the new mortgage. Any extra borrowing above that is taken on one of the current new Nationwide products. You never could have more money than you already owe on the existing rate.

So you are actually doing what I was suggesting.

So what's the problem?

Is Nationwide willing to lend what you need?

Colinthefish

Well the first to offers did have the extra 70k in ! So the mortgage in principle was not even available in the first place ! So this has delayed things as had 2 get another mortgage in principle , which I did and thought everything was fine but after 2 months we are still waiting for confirmation ..

kingstreet

I'm sorry, this is not making sense.

Take the product/rate issues out of the way.

You apply to Nationwide for an agreement in principle, then proceed to a full mortgage application. This is for a new mortgage on a new property. Nationwide agrees to lend you the money, or it declines your application.

Please confirm what steps have been taken and where you are upto with this.

Please remember, you are applying for a whole new mortgage for a new property and don't allow ported or new rate issues to intrude.

Colinthefish

Ok .first mortgage in principle declined as the product was not available and should have never been offered ..this was to add 70k to our existing mortgage .
Got a new offer in principle ( taken out a top up of 70k )which my broker has said has been agreed but have had nothing in writing from nationwide. Have been told by the broker that every time he calls them its going in the post has been over 2 months now and still no letter to confirm .
The house chain can't move on until this happens ..

Should I call nationwide or can only the broker call , do it take this long ?

kingstreet

TBH I'd simply phone Nationwide yourself and ask them what's going on. There's no point me trying to explain how it works if there's something already being considered.

Colinthefish

Is it worth making a complaint about the mortgage in principle being taken away .
I do understand that's its not guaranteed , but if it wasn't available than why offer it ?