Nationwide legal vs cashback

BBJB

Hi
Our mortgage deal is coming to an end and so we are looking to move providers to get a better rate. I have noticed that Nationwide offer £500 cashback or free legal fees.
Has anyone used this service and know what the legal fees are? Are they likely to be over £500?

Also we currently have bank accounts with Nationwide, does this make it more likely to be accepted by them as we are already a customer or does anyone know if they do special deals for current customers?

I am also thinking of applying direct to them instead of using a broker, we have never missed any payments on bills or cards and have no CCJS etc. We do use our overdraft which concerns me as Martin mentions in his guide this is something that the do not like.

Many Thanks for any advice

muhandis

From their website "Standard legal work is worth around £200 depending on your circumstances." But there are a few charges which aren't included in any case - money transfer fees, unusual searches, leasehold related work, etc.

Afaik, having an account with NW does not make approval any more/less likely. Currently, there don't appear to be any special deals for NW members.

In my opinion, there is no reason to not at least check out your options with a broker, NW might not necessarily be the best lender for your remortgage. Assuming your case is fairly straightforward, there are plenty of fee free brokers around, check the MSE section for more details.

BBJB wrote: »

Hi
Our mortgage deal is coming to an end and so we are looking to move providers to get a better rate. I have noticed that Nationwide offer £500 cashback or free legal fees.
Has anyone used this service and know what the legal fees are? Are they likely to be over £500?

Also we currently have bank accounts with Nationwide, does this make it more likely to be accepted by them as we are already a customer or does anyone know if they do special deals for current customers?

I am also thinking of applying direct to them instead of using a broker, we have never missed any payments on bills or cards and have no CCJS etc. We do use our overdraft which concerns me as Martin mentions in his guide this is something that the do not like.

Many Thanks for any advice

pcgtron

I've just remortgaged from Halifax to nationwide myself with the free legals. My solicitor quoted me more than 500 for the legal work so we thought with the free legals and it all went through very quickly and easily. Went direct, no broker, and the additional costs for searches and money transfers etc was about 60 quid. Very simple transaction, and very easy