Nationwide lack of customer loyalty

Mer766

I have a mortgage with 3 people me and my parents has been all fine no communication from them to say any changes have been made. I now need to borrow funds to update doors and windows so I call to apply all within affordability to be told they changed their policy September 2012 and no longer do mortgages with more than 2 applicants that's ok I already have one but oh no they won't transact on it at all so if I wanted to change my rate and fix it they won't do that either. I can not do anything so if rates shot up to 20% I would be stuffed so what are my options I asked the response "you can remortgage " I am shocked we have had a relationship with them for over 40 years I worked for them for 20 years and know that they USED to PRIDE themselves on customer service and keeping their customers informed was always promised to customers. I have 4 bank accounts 2 life policies 4 savings accounts home insurance you name it it's with nationwide bad they are willing to lose this of course they are they don't give a toss I'm just a number. I left them as an employee because I was treated as a number. I have complained the ombudsman is involved and I'm sure the national press would be interested to know about this. All they say is sorry but the system won't allow us to do it now but the system already has 3people on this mortgage so it must do. If I have to remortgage I think they should have to pay my costs involved as they have put me in this situation I never asked for it SO ANGRY

ViolaLass

If the policy has changed, why shouldn't that change apply to you?

MoneyMate

Customer loyalty unfortunately is a thing of the past, if it's not BS or banks same goes with any type of insurance.
I seem to have the same conversation every year with insurance companies when I do not renew as a existing customer as it's cheaper to go else where as a new customer.

Thrugelmir

Further borrowing has nothing to with customer loyalty. All to do with a running a business in a different environment under different regulations.

A lender doesn't have to lend you money. That's the reality.

There are other lenders that fill your needs.

Yorkie1

Actually, NW do value customer loyalty - the interest rates on their customer retention products are lower than for new customers.

But as others have said, if the policy has changed then it's changed for everyone.

Keekles

I'm really not sure what the Ombudsman are going to do and I'm pretty certain the National Press couldn't care less.

Harsh reality but come later this month, I'll be surprised if you can find any lenders offering 3+ applicants.

Kazza_Monkey

You have to look at it from a lenders point of view in reality. The more people named on a mortgage the higher the risk of one not paying their share or becoming insolvent fewer people fewer chances. The sad fact of the matter is it's getting harder and harder for 2 people or less to have enough income to be able to get the mortgage they need as the house prices are so inflated the gap between the rich and the poor is increasing every day.

kingstreet

Nationwide is trying to move away from paper/manual processes. After this round of changes, only ported cases will have to be done manually and that will change later in the year too.

They've done away with more than two applicants and those with a foreign address in the last three years. NewBuy/MI NewHome and foreigners without ILR have been taken across to NFI Online now.

amnblog

As KS says

It is not about not wanting to lend to you.

It is about being able to use a single computerised process with an audit trail to satisfy the regulator.

Your intended loan cannot be accommodated within that process.

Mer766

Yorkie1 wrote: »

Actually, NW do value customer loyalty - the interest rates on their customer retention products are lower than for new customers.

But as others have said, if the policy has changed then it's changed for everyone.

Exactly they try to retain their customers by offering good deals retention is big business for them but they are very quick to tell me to remortgage as they won't do anything.

My point is that I can afford to remove my dad from this mortgage he was only needed for income because at the time I was working for nationwide and my salary was so bad even after 17 years of service that it was needed now I am in a better job I can do it with just 2 people but they won't even allow me to take one person off they still say I have to remortgage.

Oh and surly they should have informed all parties that this change to policy would affect my mortgage as I can not make any changes to the mortgage in the future. Even if I wasn't looking to borrow more I can not do anything like chane to one of their retention rates

maninthestreet

Mer766 wrote: »

Exactly they try to retain their customers by offering good deals retention is big business for them but they are very quick to tell me to remortgage as they won't do anything.

My point is that I can afford to remove my dad from this mortgage he was only needed for income because at the time I was working for nationwide and my salary was so bad even after 17 years of service that it was needed now I am in a better job I can do it with just 2 people but they won't even allow me to take one person off they still say I have to remortgage.

Oh and surly they should have informed all parties that this change to policy would affect my mortgage as I can not make any changes to the mortgage in the future. Even if I wasn't looking to borrow more I can not do anything like chane to one of their retention rates

So can you re-mortgage with another lender??