Think I annoyed the Nationwide advisor.

hbomb

Evening all

Can I just make use of your collective wisdom? Yesterday I went in to see the nationwide mortgage advisor about a house purchase.

After a lengthy (3hour) 'interview', that was a struggle for me and, I expect, her too, we came to the conclusion that a 2 year fixed rate with a product fee, was the best for me. As I felt I'd already been thoroughly assaulted by numbers, percentages, hypothetical scenarios and decimal points, I didn't argue.

However, this morning I had a look at the N'wide website mortgage calculator and it seems there is a longer term fixed deal that, whilst it has higher payments, would not have a product fee, gives 250 cash back for using my own solicitors, and offers a free valuation (also saving over 250 quid as we're going to pay for a homebuyers anyway). Tot that up, and it saves over 1500 quid initially, which more than offsets the extra monthly payment, so unless I am missing something it saves in the long term? Plus, I don't have to worry about remortgaging (extra costs and another interview) in 2 years.

Am I missing something here? I emailed the advisor to ask about exploring that option, and she implied that by my asking about it, we now have to go back to square one and arrange another interview and I need more 'advice'. My heart sank, as did hers too I'm sure. It was only a question!

Before everyone says that I should have gone to a broker - I did, but they said that as it's in theory a fairly simple case, and very low LTV of 35%, they recommended I'd be fine on my own.

Is there an easier way? It's only a week since our offer on the house was accepted, solicitors have only just been appointed, so still early days but I thought the mortgage should be straightforward!

TBeckett100

Apply online with them?

Three hours grilling? I would have told them to sod off. The trouble with bank branch staff, no commerciality. They'd spend hours selling a silly cash ISA.

TBeckett100

Your broker told you to go it alone because the case was too small for them. If the nationwide girl said you'd be good for a loan, just apply online and bypass the grilling.

Armorica

Just say you don't want financial advice (if they 'advise' they have to do the grilling/paperwork) - you want to apply for mortgage x and they will either accept or decline it.

kingstreet

Armorica wrote: »

Just say you don't want financial advice (if they 'advise' they have to do the grilling/paperwork) - you want to apply for mortgage x and they will either accept or decline it.

If you interact with a human being, in a branch or over the phone, you have no choice but to go through the advised process.

Doing it online, you can go execution-only.

martin.cat

I applied with first direct online whom I already banked with. Very easy and straight forward. I came up with them after checking out mortgage deals on mse site. I had already made an appointment with broker but as house sold in 3 days I decided I needed to get the ball rolling and was very happy with the numbers for a 5 year fix

https://www.moneysavingexpert.com/mortgages/best-buys/

hbomb

Thanks. I guess that in my naïvety, I thought the advice route would be a bit quicker. I was lucky to get an appointment within 2 days, but now getting another one is over a weeks wait.

I may have to stay down that route (don't know), as the advisor has already done a DIP, and checked / scanned documents, so I've no idea if I can go it alone now without starting again, new credit check etc. I'll try and give them a call... Ugh.

moneyistooshorttomention

Gawd!

I know it was in a different era that I bought my first house (ie the 1980s), but I had sussed out whats what mortgage-wise and decided which "lucky company" was going to get my business in less than an hour.

I bought a "Which" type magazine. Think it was "Which Mortgage"??? and read through that, compared the tables they had given about maximum multiples of salary given, rate of interest chargeable, etc, etc, and the "winner" for which building society to use was very obvious, with several other possibles.

I went off to the "winner" and told them words to effect of "I've decided its you and such-and-such a product please" and all done and dusted and mortgage set-up in no time.

LTV is a new concept that's come along since my time, but from what you say I've translated that into "Got a reasonable size deposit", so surely its still you in the driving seat and you just decide who it is and then TELL them what you have decided???

EDIT: There ya' go = "checking mortgage deals on MSE site" that another poster mentions probably is the modern-day equivalent of me looking at "Which mortgage" magazine (though I think that magazine might still be around).

kingstreet

Checking rates is fine, as long as you have nothing in your financial make-up, or the property has nothing which may prevent you sliding snugly into the lender's appropriately shaped hole.

harrys_dad

You made the fundamental mistake of thinking that your bank (and although Nationwide is still a mutual they are a bank) is there to advise you rather than sell you a product and earn commission. I feel sorry for the branch staff who are really just glorified commission driven sales people. Approach them in the same way you would a used car salesman.

moneyistooshorttomention

harrys_dad wrote: »

You made the fundamental mistake of thinking that your bank (and although Nationwide is still a mutual they are a bank) is there to advise you rather than sell you a product and earn commission. I feel sorry for the branch staff who are really just glorified commission driven sales people. Approach them in the same way you would a used car salesman.

That thought certainly crossed my mind too, ie I was wondering whether that salesperson would get paid something extra for having you in all over again for an interview.

At the least, they want you in all over again to try and do the "hard sell" on you.

This ain't for your benefit.