Mortgage rant !!!

Banzai_Joe

Banzai_Joe

Banzai_Joe

Soldato
Joined
30 Sep 2006
Posts
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Location
Midlands, UK
Aaagghhh......***** at Nationwide.

Long(ish) version:
deal comes to an end this month, Nationwide offer me a better rate as a current customer, so i cancel an existing application with Snatch West (which was half way through).
Today when it comes to sorting the new deal they say, "because you're letting your property out, you cannot have any of these deals!"
The retards KNEW i was letting my house out, its all on record, but they decide to tell me now, not when i first applied, so i now have to find another lender and go through the whole crappy application process due to some jobsworth not doing their bloody job!!!
We'd planned on this new deal as it was really good and i don't think any other lender comes close. But cos i'm letting out, i get shafted.
They can NEVER give me a decent reason when i ask "what difference does it make who lives there, as long as i pay the mortage?"......useless.

The prats don't realise that what some ball-juggling idiot on the phone says can have a big impact on the customer on the other end. They can just shrug it off!!!! :mad:


Short version; told me one thing last month, now tell me another and have shafted me.

Rant over....but still fuming btw.....
 
Pretty standard not to be able to have a new deal if you have permission to let on the property. Original person just made a mistake.

Annoying, but people do sometimes get it wrong.
 
Jono8 said:
Should have got it in writing ( unless you did).
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Apparently when the application is started it flags that my house is being let as its on my records. The guy should have known this before offering me the deals (supervisor i complained to said this too).

Beerbaron said:
just tell them you're living there.
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I said that, but they said "aah we know you aren't thought, so nerr" (or similar)

BDEE said:
Pretty standard not to be able to have a new deal if you have permission to let on the property. Original person just made a mistake.

Annoying, but people do sometimes get it wrong.
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Yeah, i know, but the consequences of the 'Original person just made a mistake' has a much greater impact on us, and our future finances tbh.
Not to mention the ball-ache of looking around again for the right deal and going through the whole application process.....at xmas too.
 
I assume that the NatWest deal you applied for has now been withdrawn? Have you called them to see if they can re-instate the application or not?
 
just say you have decided to live there and rent the other place instead. dont move and if they find out just say you didnt like it so moved back.
 
BDEE said:
I assume that the NatWest deal you applied for has now been withdrawn? Have you called them to see if they can re-instate the application or not?
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Not tried yet mate, but will do, thanks.

Beerbaron said:
just say you have decided to live there and rent the other place instead. dont move and if they find out just say you didnt like it so moved back.
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Lol, i wish. The other house is mortgaged with them as well! :rolleyes:
They said i'd have to evict the tenants, and move back in myself, prove it and then reapply. A...holes!
 
Banzai_Joe said:
Aaagghhh......***** at Nationwide.

Long(ish) version:
deal comes to an end this month, Nationwide offer me a better rate as a current customer, so i cancel an existing application with Snatch West (which was half way through).
Today when it comes to sorting the new deal they say, "because you're letting your property out, you cannot have any of these deals!"
The retards KNEW i was letting my house out, its all on record, but they decide to tell me now, not when i first applied, so i now have to find another lender and go through the whole crappy application process due to some jobsworth not doing their bloody job!!!
We'd planned on this new deal as it was really good and i don't think any other lender comes close. But cos i'm letting out, i get shafted.
They can NEVER give me a decent reason when i ask "what difference does it make who lives there, as long as i pay the mortage?"......useless.

The prats don't realise that what some ball-juggling idiot on the phone says can have a big impact on the customer on the other end. They can just shrug it off!!!! :mad:


Short version; told me one thing last month, now tell me another and have shafted me.

Rant over....but still fuming btw.....
Click to expand...

go to a broker. im sure they can easily beat those 2 lenders.
 
My broker couldn't beat them tbh. He is the one who got us the original deals with Nationwide and is a decent guy, but he recommended nat west this time round as we were banking customers and they waive the fees, so he couldn't beat them.
Then nationwide contacted us to offer existing customers a 'great deal'.....pah!!!
Just emailed my broker..........ironically he shares his name with that of my fave bourbon (JD).....which i could do with a shot of right about now. :D
 
Brokers won't always be able to beat banks, banks can tend to keep the better deals for themselves.

When I got my mortgage a couple of years ago no broker could get within 0.5% of the best deal from a bank (and yes I considered the upfront costs)
 
well to give some more info:
Nationwide deal, 3.59% for 5 years (for existing mortgage customers), this would have simply just changed over when my current deal ends this month. No faffing around or fees.
But now, i have to go through the whole messy application process to get a half decent deal.
Nat West deal, 4.20% for 3 years (that's for existing bank customers)
 
When did you take out the original deal with Nwide? Some of their reversionary rates are only 2.5% and I think the later ones are 3.99%?
 
It was a 2 year deal which finishes pretty much now (december) at 3.99%, then reverts to their regualr rate which is 3.99% (the same as it goes)
Because i foolishly (in hindsight) let them know that i was letting my house out, they said that after 6 months they'd hike the interest rate to 1.5% above the regular rate of 3.99% = 5.49% = get ****** Nationwide.
So, in effect a buy to let mortgage with nationwide will cost me a fortune.
When i went to natwest they said you don't have to delcare that you're letting your property out anymore so they didn't really care whether i was living there or not.
Nationwide, however do.....and have lost a customer for it.
 
OK - So the Natwest mortgage adviser is commiting fraud / circumventing their lending policy to get your business. What they told you is utter nonsense. Otherwise, why would they even bother having a BTL product range? I assumed the product you had applied for was a BTL, but sounds like this is not the case.

You are in breach of all lenders terms if you apply for a residential product when you are letting the property, unless it is to family / dependant relatives.
 
Are you sure BDEE?
That's deffo what the natwest advisor said to us.
It wouldn't stop them having BTL mortgages as it would reap them more money, but i was thinking the more savvy buyers would buy residential mortgages and just let out, and i guess some lenders don't mind.
It's all a minefield to me, so i'm not arguing with you, i'm just repeating what i was told.
 
BTL comes with increased risk to lender, they can't simply evict any more.

There was a lot of fuss about this a few years back, where people had "normal" mortgages but were letting the house out. Tennats getting literally thrown out of a house with no notice as the landlord was taking their rent but not paying the mortgage due to say for example having lost their job.

You want to be very careful in this area, your potentially comitting fraud if you do not answer factually correct respones to questions relating to financial products.
 
The adviser lied to you. No doubt about it. They said it to get your business, to go towards their sales target and bonus.

If you have tenants in a property at the time of making the application it should be on BTL. You would only get a residential rate with tenants in where you get permission to let because you move out of the property but do not sell it, then it would only usually be until the end of the deal (like what Nationwide have done with you).

Unless you are in the armed forces? Some lenders have special rules around armed forces personnel, but even then it is usually only where they do not own another property.


(BTW, I used to be a mortgage adviser and worked for NatWest in the past. I now train mortgage advisers.)
 
So i'm ****** then?
If a BTL is approx. 1.5% above the regular rate that will really hammer me. What i charge in rent certainly won't cover it, and if i increase the rent i run the risk of the tenants leaving.
 
From what I can tell the reason lenders charge extra on BTL/LTB mortgages is this:

Oh so you're going to make some money out of the property? We'll have some of that thank you.
 
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