Nationwide Mortgage Application Experience

by admin on July 1, 2012

NationwideA couple of months ago I applied for a Nationwide Mortgage through one their branches. To get the deal that was on offer, you had to let the Nationwide transfer all your direct debits from your current bank to a Nationwide bank account.

After some thought, I decided to go for the deal, so had to open up a new Nationwide account.

After two months of waiting for a decision on my mortgage, I phoned up the Nationwide to ask for an update and was told that the mortgage application had not been received from the branch! To be fair, they had asked for more details which I had taken in to the branch approximately three weeks earlier.

Although the mortgage had not been approved, all my direct debits had been moved to the new Nationwide account, which I don’t agree with – the Nationwide could turn around after two or three months and say sorry but your mortgage application has been turned down even though all your direct debits have been moved over.

After two months and a few phone calls made to the mortgage processing centre, I received an email saying that my mortgage application had been received. There was a link in the email to check on the mortgage application progress – it didn’t work!

For me, what made matters worse was that I could not access the new Nationwide account online to view which accounts had been transferred and to keep on top of payments. To access the account online you have to phone up and ask for a pin number to be sent out, which can take up to 7 working days and if you forget your “memorable data”, which I unfortunately did, you have to re-register again and wait for another pin number to be mailed out. Also, you cannot re-register within 7 days of your last registration.

Unless you quickly transfer money into the account, you are going to go overdrawn, which in my opinion is part of Nationwide’s tactics.

To be honest I really wish that I had not started this process and have found it extremely stressful.

I am still waiting on the outcome of my mortgage application and if it is turned down will be transferring all my direct debits back to my original bank.

It seems to me that because these banks are profit making organisations they will try every trick in the book to extract our hard earned money.

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