Nationwide rate change frustration

Suzuka96

Applied for a mortgage back in July direct (moving to a new build and porting excisitjing nationwide mortgage). Reserved a 10 year fixed rate at 4.84.  Already exchanged and about to complete in 2 weeks.  Was told at time I could switch easily to a different rate should rates lower ( as was expected).  Rates have lowered and I want to switch to a 5 year fee free product at a slightly lower rate.  As nationwide put me down the advised route they are now saying It will have to be readvised and a completely new application submitted surely this is not right and was not what I was told at time.  (In case it matters we are buying a new build and already exchanged ) 

kingstreet

We can change products quickly and easily but the direct route? No idea.

Suzuka96

They are point blank refusing unless a new application is submitted and apart from risk of them refusing the timeline for completion pre Xmas may be screwed.  I have therefore raised a complaint and will take if further if needed as I feel I have been unfairly treated by being pushed down an advised route. 

MWT

Suzuka96 said:

They are point blank refusing unless a new application is submitted and apart from risk of them refusing the timeline for completion pre Xmas may be screwed.  I have therefore raised a complaint and will take if further if needed as I feel I have been unfairly treated by being pushed down an advised route. 

You are not just updating a rate on your 10 year product, you are asking them to change to a 5 year product so I'm not surprised they are treating it as something they have to review more thoroughly.

How do you feel they 'pushed' you down the advised route?

Suzuka96

This what they said when I asked about a switch to the new 10 year product which is marginally lower rate and that brokers can do it.  

An independent advisor would use the same systems as we do and as a result the process would still have to be a resubmission and bare the same risks and process as discussed. (all be it, maybe without the need of a second interview as that is their choice regarding how they operate and interrupt regulated advice requirements and guidelines)

And why I feel pushed is I did an online application and next thing I had someone call up to arrange an appointment for an advised call it was only on that advised call was I advised I would have had the option to go non advised but as I was now down the advised route to late to change. I told the advisor at the start of the call what rate and term etc I wanted and double checked I could amend before completion.  

kingstreet

Sorry, going back to the OP, is this a port, or not?

Suzuka96

I am porting but also taking out a new mortgage (porting 180k new mortgage 130k approx) it’s the new mortgage they won’t budge on the port fixed rate is untill
next dec