Nationwide mortgages- are they idiots?
Discussion
Just interested in other people's experiences of Nationwide mortgages?
Until yesterday only mild incompetence (failing to send welcome pack despite being asked 3 times, branch managed to fail to fax all pages of documents over etc) but they've outdone themselves yesterday. House we're buying is no chain and loan to value is 52% so they're money is fairly safe but there are no completion certificates for two of the extensions. Rather than putting a retention on the mortgage (which they've refused) they have suggested an indemnity insurance (which the conveyancing solicitor says isn't legal) or doing the work between exchange and completion (which is completely impractical in the circumstances as well as a nightmare with contracts etc). We were planning on doing the work required preferably before moving in.
Unless the next level of advisor pulls a rabbit out of the hat we might have to even look at a different mortgage which is completely ridiculous and would require another survey etc.
Interested if anyone else has any advice if not I'd say that I would definitely not recommend them at least until they've sorted the numpties on their mortgage team!
Until yesterday only mild incompetence (failing to send welcome pack despite being asked 3 times, branch managed to fail to fax all pages of documents over etc) but they've outdone themselves yesterday. House we're buying is no chain and loan to value is 52% so they're money is fairly safe but there are no completion certificates for two of the extensions. Rather than putting a retention on the mortgage (which they've refused) they have suggested an indemnity insurance (which the conveyancing solicitor says isn't legal) or doing the work between exchange and completion (which is completely impractical in the circumstances as well as a nightmare with contracts etc). We were planning on doing the work required preferably before moving in.
Unless the next level of advisor pulls a rabbit out of the hat we might have to even look at a different mortgage which is completely ridiculous and would require another survey etc.
Interested if anyone else has any advice if not I'd say that I would definitely not recommend them at least until they've sorted the numpties on their mortgage team!
The issue with the indemnity is that we intend to complete the work and other work and get building regulations approval for that. Approaching the council will invalidate the indemnity insurance according both to the solicitor (& my wife, who is also a solicitor). So indemnity policy is fine until you want to do the work. It is a bit beyond me tbh!
andy43 said:
mclwanB said:
Work is replacement of 2 windows, door glass in front door and under floor insulation. Also loft conversion likely to need more insulation to get up to modern building regs.
Bizarrely the 7k of work required on the drains was missed!
Bizarrely the 7k of work required on the drains was missed!
Idiots. I was expecting underpinning, new roof, extension foundations dug round some willow trees, that sort of thing.
Sharted said:
Most of the issues covered here relate to the survey.
Surveyor report shows issues and lender is obliged to react appropriately, as a lender they could be exposed to being seen as irresponsible.
Best to remove the emotion from the transaction.
No emotions involved in decision- would much rather they come to their senses and we can sort something out. Problem is that they are not reacting appropriately- 7k worth of non structural work is what they are requiring to be done between exchange and completion, on a loan to value of 52%. Given the difficulties in access we've had previously this a is real no go particularly given the legal complexities involved in drawing up a suitable contract.Surveyor report shows issues and lender is obliged to react appropriately, as a lender they could be exposed to being seen as irresponsible.
Best to remove the emotion from the transaction.
I think speaking to a broker and finding a less stupid mortgage company- one say that has been known to offer a retention on a mortgage in similar circumstances- is unfortunately going to be the answer.
Rabbington On said:
They were awful with us when we moved earlier this year, it was along sorry saga quite of bit it is posted on their Facebook page. We put in a complaint and got a decent sum in compensation.
PS Our welcome box gift arrived about 6 weeks after we moved in - realise that this is a gift as such and it was not expected but to arrive 6 weeks late seemed to be the icing on the cake of their incompetence!
Had a look at their Facebook page (both nationwide generally and nationwide mortgages) & all posts appear to be written by nationwide. If it was this year it looks to me as if they are taken down, presumably rapidly from then on? Or is there another Facebook page?PS Our welcome box gift arrived about 6 weeks after we moved in - realise that this is a gift as such and it was not expected but to arrive 6 weeks late seemed to be the icing on the cake of their incompetence!
This was our idea too but our solicitor is acting for mortgage company too (as they always do) & because she knows that we intend to do the work getting a worthless indemnity would put her in a position she won't go to. Do understand.
Manic at work today but off tomorrow so will try nationwide again.
Manic at work today but off tomorrow so will try nationwide again.
Fortunately after chasing them about a dozen times since the last time I posted they've come back with a different offer. There was a note saying that the mortgage assessor had recommended a retention but given their performance up to now they'd decided not to enforce it- new offer is without exclusions of any sort 
So if nationwide mortgages are being unhelpful harassing them via phone email or website/ facebook is where you need to go
So if nationwide mortgages are being unhelpful harassing them via phone email or website/ facebook is where you need to go
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