Nationwide Mortgage Review

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Nationwide Mortgage
2.4 stars
Average rating for this product is: 2.4 out of 5

From 1 rating and 19 reviews

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sfc's Review of Nationwide Mortgage

23rd Jun 2006

Overall Rating

0.5 stars
  • Value for money
    2.5 stars
  • Repayment Method
    Repayment
  • Product
    Fixed rate
Good Points

The fixed rate originally on offer to me was a good one at the time.


Bad Points

Poor Communication.
Slow to deal with paperwork.
Unfair withdrawal of mortgage, despite offer by me to remove pre-emption agreement. This resulted in premature withdrawal of interest offer that should still have been valid.


General Comments

After initial acceptance of my mortgage transfer, the transfer process was extremely slow. Six months after the original application was made, I chased up their solicitors who informed me the offer had been withdrawn. This was only because I had a pre-emption agreement on my house (ie. someone had first right to buy at market price). No-one from Nationwide had bothered to inform me or explain this to me. I had paid £480 in reservation fees, and this was eventually refunded to me, but only after I had complained to Nationwide.
I had the option of removing the pre-emption agreement and offered to do this, but I was told I would have to re-apply, even though my original offer letter was still valid by virtue of its date. This meant that I could no longer apply at the original interest rate, which had since substantially gone up.

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NameProduct TypeDiscount LengthSubsequent RateOverall Cost  
WoolwichStep Lifetime Trackeruntil 30.04.2011(Base+ 2.49%) currently 2.99%3.00% APR
AbbeyTracker2 year4.24%4.10% APR
WoolwichOffset TrackerTerm(Base+ 2.47%) currently 2.97%3.10% APR