Nationwide Mortgages & Surveys
Discussion
Can rely on you guys for impartial advice (along as it isn't car, smoking or ponytail related 
)
1) Nationwide BS -anybody got experience of these as a mortgage provider?
2) Surveys -mortgage advisor is recommending a basic survey over a homebuyer survey (on 100 y/o property), bolstering problem areas with independent advice(eletricians, builders etc) as required. Apparently there's very little difference in actual information contained within these different survey types?
Cheers
>>> Edited by pete_w on Tuesday 25th March 22:12
) 1) Nationwide BS -anybody got experience of these as a mortgage provider?
2) Surveys -mortgage advisor is recommending a basic survey over a homebuyer survey (on 100 y/o property), bolstering problem areas with independent advice(eletricians, builders etc) as required. Apparently there's very little difference in actual information contained within these different survey types?
Cheers
>>> Edited by pete_w on Tuesday 25th March 22:12
OI !!! 
sorted that ponytail out specially...... 
On a 100 year old property, I think you're best served with a full structural survey (not just a fancy Housebuyers report).
And a basic survey for mortgage purposes is only to please the potential lender anyway!
If you have a full structural done and something is missed, I think you may have some potential comeback on the surveyors - not guaranteed mind; I'm no expert.
And a basic survey for mortgage purposes is only to please the potential lender anyway!
If you have a full structural done and something is missed, I think you may have some potential comeback on the surveyors - not guaranteed mind; I'm no expert.
I'd go with the building society advice.
I've tried both. The basic one says the house is worth the money and unlikely to collapse. the homebuyer/builder one says the same and comments that the wallpaper in the bathroom is no longer fashionable.
Not worth the extra dosh. If you go along at the same tim as the surveyor on the standard one then you can pick up any comments and get a builder in for a quote (free of charge) if anything looks dodgy.
I've a Nationwide mortgage and have had no problems but I couldn't tell you if it's the best value or not.
All just my opinion.
S..
I've tried both. The basic one says the house is worth the money and unlikely to collapse. the homebuyer/builder one says the same and comments that the wallpaper in the bathroom is no longer fashionable.
Not worth the extra dosh. If you go along at the same tim as the surveyor on the standard one then you can pick up any comments and get a builder in for a quote (free of charge) if anything looks dodgy.
I've a Nationwide mortgage and have had no problems but I couldn't tell you if it's the best value or not.
All just my opinion.
S..
Yes, for 3 years and no complaints and a good rate. I've just signed up again with them again for 2 years fixed at a 3 and a bit percent.
1) Nationwide BS -anybody got experience of these as a mortgage provider?
We paid a bit more for the more advanced survey and didn't really feel I got any more information. I'd definitely get the wiring inspected independantly on that age property unless you know it's been rewired.
2) Surveys -mortgage advisor is recommending a basic survey over a homebuyer survey (on 100 y/o property), bolstering problem areas with independent advice(eletricians, builders etc) as required. Apparently there's very little difference in actual information contained within these different survey types?
Regards,
Mark
>> Edited by dern on Tuesday 25th March 22:26
pete_w said:
2 years fixed at a 3 and a bit percent.
Is there some sort of loyalty bonus at work here or is my (independent) advisor taking a cut.... the deal I was offered was 2 years fixed at 4.6%
yes your IFA (the independent bit can be flexible) is offered various incentives called proc fees to entice new business. Some lenders offer more than others on different deals to different IFA's, so it's quite possible that one will offer 4.6% if he can get you a different mortgage with another provider that will give him a higher proc fee. Of course this is a general rule.
beano500 said: On a 100 year old property, I think you're best served with a full structural survey (not just a fancy Housebuyers report).
this is good advice IMO
And a basic survey for mortgage purposes is only to please the potential lender anyway!
very true - nothing more in some cases than "is it still standing"
If you have a full structural done and something is missed, I think you may have some potential comeback on the surveyors - not guaranteed mind; I'm no expert.
depends on the lender (who contract it out from their own approved panel) but generally the homebuters survey is double the price and not really in depth - they would for instance mention if the property had mould on the windows, that sort of thing.
It is well worth getting a full structural survey as in most cases (certainly with us) this is an undertaking to report back to you the "full and exact quality of structure with any advice if required + estimates if needed" - that came from our own book. They are usually a contract and so you have access to legal remedies if requuired, so you will have comeback.
Of course you could have the house inspected by a sparky/plumber/civil engineer/anybody else you trust, but you may not (or may, I won't generalise
) get a full statement, and it can be difficult to draw up a contract that both sides agree to (regarding standards to be adhered to, redress, what you actually want doing etc... ) also the structural surveys usually cover everything without you having to be specific as to what you want them to look for. hope this helps.
BTW personally I do recommend Nationwide (competitors!) but if you go direct you can negotiate all sorts of things (fees being one example).
Nationwide's great for mortgages, as long as you don't open a bank account with them too.
Full structural survey not worth it unless the house you're buying is in an area with known cases of subsidence. One hundred years old makes it a wee bit younger than Victorian – which would usually mean it'll be built like a brick shi, er, well you know what I mean...
Full structural survey not worth it unless the house you're buying is in an area with known cases of subsidence. One hundred years old makes it a wee bit younger than Victorian – which would usually mean it'll be built like a brick shi, er, well you know what I mean...
I disagree to some extent with Spoonman's view - it can be more than just subsidence that can be a problem although this is a big worry.
I found this example of what a full structural might tell you: www.dowen.co.uk/structural_survey.htm
Also the OFT state this: You might want to get, or the lender may require, a full structural survey. This tells you whether the property is sound or whether major repairs are needed at their site: www.oft.gov.uk/Consumer (go to buying and selling your home - buying a property)
I found this example of what a full structural might tell you: www.dowen.co.uk/structural_survey.htm
Also the OFT state this: You might want to get, or the lender may require, a full structural survey. This tells you whether the property is sound or whether major repairs are needed at their site: www.oft.gov.uk/Consumer (go to buying and selling your home - buying a property)
I didn't go to an independant advisor I just made an appointment with the nationwide mortgage people and that's the best deal they came up with. A lot depends on how much equity you have, we have over 25% so get a better rate than if you only had 10%. A mate also spoke to them direct who didn't have an existing mortgage with them and also had more than 25% equity and got the same rate. I suggest you call the nationwide direct and compare the figures you get with the figures you got from your 'independant' advisor. Also the rates have come down quite recently so if you haven't commited and you got the quote a month ago you should go back and get the new figures. We did this (because I forgot to post the form back) and got a quarter of a percent off (or something of that order).
Regards,
Mark
dern said:I didn't go to an independant advisor I just made an appointment with the nationwide mortgage people and that's the best deal they came up with. A lot depends on how much equity you have, we have over 25% so get a better rate than if you only had 10%. A mate also spoke to them direct who didn't have an existing mortgage with them and also had more than 25% equity and got the same rate. I suggest you call the nationwide direct and compare the figures you get with the figures you got from your 'independant' advisor. Also the rates have come down quite recently so if you haven't commited and you got the quote a month ago you should go back and get the new figures. We did this (because I forgot to post the form back) and got a quarter of a percent off (or something of that order).
Regards,
Mark
careful about this - if our company suspect you of holding on to a quote in case the rate drops management will usually insist you are offered the original deal. pig headed, I know, but just be careful! You need to get hold of a copy of moneyfacts - the industry magazine. I don't know if you can get a copy on the web but if you can't, mail me & I can send you one. no charge for a PHer
on another note, my company offer 2yrs @ 3.89%, nationwide are a bit lower, but the best I've come across (no nob gags) are the portman BS @ 3.25%, closely followed by brittania BS. these are annual rest morts but that may be offset by the low rate. you need to consider how much flexibility you need! Also it's best to get quotes a compare prices rather than judge on rates - the APR makes a big difference in some cases so a lower rate on ann. rest will actually be more expensive than a higher rate on daily interest. phew!
We had a full survey done when we bought our old place 5 years ago - parts of it were built over 180 years ago. It threw up a few things we needed to get further specialists to look at - and we managed to get most of the costs of doing this - and the subsequent work that needed doing - off the final purchase price.
What they don't do however, is to look closely at things like the state of the wiring, gas installations etc, they just recommend that you get an expert to look over these independently.
We didn't however, get experts to look at these things and within two years we'd had the house partially rewired and a new boiler put in - so could maybe have saved some more money that way.
Thing is, with the location, (village opposite church etc) and the price (a song), we'd have bought it whatever state it was in
And if your missus falls in love with it, just sign ...
What they don't do however, is to look closely at things like the state of the wiring, gas installations etc, they just recommend that you get an expert to look over these independently.
We didn't however, get experts to look at these things and within two years we'd had the house partially rewired and a new boiler put in - so could maybe have saved some more money that way.
Thing is, with the location, (village opposite church etc) and the price (a song), we'd have bought it whatever state it was in
And if your missus falls in love with it, just sign ...
MikeyT said: we'd have bought it whatever state it was in
Quite right – if it feels right, it probably is right. In my experience anyway.
I guess it depends how much you're paying for the place, how much you want it, and what kind of state you expect it to be in. I buy old houses to restore, so things like rewiring don't matter that much. Our latest house was built in 1790, and in a pretty poor state (no mains water or electricity till last week). And we didn't bother with anything more than a mortgage valuation.
Won't bother with anything of the kind for our next place (will be cheaper, so we can pay cash).
The way it worked for us (and another reason I like the nationwide) is that I forgot to send the form off for a month, phoned the branch to make sure the offer was still valid and they said that as the rate had gone down since the offer was made they would make a new offer to us at the lower rate which is what they did and that's the mortgage we now have.
careful about this - if our company suspect you of holding on to a quote in case the rate drops management will usually insist you are offered the original deal. pig headed, I know, but just be careful!
Mark
dern said:The way it worked for us (and another reason I like the nationwide) is that I forgot to send the form off for a month, phoned the branch to make sure the offer was still valid and they said that as the rate had gone down since the offer was made they would make a new offer to us at the lower rate which is what they did and that's the mortgage we now have.
careful about this - if our company suspect you of holding on to a quote in case the rate drops management will usually insist you are offered the original deal. pig headed, I know, but just be careful!
Mark
yes well that's the way it ought to be, but at my company the management have a decidedly "different" view of customer care
For my 2p:
You're going to be spending a large wedge of cash on buying a house practically anywhere these days.
A full survey is, what, £750 or thereabouts? Insignificant in the grand scheme of house purchasing and could give you some measure of comeback when/if an undiscovered problem comes to light later on.
You're going to be spending a large wedge of cash on buying a house practically anywhere these days.
A full survey is, what, £750 or thereabouts? Insignificant in the grand scheme of house purchasing and could give you some measure of comeback when/if an undiscovered problem comes to light later on.
I had a couple of experiences of surveyors over the last few years - not personally, but family and friends.
When my Grandmother bought her bungalow, she had a full survey done which highlighted no significant problems. However, when she moved in she found that an overhanging tree had totally rotted out the garage roof. The surveyor's response was that he didn't have a ladder with him so couldn't check the roof, and there was no comeback at all.
Another case was a mate who had a full survey which didn't even reveal some obvious things that he had spotted himself.
So in both cases, it was a waste of money and there is so much small print in the reports that there is just no way they are liable if anything is missed.
All IMHO, of course...
When my Grandmother bought her bungalow, she had a full survey done which highlighted no significant problems. However, when she moved in she found that an overhanging tree had totally rotted out the garage roof. The surveyor's response was that he didn't have a ladder with him so couldn't check the roof, and there was no comeback at all.
Another case was a mate who had a full survey which didn't even reveal some obvious things that he had spotted himself.
So in both cases, it was a waste of money and there is so much small print in the reports that there is just no way they are liable if anything is missed.
All IMHO, of course...
I tend to agree with Miniman. We had a full survey when we bought our Victorian place a few years ago and it seemed that the surveyors are so afraid of litigation they tend to exagerate potential problems, there were lots of 'could be's and 'may be's. For example there are some 'Velux' windows in the roof which had water stains, the survey said that 'it was possible there was some leakage' - turned out on speaking to the previous owners later that they'd just been left open when it rained, I got a builder to check them when he came round for something else and he said they were fine. Sure enough three years later and they've never leaked! This is only one example, there were many similar things. The only major problem we encountered was where a wooden lintel had just about rotted through after years of water leaking onto it and the surveyor missed it completely! When I buy again I won't bother with a survey I'll get a builder, plumber and electrician to have a look as that's what I ended up doing to check out what had been reported in the survey.
When I buy again I won't bother with a survey I'll get a builder, plumber and electrician to have a look as that's what I ended up doing to check out what had been reported in the survey.Well, the thing to look for in the survey is where the surveyor states what he hasn't looked at. If they've missed something and haven't stated that they didn't look at it, then there's usually an opening for compensation.
{edited to add:} Isn't it better to get a 'maybe' on something and use that to barter with the asking price and take it as a warning to get it checked by an independent expert?
>> Edited by pdv6 on Wednesday 26th March 14:42
{edited to add:} Isn't it better to get a 'maybe' on something and use that to barter with the asking price and take it as a warning to get it checked by an independent expert?
>> Edited by pdv6 on Wednesday 26th March 14:42
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