Experience of switching Nationwide mortgage deal during fixed term

Primrose81

We want to switch our deal and fix for 10 years now, before the interest rates go up. It makes sense for us, even with the ERC.

In order to do this Nationwide insist you speak to their mortgage advisor. This is fine but I'm puzzled over why the appointment takes 1.30 hours. It's not an affordability check as it's a deal switch. They've asked for copies of our life insurance and building and contents policies, which we have. They've also asked for a copy of our critical illness cover, which we don't have.

Is this just an opportunity for them to try and sell us things? I feel like we don't want or need the advice but we have no choice.

Does anyone know what else will likely be discussed over an hour and a half?!

I'd be really grateful for any recent experiences.

Thanks in advance.

Thrugelmir

It's to protect the NW themselves. Lenders have a duty of care towards their customers. Incurring an ERC isn't always the right way to go. 

K_S

@primrose81Since the appt is for 90 minutes I guess with the ERC coming in makes it an advised process rather than an execution-only rate switch.

It sounds like they might be trying to sell protection along with the rate switch. Ordinarily I would recommend considering using a broker (certainly won't involve a 90min call!) but they don't allow rate-switches through brokers if an ERC is involved.

PawelK

Hi. I had a video appointment with them back in November when I wanted to discuss options for early product switch with ERC or to wait for the fix end this year. The appointment was also scheduled for 90 minutes which I found excessive. It became clear to me that what happened during the call was partly a waste of time. A young woman spent probably 20-30 minutes in total on reading many script pages of different legal terms, advice waivers and so on. She was also asking questions which were open to discussion or required explaining to me in details as they were too ambitious to answer. Honestly, if they were better organised and used offline channels for familiarising yourself with t&C's/legal bits, the appointment could easily be done in under an hour.