We were nearly at the end of our full Mortgage application today, when the process was halted.
Adviser was baffled as to why it wouldnt let her finish.
We opened a Save to Buy account in April 2012 after a meeting in Branch declaring we were after a new build and they told us this was the best way forward.
We got our DIP on March 11th and our MA told us to go ahead now and speak to the developer and start the ball rolling.
We have now been told today that the Save to Buy cannot be used for a new build as new builds need a 15% deposit and this is the cut off point for Save to Buy.
Our MA even called Nationwide HQ (not sure who but heard her say MLA) who confirmed this was indeed the case.
The MA left us in the little room in branch to go talk to the other 2 MA`s who confirmed this was indeed a shock to them.
We have been told that we can get a mortgage no problem if we raise our deposit to 15% (we were putting down 13% before to get the STB), so now in a position where we have to find an extra £4000 before our house is completed in 6 months and also we lose the £1000 cashback as it won't be a STB mortgage anymore.
Seems unfair as we have complied with everything Nationwide have asked us to do in the last year, being completely honest about it being a new build from the very start and now they seem to have created new rules that even their our advisors don't know about!
The MA we saw today is going to speak to her boss on Monday to see if there is anything they can do to help. She says she will fight our corner as she feels Nationwide are providing bad customer service on this occasion..
Anyone else come across this kind of thing?
Adviser was baffled as to why it wouldnt let her finish.
We opened a Save to Buy account in April 2012 after a meeting in Branch declaring we were after a new build and they told us this was the best way forward.
We got our DIP on March 11th and our MA told us to go ahead now and speak to the developer and start the ball rolling.
We have now been told today that the Save to Buy cannot be used for a new build as new builds need a 15% deposit and this is the cut off point for Save to Buy.
Our MA even called Nationwide HQ (not sure who but heard her say MLA) who confirmed this was indeed the case.
The MA left us in the little room in branch to go talk to the other 2 MA`s who confirmed this was indeed a shock to them.
We have been told that we can get a mortgage no problem if we raise our deposit to 15% (we were putting down 13% before to get the STB), so now in a position where we have to find an extra £4000 before our house is completed in 6 months and also we lose the £1000 cashback as it won't be a STB mortgage anymore.
Seems unfair as we have complied with everything Nationwide have asked us to do in the last year, being completely honest about it being a new build from the very start and now they seem to have created new rules that even their our advisors don't know about!
The MA we saw today is going to speak to her boss on Monday to see if there is anything they can do to help. She says she will fight our corner as she feels Nationwide are providing bad customer service on this occasion..
Anyone else come across this kind of thing?