Nationwide mortgage commission lies?

lg789

Just applied for a Nationwide mortgage. We had an intial meeting with our local branch, where the adviser said that he received no commission from Nationwide for setting up mortgages. When we found a house, we applied online with Nationwide because the entry date was soon and we couldn't wait for a branch appointment. I booked an appointment at my branch to fax all my documentation etc to the head office. The adviser had on her desk an email from the person at the branch who I had spoken to when I phoned to arrange this appointment and explain the situation - the email said at the bottom, "Sorry, at this late stage we have already lost this application". Which leads me to think there actually is something in it for the financial advisers at Nationwide. Does anyone know what it is?

silvercar

Even if there is no commission involved, advisors will have targets to meet.

dunstonh

Most bank staff dont get paid commission in the true sense. The most common method is being salaried but having a salary based on achieving target or exceeding it by certain amounts. This allows them to say they are not paid commission which is technically correct but in reality, their earnings are based on what they sell. Many of the mortgage advisers (rather than the financial advisers) have no commission at all but have sales targets as silvercar says. Their end of year report which decides their payrise/bonus will be based on achieving targets.

The providers online systems are often not accessible via branch based. Many providers run the direct arm as seperate subsidiary companies. I dont know how they do it at Nationwide but it is quite possible that the staff in the branch cannot see the direct applications.