Nationwide mortgages and BFPO addresses

[MIKE770]

Re: Nationwide mortgages and BFPO addresses

lol, obviously I posted it here first, took me a minute to remember my log in over there.

I have added on to your post at the beginning of the thread, I hope that is okay.

Did you hear back from your regiment guy?

Okay.

Took me a while to realise who the name was. we have used different ones in places.

[CleverClogs]

Re: Nationwide bad treatment of h.m. Forces @ bfpo addresses

Yes, they did.

But they did not explain how one of their "regional managers" had apparently stated that service personnel with only a BFPO address could not obtain a mortgage with Nationwide.

Nor, apart from some flim-flam about "streamlining" their service, did they explain why any change had been made.

[MIKE770]

Re: Nationwide mortgages and BFPO addresses

Well I have received an e mail confirming that any service personnel who wish to have independent mortgage advice will either have to pay for the services to compensate the fact that Nationwide will not allow IFA's or mortgage brokers to look after forces directly as they will only do over the counter business.
It is a real shame that banks take this type of attitude as it restricts the market for forces. As I was in the Artillery for ten years it does feel like a double whammy for me. If you need any further information on this I can forward it so just let me know.
Kind regards


Just received.

[MIKE770]

Re: Nationwide mortgages and BFPO addresses

om 5.00pm Friday 11 October 2013, we'll be streamlining our mortgage process by withdrawing a small number of manual paper based applications.

As a result, the following application types will no longer be available through Nationwide For Intermediaries:

• Clients who have had a foreign residential address in the last 3 years
• Clients who have had a British Forces Post Office (BFPO) address in the last 3 years
• Genuine Bargain Price
• Restricted Resale Price / Discount Market Schemes
• More than two applicants for new borrowing
• Further borrowing.

How to submit applications
Full Mortgage Applications must be received by 5.00pm Friday 11 October 2013.

You can fax these to 01604 852 879, or post them to the address below:

Northampton Service Centre (IPA)
Kings Park Road
Moulton Park
Northampton
NN3 6NW

Kind regards,

Nathan Bridgeman
Business Development Manager – South East Essex
Nationwide for Intermediaries & The Mortgage Works
È 07764 234883
Email: nathan.bridgeman@nationwide.co.uk
È 0845 6010763 Sales Support
È 0845 6093421 Nationwide updates
È 0845 4545400 TMW updates

Impressed with the service today - please show your appreciation by using the link below
http://www.nationwide-intermediary.c...pport/feedback orhttp://www.themortgageworks.co.uk/pr...dback/feedback


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[CleverClogs]

Re: Nationwide mortgages and BFPO addresses

I wonder how many service personnel will now express their disappointment to Mr Bridgeman.

[Amethyst]

Re: Nationwide mortgages and BFPO addresses

Well I have received an e mail confirming that any service personnel who wish to have independent mortgage advice will either have to pay for the services to compensate the fact that Nationwide will not allow IFA's or mortgage brokers to look after forces directly as they will only do over the counter business.
It is a real shame that banks take this type of attitude as it restricts the market for forces. As I was in the Artillery for ten years it does feel like a double whammy for me. If you need any further information on this I can forward it so just let me know.
Kind regards


Just received.

I think we probably want a copy of the email that your friend is getting his information on so we can take that to Nationwide for comment. I presume you have passed the PR back to the relevant person. We need to ascertain the absolute facts before we can campaign for a reconsideration of the decision.

I feel the email has come from a 'brokers' regional manager rather than a 'Nationwide' regional manager.

[MIKE770]

Re: Nationwide mortgages and BFPO addresses

I think we probably want a copy of the email that your friend is getting his information on so we can take that to Nationwide for comment. I presume you have passed the PR back to the relevant person. We need to ascertain the absolute facts before we can campaign for a reconsideration of the decision.

I feel the email has come from a 'brokers' regional manager rather than a 'Nationwide' regional manager.

Sent e-mail Ame to contact and also asked if they would mind me thru PM to you give his e-mail address? if that is o.k.?

[PlanB]

Re: Nationwide mortgages and BFPO addresses

There's another issue here which I'm reluctant to raise but feel I should in an attempt to be objective even though I hate being objective when my gut tells me different. A lot of other mortgage lenders/banks are ditching brokers/intermediaries because they have to pay them serious commission on the business they bring in. If lenders/banks can process applications direct with the customer without the use of a broker it saves them hundreds of thousands of pounds.

As Amethyst wisely pointed out (damn it) it isn't only applications from the Armed Forces which are falling victim to the "simplification of our mortgage process system" speech.

Having said that couldn't NW pick on another group of applicants such as affluent Buy-To-Let investors who they are happy to lend money to at the click of a mouse via their Mortgage Works division and make life more difficult for them?

[MIKE770]

Re: Nationwide mortgages and BFPO addresses

It seems to read that they may wish to cut out intermediaries to an extent, which it would seem to be the exercise?

[MIKE770]

Re: Nationwide mortgages and BFPO addresses

Response from my MP: -

Thank you for your emails on this. I understand that Nationwide have stopped offering mortgages through intermediaries to a small range of groups including those with overseas British Forces addresses. This does not prevent members of the armed forces applying directly and as such seems to be a dispute between brokers and Nationwide, rather than between soldiers and lenders so it’s not something covered by legislation. I’ve not been contacted by any local intermediaries on this but if I am, I’ll be happy to look into their case.

[CleverClogs]

Re: Nationwide mortgages and BFPO addresses

Nevertheless, it is still indirect discrimination as soldiers serving overseas may not have access to a branch of Nationwide.

For example, where is the Nationwide branch in Kabul?

[Amethyst]

Re: Nationwide mortgages and BFPO addresses

Surely those overseas would have access to the internet application process / telephone / postal services ? This does appear to simply be mortgages arranged through intermediataries. The brokers might be pished off because they can't get commissions on those applications.

I've just been through the mortgage application process to the address point and it says

If you have had a BFPO/Foreign address in the last 3 years, we are unable to progress this application online. Please call us on 0800 30 20 10.

I don't think there is a requirement to visit an actual branch. In reality terms, how many people serving overseas apply for mortgages whilst overseas, I'd expect most apply once they return home. No idea if there are figures available anywhere.