Nationwide - Impressed so far

MSM78

Hi,

A bit of praise for Nationwide so far and after a view from the mortgage experts on here!

I've just arranged my re-mortgage to Nationwide and it's been a really slick, speedy service so far. From completing the online application to receiving the mortgage offer has only taken a couple of weeks and the communication has been great.

I'd secured a 5yr 2.89% deal which is now due to begin in July which is/was pretty competitive. Only slight issue is I received a letter from my current lender yesterday offering me exactly the same deal to stay with them. Looks like they've introduced a lower rate in the same period.

After calling them to make sure this was the best they could do (it is) I then checked with Nationwide and they now have a 5yr 2.74% product in place of the one I've secured. I've now re-applied for this.

The adviser has said this will have to go back through their system and will replace my current mortgage offer. Obviously won't need the legal / valuation stuff re-doing, just back through underwriting I expect. If for any reason it declines I haven't really lost anything though as I'm no worse off just remaining with my current lender.

None of my circs have altered, in fact I've requested a slightly lower borrowing figure as I'd over allowed for my redemption figure.

What do you think the chances are of getting the newer lower rate? I suppose people must do this if better offers come along? I've worked out it's going to save me just under £800 over the five years so it's worth doing.

Thanks

ACG

I find nationwide very hit and miss. My last case they asked for paperwork galore and then declined through something completely unrelated to the paperwork requested.

My previous case to that went to offer in under 3 days from application.

I think switching products will result in another credit check - you potentially risk losing what you have if you fall foul. I asked my account manager at nationwide the very same question on Thursday.

MSM78

Hi

Yes, the adviser did say it will replace my current offer running it again and that if it declines I can't revert back. She suggested as long as I've not bought the wife a Ferrari since the the previous offer it shouldn't be a problem.

I'd hope if I'm good to go and they've already done the legals and valuation, based on the fact I've got the same offer on the table where I am they will switch it over to get the business.

I certainly wouldn't have bothered just trying to get the slightly cheaper deal if I didn't have the safety net of staying put.

Will see how I get on!

Thanks