mortgage query nationwide 500 cashback joint mortgage only 1 is first time buyer

cazum

me and my partner have been offered a mortgage by nationwide but they have refused us the 500 cash back offer as my partner isn't a first time buyer in am they state all party's must be first time buyers which is fair enough....

the issue I have is that we have went through a mortgage broker (first mortgage) we had completely disclosed all information about previous mortgage ect.... yet it seems like the broker has applied us for a first time buyer mortgage. now it's only 500 cash back but nationwide weren't the cheapest on offer and we were advised to apply for that particular mortgage by the broker due to the cash back offer working out best for us.

if we had went for another mortgage we would have had a slightly cheaper monthly and over the fixed 2 year term of the mortgage we would have saved 300+ but again we were advised to apply for the nationwide one but at no point was it mentioned that this was for first time buyers only and we may not qualify

as stated above nationwide have offered us the mortgage without the 500 cashback

does anyone know where we would stand?. obviously we wish to complete on the house asap but could we re-apply with another lender or would the fact that we have been offered by nationwide effect another application

cazum

so in short lol

1. due to poor advice we are missing out on cashback or a cheaper monthly deal

2. we have been offered a mortgage without the main selling point of the mortgage

what would our options be?.
could we reapply with another lender?

we will be speaking the the broker on Monday we would just like to know where we stand so they can't bs us....

thanks for any advice

Lemonsqueezer78

When you say you have been "offered" a mortgage, I presume you mean you have a decision in principle, rather than a full mortgage offer?

You can apply with any lender you like... (taking your brokers good advice about who is most likely to approve you...its not always solely about the lowest rate!) and you should go for the best overall deal your broker can find you that he feels you will meet the criteria for.

If the cashback made this deal cheaper than any others overall, but you are not able to get it, ask your broker to look for another deal. That is what they are there to do.

A good broker will not "BS" you. But if they do - get a better broker!

AnotherJoe

Of course you can apply for a mortgage with a different lender.

"ASAP" isn't going to apply if you restart though.

Look at it another way, you will save £100 a year for 2 years. Is that worth the hassle and lost time to you of restarting ? Though maybe it could be more now if other lenders have better deals since the recent drop in rates. Is your broker working on bank holiday Monday ?

Lemonsqueezer78

And at least nationwide DIPs are a pretty reliable decision usually. Unlike some other lenders that will give you an poorly scored AIP/DIP which then risks being a decline later on. But again, that is what the broker is there to advise you on.

cazum

nationwide have assessed us and have offered a mortgage to us minus the cash back. so all we would have to do is sign so a full mortgage offer has been received

ah good point about the bank holiday but they may be in as we are in Scotland the lawyer is phoning on Monday too lol.

I understand about replying would slow things down just wanted to know our options as we have been told by the broker to apply for this particular mortgage which in reality wasn't suitable for us if anything hopefully they learn from this to better advise others

as said yeah it's only 500 cashbook but that would have been very useful links and the main reason we were advised to go for that mortgage despite no mention of it being first time buyers only!!

as for reapply we most likely won't but just wanted to know if that was an option given we had already received a full offer

TrickyDicky101

Have you incurred fees from Nationwide eg valuation and/or product booking fees? You are unlikely to get these back (and will incur them again with another lender) so you need to factor this in your decision.

SavingSteve

Is there any recourse against the broker here? Seems like incorrect advice has cost you.

Thrugelmir

SavingSteve wrote: »

Is there any recourse against the broker here? Seems like incorrect advice has cost you.

Perhaps the broker should make no charge to compensate.