Hi there,
About 2 months ago my wife and I spoke to an independent financial advisor friend of mine who suggested we could be saving money on our £90k mortgage as we are looking to borrow an extra £30k for house improvements and consolidate a small amount of debt.
We are currently halfway through a 10 year deal with Nationwide which is at 6.2%, my friend said he could get us a £120k mortgage with Virgin for 3.29%, saving several thousand pounds over 5 years, even after early repayment fees. However on his advice he said to go to see Nationwide to see what they could do for us.
We did this 7 weeks ago and the mortgage advisor in our local branch came up with a deal for us to move our current £90k mortgage onto a 3.09% deal and the extra £30k at 3.49%. The monthly repayments worked out a little better than the Virgin deal so we decided a couple of weeks later to go ahead with Nationwide. The Nationwide advisor said we would apply for the extra £30k then once approved we would switch our original mortgage onto the new deal.
The application was sent to the underwriters along with P60's, bank statements, usual stuff. He said that this usually takes a week. After 2 weeks of no communication I emailed the Nationwide advisor who forwarded me an email he had received 3 days earlier (?!?!) saying that they were missing one page of bank statements. OK fair enough, human error I thought. Sent the missing page on, waited another week with no communication and chased again to be told we were in a further queue but would know by the end of last week.
Guess what, yet again no phone call or email so chased up again today to be told that our application for the £30k had been approved in principle. Great I thought. However he went on to tell me that what he had said about moving our original £90k mortgage onto a new deal was not possible due to company policy!!!
So after much discussion, as you can imagine my wife and I were far from happy with the situation, he said there was nothing he could do for us in regards to switching our original deal, and there was probably no chance of getting any compensation for the complete incompetence and the extra interest we have paid both on our existing mortgage which we could have switched to Virgin 2 months ago, and on our credit card debt which would have been consolidated by now.
Not to mention that it will now be on our credit rating that we have applied for a £30k mortgage with Nationwide that we will no longer require. Will this affect our credit rating if we were to go ahead and apply for the Virgin deal? Both our credit ratings are excellent as far as I know.
The most incredible thing is that even after 20 minutes on the phone with me and 30 minutes on the phone with my wife, he never once apologised for the inconvenience caused and didn;t sound in the slightest concerned that we would be complaining.
We have given him 24 hours to come up with something to keep our business however we are not hopeful. I would actually be surprised if we even receive a phone call.
Has anyone else experienced such poor customer service with Nationwide and how did you go about complaining? The branch manager has also known about this for over a day and she hasn't even bothered to call.
Thanks
About 2 months ago my wife and I spoke to an independent financial advisor friend of mine who suggested we could be saving money on our £90k mortgage as we are looking to borrow an extra £30k for house improvements and consolidate a small amount of debt.
We are currently halfway through a 10 year deal with Nationwide which is at 6.2%, my friend said he could get us a £120k mortgage with Virgin for 3.29%, saving several thousand pounds over 5 years, even after early repayment fees. However on his advice he said to go to see Nationwide to see what they could do for us.
We did this 7 weeks ago and the mortgage advisor in our local branch came up with a deal for us to move our current £90k mortgage onto a 3.09% deal and the extra £30k at 3.49%. The monthly repayments worked out a little better than the Virgin deal so we decided a couple of weeks later to go ahead with Nationwide. The Nationwide advisor said we would apply for the extra £30k then once approved we would switch our original mortgage onto the new deal.
The application was sent to the underwriters along with P60's, bank statements, usual stuff. He said that this usually takes a week. After 2 weeks of no communication I emailed the Nationwide advisor who forwarded me an email he had received 3 days earlier (?!?!) saying that they were missing one page of bank statements. OK fair enough, human error I thought. Sent the missing page on, waited another week with no communication and chased again to be told we were in a further queue but would know by the end of last week.
Guess what, yet again no phone call or email so chased up again today to be told that our application for the £30k had been approved in principle. Great I thought. However he went on to tell me that what he had said about moving our original £90k mortgage onto a new deal was not possible due to company policy!!!
So after much discussion, as you can imagine my wife and I were far from happy with the situation, he said there was nothing he could do for us in regards to switching our original deal, and there was probably no chance of getting any compensation for the complete incompetence and the extra interest we have paid both on our existing mortgage which we could have switched to Virgin 2 months ago, and on our credit card debt which would have been consolidated by now.
Not to mention that it will now be on our credit rating that we have applied for a £30k mortgage with Nationwide that we will no longer require. Will this affect our credit rating if we were to go ahead and apply for the Virgin deal? Both our credit ratings are excellent as far as I know.
The most incredible thing is that even after 20 minutes on the phone with me and 30 minutes on the phone with my wife, he never once apologised for the inconvenience caused and didn;t sound in the slightest concerned that we would be complaining.
We have given him 24 hours to come up with something to keep our business however we are not hopeful. I would actually be surprised if we even receive a phone call.
Has anyone else experienced such poor customer service with Nationwide and how did you go about complaining? The branch manager has also known about this for over a day and she hasn't even bothered to call.
Thanks