A broker contacted Mortgage Introducer and said he had submitted several remortgage applications to Nationwide which have required a modicum of debt consolidation. On the application it asks the clients to disclose any loans and credit cards they currently have with the statement ‘Will this debt be repaid on or before completion?’
Ian Crampton, sales director at Ferndown Limited, explained: “In every case where I have put the word ‘Yes’ in the section mentioned, Nationwide still sends out a letter of undertaking to the client to get them to confirm they are paying off the commitments which has already been confirmed in the application.”
“This letter is supposed to be sent to the client after the application is accepted. However, on the cases we have submitted over recent months, this letter has been the reason why some remortgage cases take four months to get to offer,” he said.
He added: “When we submit the application we put on the application form and our KFIs that we charge a fee for our service. Nearly every offer that gets produced by Nationwide has this information missing.
“Why is this I wonder? The sceptic in me wonders whether Nationwide undermines the fact that as brokers we charge fees to our clients on top of the normal proc fee. Maybe it wants the opportunity to show all clients that there is no need to pay brokers for our assistance but then again that’s the sceptic in me.”
Tim Hughes, head of intermediary markets at Nationwide, said: “It is regretful that this broker finds our service less than satisfactory. We will immediately investigate his queries and trust he will not experience the same frustrations in the future.”
