Mortgage with Nationwide BS? | Vital Football

Mortgage with Nationwide BS?

GRSGimmer

Vital Squad Member
If you have one and have asked for a payment break/holiday due to the current situation then expect your credit rating to be marked accordingly which may affect any further borrowing. "We will do all we can to help our mortgage members whose finances have been affected by coronavirus" they state as the opening gambit on their website. In effect they are potentially penalising borrowers through no fault of their own. Disgusting - bunch of shysters. Nationwide BS - the BS standing for bullshit.
 
If you have one and have asked for a payment break/holiday due to the current situation then expect your credit rating to be marked accordingly which may affect any further borrowing. "We will do all we can to help our mortgage members whose finances have been affected by coronavirus" they state as the opening gambit on their website. In effect they are potentially penalising borrowers through no fault of their own. Disgusting - bunch of shysters. Nationwide BS - the BS standing for bullshit.
Fake news.

I just read the BBC article and your post isnt really what they have said, is it?

https://www.bbc.com/news/business-52847131
 
I had a paid up mortgage with them and found them excellent. I never got behind with payments though.
 
If you have one and have asked for a payment break/holiday due to the current situation then expect your credit rating to be marked accordingly which may affect any further borrowing. "We will do all we can to help our mortgage members whose finances have been affected by coronavirus" they state as the opening gambit on their website. In effect they are potentially penalising borrowers through no fault of their own. Disgusting - bunch of shysters. Nationwide BS - the BS standing for bullshit.
According to MSE, Nationwide mistakenly reported agreed mortgage holidays as missed payments and have since had the errors corrected by the credit agencies concerned. Not shysters and never were!
 
Fake news.

I just read the BBC article and your post isnt really what they have said, is it?

https://www.bbc.com/news/business-52847131

It is indeed fake news.

I have a lot of sympathy with anyone who, through no fault of their own, have fallen on hard times because of Corona Virus...

...but what the guy at Nationwide says is 100% correct: it should be noted on someone’s credit record.

If someone is asking for a mortgage holiday then they are a higher lending risk than someone who doesn’t need a mortgage payment holiday.

The same principle applies to a contractor working in the gig economy. In normal times that contractor might find that the funding for the project - through no fault of their own - and therefore that they are out of work. No special relief is offered to the contractor.
 
It is indeed fake news.

I have a lot of sympathy with anyone who, through no fault of their own, have fallen on hard times because of Corona Virus...

...but what the guy at Nationwide says is 100% correct: it should be noted on someone’s credit record.

If someone is asking for a mortgage holiday then they are a higher lending risk than someone who doesn’t need a mortgage payment holiday.

The same principle applies to a contractor working in the gig economy. In normal times that contractor might find that the funding for the project - through no fault of their own - and therefore that they are out of work. No special relief is offered to the contractor.
I'm not even sure that's true. He (Nationwide) was referring to people asking for an extension to the holiday, not the original mortgage holiday. And even then it was an indication that any notice was temporary (I only read article once)
 
It is indeed fake news.

I have a lot of sympathy with anyone who, through no fault of their own, have fallen on hard times because of Corona Virus...

...but what the guy at Nationwide says is 100% correct: it should be noted on someone’s credit record.

If someone is asking for a mortgage holiday then they are a higher lending risk than someone who doesn’t need a mortgage payment holiday.

The same principle applies to a contractor working in the gig economy. In normal times that contractor might find that the funding for the project - through no fault of their own - and therefore that they are out of work. No special relief is offered to the contractor.
Agree with all of that.

Plus I'm biased in favour of the Nationwide as it's a Mutual. Me, my missus and both adult children have all our money in various Nationwide accounts.


Was with Nat West from the age of 18 and maintained one account with them until recently but finally gave up on them. Shit service generally. Got stitched up over some interest I lost out on because of clerical error. Not a large sum but it was the principle. I'd been with them for 42 years at the time and was disgusted that they refused to sort it. Couldn't be arsed with their "appeals procedure".

Ps, have some money in Premium Bonds as the interest rates are approaching zero.
 
Agree 58.
I still have money with Nat West but they are generally crap.
I’ve always found Lloyds good but others will differ.
As for premium bonds, that’s long odds.
My mum used to regularly win £25 but never anything worthwhile.

I’m not giving financial advice but many shares are attractive at the moment.
I purchased Carnival at an excellent price.
I already sold half, so getting my original stake back, the residue is free money.
If they go up to their former heights, then great, if not, it’s cost me nothing.
If you decide, I would recommend Hargreaves.
I’ve invested via Janus Henderson in the past and they have been good.
They are why I’m now retired.
All the obvious bewares etc
 
Agree 58.
I still have money with Nat West but they are generally crap.
I’ve always found Lloyds good but others will differ.
As for premium bonds, that’s long odds.
My mum used to regularly win £25 but never anything worthwhile.

I’m not giving financial advice but many shares are attractive at the moment.
I purchased Carnival at an excellent price.
I already sold half, so getting my original stake back, the residue is free money.
If they go up to their former heights, then great, if not, it’s cost me nothing.
If you decide, I would recommend Hargreaves.
I’ve invested via Janus Henderson in the past and they have been good.
They are why I’m now retired.
All the obvious bewares etc
Thanks shotshy. In spite of my politics, I'm ultra conservative with investments. Extremely risk averse. Hence play safe. Premium bonds just about keep up with inflation and as you say, a slight chance of a "biggie". I'm far too boring to do anything more daring.
 
I wouldn't worry about credit scores. In three months time over half the country will have a poor one by usual standards but things will still have to rumble on.
 
I wouldn't worry about credit scores. In three months time over half the country will have a poor one by usual standards but things will still have to rumble on.

But with a struggling economy and lenders being more reluctant to lend (I assume) low interest rates may be harder to come by so could possibly be even more advantageous to have as good a credit score as possible.

I need to remortgage in January. No idea what to expect 🤷🏻‍♂️
 
My mortgage is with Nationwide, and they have been OK. I'm one of these people who change their bank account every year, so get whatever joining deals are on offer. Then I'm off the following year. Loyal to none of them!
 
Been with Nationwide for 23 years and have always been excellent regardless of which service is required!
 
Agree 58.
I still have money with Nat West but they are generally crap.
I’ve always found Lloyds good but others will differ.
As for premium bonds, that’s long odds.
My mum used to regularly win £25 but never anything worthwhile.

I’m not giving financial advice but many shares are attractive at the moment.
I purchased Carnival at an excellent price.
I already sold half, so getting my original stake back, the residue is free money.
If they go up to their former heights, then great, if not, it’s cost me nothing.
If you decide, I would recommend Hargreaves.
I’ve invested via Janus Henderson in the past and they have been good.
They are why I’m now retired.
All the obvious bewares etc
Premium Bonds
Somebody calculated (maybe MSE), that you need over £ 6,000 to win enough £25 to get close to interest rates. (Maybe fewer now)
Unlike a Lottery, your money plays over and over.

Shares
I would agree that some shares are attractive.
Many are in businesses that either trade through Covid - or will trade again soon.
Pubs and travel are a bit of a gamble. Some may bounce well while others disappear.

Low cost self trade Share Accounts with no advice and inside an ISA include; EQi, iWeb, IG, Jarvis and a few others.

The above should be construed as 'information', not 'advice' .;)
 
Agree 58.
I still have money with Nat West but they are generally crap.
I’ve always found Lloyds good but others will differ.
As for premium bonds, that’s long odds.
My mum used to regularly win £25 but never anything worthwhile.

I’m not giving financial advice but many shares are attractive at the moment.
I purchased Carnival at an excellent price.
I already sold half, so getting my original stake back, the residue is free money.
If they go up to their former heights, then great, if not, it’s cost me nothing.
If you decide, I would recommend Hargreaves.
I’ve invested via Janus Henderson in the past and they have been good.
They are why I’m now retired.
All the obvious bewares etc

Janus Henderson- one of my clients.

I'm not giving financial advice either but if you are going to buy some equities then tracker funds are the way forward rather than buying individual stocks.

They're cheap (in terms of management fees) and it's very easy to diversify your holdings across different geographies.

I've done very very well out of some single stocks and also terribly with others- buyer beware!

I use Hargreaves Lansdown too- be very very careful regarding any info they send you regarding their top 50 funds. Often they make their top 50 because of the commission the fund managers are paying them, rather than actually being the best funds to buy.

Make sure you do your homework!
 
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