Remortgage: Nationwide vs HSBC vs Santander? Quickest / most efficient?

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SouthLondonUser
SouthLondonUser Posts: 1,425 Forumite
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in Mortgages & endowments
I have to remortgage. LTV ca. 50% , the loan is ca. 1.6x combined gross salaries, no other debt, so affordability shouldn’t be an issue.
I was all set to remortgage to a FirstDirect offset (it had all been approved), but my circumstances changed and I now need a mortgage with no early repayment charge; letting the property out won’t be an option for a number of reasons, so we absolutely need the option to repay early without penalties.

I have narrowed it down to Nationwide, HSBC and Santander. All Bank of England trackers with no early repayment charge.

In summary, my question is: which of these 3 banks has a reputation for speedy and efficient processing? Would going through a broker speed up the process? If I don’t remortgage, my rate goes up on August 1st, which means that I am better off with a bank that can approve my mortgage quickly, than with one that takes forever but charges a few basis points less of interest.

Nationwide have made me waste a lot of time, because I cannot apply online due to an “error” in their system which they cannot explain, and I must start the process again over the phone http://forums.moneysavingexpert.com/showthread.php?t=5677407.

Wrt HSBC, I have heard horror stories about Countrywide Conveyancing, which they insist on using. Maybe the fact that FirstDirect had approved me for a mortgage might help speed up the decision, since they are part of the same group?

My only concern about affordability is that I have recently started a new job, and am in probation for 2 more months. It’s a bigger job with a good pay rise, so, if anything, my affordability should have improved, but I understand some lenders don’t lend to employees on probation, no matter what.

Thoughts?

Thanks!
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  • amnblog
    amnblog Posts: 12,443 Forumite
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    If speed and efficiency is the issue I do not see why you would not be using a Broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • SouthLondonUser
    SouthLondonUser Posts: 1,425 Forumite
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    Well, I genuinely don’t know what to think about this. I have heard lots of contradicting feedback.

    On one hand, brokers should be more familiar with the processes and requirements of each bank, should be able to advise that bank X prefers documents this way while bank Y will want documents that other way, etc.
    On the other hand, once documents are received, I very much doubt the underwriters process them any quicker simply because they were received through a broker.

    Or, if the solicitors are overstretched, have too many cases, take too long to process paperwork, etc, can brokers really make a differenze?

    I am not trying to be polemic – I genuinely do not know what to think.
  • amnblog
    amnblog Posts: 12,443 Forumite
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    The relationship is that the Lender pays the broker a fee for identifying a suitable client and putting an application pack together in a form that makes it easy and swift for the Lender to say yes.

    The most efficient Lender in the Country will have a problem if presented with the wrong applicant, or the wrong detail.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • SouthLondonUser
    SouthLondonUser Posts: 1,425 Forumite
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    OK, but for prime clients (50% LTV, loan ca. 1.6x combined gross salaries, mortgage held for 4 years, no other debt) applying for a standard product, how much of a difference does a broker make?
    I'd most likely go to a broker if I were self employed or applying for a buy-to-let,

    In my case, I'm trying to understand if the broker would, say, facilitate the process because he'd avoid a lot of back and forth with the bank, or not.
  • amnblog
    amnblog Posts: 12,443 Forumite
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    All I would say as an example is, if you have used a broker you would not have wasted your time with Nationwide.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • SouthLondonUser
    SouthLondonUser Posts: 1,425 Forumite
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    edited 13 July 2017 at 3:21PM
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    Touch! :)

    Do brokers require face-to-face meetings or lengthy telephone conversations? My wife and I both work long hours, in totally different parts of the city, so we wouldn't be able to meet with a broker in person. We'd be able to arrange phone calls, of course, just not at the same time.

    Would we be able to send documents online? Or would we need complicated certification procedures, like having documents certified at the post office or a bank branch (massive waste of time)?
  • amnblog
    amnblog Posts: 12,443 Forumite
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    You've just described our service, so, yes.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • SouthLondonUser
    SouthLondonUser Posts: 1,425 Forumite
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    I tried to write this: http://dictionary.cambridge.org/dictionary/english/touche
    But the site deleted the accented "e". This site doesn't like the French, I guess :)
  • Tommyjw
    Tommyjw Posts: 167 Forumite
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    I just used Nationwaide through a broker and went from app to offer in a week
  • SouthLondonUser
    SouthLondonUser Posts: 1,425 Forumite
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    Thank you. That's useful colour. Without a broker, in two weeks I have gone from approval in principal to... nowhere because of Nationwide's stupid IT system!
    Tommyjw, how was the conveyancing /legal phase? Did you choose your own firm or did Nationwide force you to choose from its panel? Were they a pain?
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