nationwide mortgage review

Picture courtesy of CowCalves.

Average Ratings
Value for Money5.7/10
Reviewer Rating5.2/10
Overall Rating4.9/10 Based on 19 ratings
56% Recommended10 out of 18 Reviews

Review of Nationwide Mortgage

By sfc on 23rd Jun 2006

sfc's Ratings
ProductFixed rate
Repayment MethodRepayment
Value for money5/10
Overall value1/10
no sfc's recommendation

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 Six months after the original application was made, I chased up their solicitors who informed me the offer had been withdrawn.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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