Nationwide

Halle71

Aaaaaaaaaaaaaaagggggggggggghhhhhhhhhhhhhhhh!!

We are probably one of the 'easiest' applications they will have - our current mortgage is with them and we are borrowing an additional £30k taking us to total borrowing of 1 x our joint annual salary and we will have 24% LTV. We have a BTL and rent is more than double our mortgage payments. We have no other debt, no credit card balance, no loans, no HP and £130k between us in savings accounts. The most risk we have in two more years of nursery payments and we do eat steak :rotfl:Even our car/petrol is paid for by my OH's work. We can pay all our monthly outgoings (except for BTL mortage but inc. childcare) from my salary and my OH salary is double mine. We are as bullet proof as they will get!!

Too many screw ups to explain and I will only make myself more angry but please don't use Nationwide until they have sorted themselves out post MMR.

We may have to bite he bullet and pay the ERF of £4000.
Doesn't seem much, but we need every penny for refurbing our new house.

pcgtron

I take it you need an additional 30K on top of your 130k in savings. If not, use your savings money and job done.

Wh05apk

Without knowing the issues, can't really comment, but at the moment they are no better or worse than most lenders, my life at the moment is more or less solidly sitting on hold for lenders (on 0845 numbers!) to try to sort out their problems.


Just remember though, MMR is all in your best interests (it must be true the FCA have said it!)

Halle71

pcgtron wrote: »

I take it you need an additional 30K on top of your 130k in savings. If not, use your savings money and job done.

£100k is earmarked for the work we need to do on the new house and we'll need every penny (it's also inheritance that we can't spend on fees/stamp duty which is what the additional borrowing is). The remainder is our emergency money - we both want to keep a certain amount in savings.

Anyway, we would still have to go through the same process to port our mortgage - it's taking out a mortgage that is a problem, not amount or the extra borrowing.

Halle71

Wh05apk wrote: »

Without knowing the issues, can't really comment, but at the moment they are no better or worse than most lenders, my life at the moment is more or less solidly sitting on hold for lenders (on 0845 numbers!) to try to sort out their problems.


Just remember though, MMR is all in your best interests (it must be true the FCA have said it!)

The most recent problem is that they accidentally keyed in that we are buying a new build instead of a period property. Apparently they cannot simply amend this as we started our application pre MMR so we are having to start ALL OVER AGAIN. Because of their mistake.

After a 3 hour interview on Saturday they were supposed to be calling on Monday to open a current account which they require for the product they recommend we take and then again on Wednesday to complete our application. Radio silence.
I have her email address - no response to my emails.

Wh05apk

Halle71 wrote: »

The most recent problem is that they accidentally keyed in that we are buying a new build instead of a period property. Apparently they cannot simply amend this as we started our application pre MMR so we are having to start ALL OVER AGAIN. Because of their mistake.

After a 3 hour interview on Saturday they were supposed to be calling thison Monday to open a current account which they require for the product they recommend we take and then again on Wednesday to complete our application. Radio silence.
I have her email address - no response to my emails.

Formal complaint time then, hopefully that will prompt some action.

amnblog

Sounds like the staff is badly trained on the new systems.

Hardly a surprise as they are dealing with new systems and a new 'advised' process.

Your timing has shot you in the foot as has your decision to go direct to the Lender.

May1987

We are getting a Nationwide mortgage too and are also fairly 'easy' applicants (66% LTV borrowing 3x joint salary). Application was done over the phone one week ago (09/05).


They do seem slow. We had to wait a while for the next available phone appointment to make the application, and they have booked our valuation for 21/05 - I was hoping it would be this week.


On the plus side they acknowledged receipt of our docs pretty quickly (I have Internet Banking and can see the progress of the application online) although one document has been judged 'unsatisfactory' and needs to be sent again.


Good luck!

Halle71

amnblog wrote: »

Sounds like the staff is badly trained on the new systems.

Hardly a surprise as they are dealing with new systems and a new 'advised' process.

Your timing has shot you in the foot as has your decision to go direct to the Lender.

I know that now :-)

I have applied (successfully) for dozens of mortgages and didn't realy think our straightforward application was worth 'bothering' a broker with.

Halle71

May1987 wrote: »

We are getting a Nationwide mortgage too and are also fairly 'easy' applicants (66% LTV borrowing 3x joint salary). Application was done over the phone one week ago (09/05).


They do seem slow. We had to wait a while for the next available phone appointment to make the application, and they have booked our valuation for 21/05 - I was hoping it would be this week.


On the plus side they acknowledged receipt of our docs pretty quickly (I have Internet Banking and can see the progress of the application online) although one document has been judged 'unsatisfactory' and needs to be sent again.


Good luck!

Thanks a lot.

We started our application on 27 March and sent all our documents via fax in branch on 29 March.

They acknowledged ours quite quickly as well, but then started asking for 'missing' docs that they themselves had faxed and we have the confirmation.

Then they forgot to do whatever needed to be done to process them to the next stage, only doing so when I called for an update 2.5 weeks later.

And now our current delay...

I hope yours is much faster!

Halle71

I made a complaint and they responded today.
The lady who did our last interview is now off long term sick so they have to do our interview again tonight so they are sure we have the correct product. For the third time!!!!

They have given us £200 compensation but I don't think that covers the stress we have been through....