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Think I annoyed the Nationwide advisor.

2

Comments

  • betmunch
    betmunch Posts: 3,126 Forumite

    This ain't for your benefit.



    I think you will find the FCA would disagree with that.


    Everything in the MMR has been agreed to protect the consumer, its created a massive amount of work for brokers and banks alike.


    However, many brokers have got their heads round it quickly and have got their processes sorted out, the banks have not resulting in massive 3 hour interviews, with large amounts of repeated work.


    Having said that I don't see why the OP would need to do the whole interview again, surely just the parts regarding the product selection. Just document the priorities that have changed since the original interview and pick the new product.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 39,333 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Let's face it, we've been giving "advice & recommendation" since 2004 in the current regulatory framework.

    It's only the lenders who've spent the last ten years playing the "information only" card, sticking three quotes in front of the applicant and suggesting they pick one, accepting no responsibility for the products given for consideration, or the one chosen.

    We've honed our process to a combination of phone calls, exchange of emails and short face to face meeting spread over a couple of weeks so it is a lot less onerous to give advice, despite us having to know multiple lender criteria, not just one.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Two options, take the advised route, and with it the consumer protection that you are being sold the correct product.

    Or execution only, do it yourself, and take responsibility for your choice of mortgage and its suitability.

    Few points, the mortgage adviser won't earn commission, they are on a salary, with some small customer service bonus, not sales or commission.

    The grilling is a result of MMR, and driven by years of people's anger at how reckless the banks were in the lending spree .

    People spend longer test driving cars, than ensuring the biggest purchase of their life will not end up with them on the streets if they can't pay.
  • hbomb
    hbomb Posts: 26 Forumite
    Part of the Furniture Combo Breaker
    Thanks everyone. I think they advice she gave was generally fine, I just confused everything by changing my preferences after the interview.

    I was just worried that I'd put the whole process back, or scuppered them, as a result of sending an "Are you sure this is the best product for me" email. I can see that following the MMR introduction they need to be seen asking how much I spend on a haircut etc.

    Does anyone happen to know if, with nationwide, I can now just apply for the product I want (execution only), even though I started using the advisory process? I can see in my online banking account that I have a mortgage application open. Maybe I'll just give them a call on Monday...
  • Snakey
    Snakey Posts: 1,174 Forumite
    If you're applying for it independently, you aren't restricted to Nationwide products (unless there's some reason you specifically want them). Unless you are self-disciplined enough not to carry on looking once you've applied, you run the risk of changing your mind again if you rush into it :). It may be worth spending tomorrow exploring other options, there's no difference between sending off your application on Saturday evening or Monday morning.
  • Poppy9
    Poppy9 Posts: 18,833 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    If you do decide Nationwide is for you and they say they can't see you for a week tell them you will go elsewhere. Say you have been through a 3 hour fact finding interview so it's only product selection and say you have lost a bit of confidence in them as they didn't consider this product for you. Perhaps as part of the interview you said "low monthly repayments" were more important than up front costs.

    I always look at the full cost, including any F&C, over the full term. They should have this information readily available.

    You have learnt a valuable lesson, they are not fully conversant with their own products.

    I always research myself first so I know my options. Caught out Halifax advisor who wanted to do a savings review for DD. I set out 2 products that were better than she came up with. She was embarrassed so I'm guessing they don't have much training and have to do personal research.

    I have BTL with Principality and find them helpful and knowledgeable. When I needed to remortgage at end of fixed period I went in with lower comparisons from other banks/BS than those that were showing on their website. Advisor straight away said he had better product for existing customers and done and dusted in 10 minutes.
    :) ~Laugh and the world laughs with you, weep and you weep alone.~:)
  • hbomb wrote: »
    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!

    I have a three hour appointment lined up with them next weekend, can I just ask, when you finish the appointment and you decide on a product do they tell you what your chances are of being offered the product/or how long you would need to wait to find out. I thought this new system with a three hour appointment resulted in your being told if you would actually get the mortgage (considering the DIP has already been approved)...how do they leave it at the end of the meeting? Thanks
  • zarf2007
    zarf2007 Posts: 651 Forumite
    Ninth Anniversary Combo Breaker
    lafemme51 wrote: »
    I have a three hour appointment lined up with them next weekend, can I just ask, when you finish the appointment and you decide on a product do they tell you what your chances are of being offered the product/or how long you would need to wait to find out. I thought this new system with a three hour appointment resulted in your being told if you would actually get the mortgage (considering the DIP has already been approved)...how do they leave it at the end of the meeting? Thanks

    I really don't understand in this day and age why people bother with a 3 hour branch meeting. Just look at the products available online and apply from the comfort of your home. You will at least have everything to hand that is required and you can make your own mind up without being pressured to go a certain route....

    these days the only time I go into a branch is to pay in a cheque.....

    I recently remortgaged with nationwide, did it all online and was notified by text and email at every step of the way. To the OP, you can just start another application online and it wont affect you as they will just pursue the completed one and you can send them a secure message to cancel the old one (had a friend whose computer crashed halfway though the application and he started another one and they just cancelled the first).
  • jjlandlord
    jjlandlord Posts: 5,099 Forumite
    Absolutely never admit that you called her a 'pleb' and sue whomever might claim the contrary.
    You should be fine.
  • hbomb
    hbomb Posts: 26 Forumite
    Part of the Furniture Combo Breaker
    lafemme51 wrote: »
    I have a three hour appointment lined up with them next weekend, can I just ask, when you finish the appointment and you decide on a product do they tell you what your chances are of being offered the product/or how long you would need to wait to find out. I thought this new system with a three hour appointment resulted in your being told if you would actually get the mortgage (considering the DIP has already been approved)...how do they leave it at the end of the meeting? Thanks

    They didn't say anything about our chances really, but in my case we hadn't yet collected all the documents needed for the application. I would guess that as their job as an "adviser" is still in a way linked to them getting new business, they might just focus on the positives.
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