Nationwide Mortgage Application - How Long?

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  • Faisal
    Faisal Posts: 3 Newbie
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    Hello,

    I don't usually write on these forums but have just registered so I can tell you of our process as I know how nerving and anxious not knowing can be!

    I am a FTB looking to buy a RTB council property and take out some additional money for home improvments. In total I wanted to borrow 85% LTV.

    I applied at our local branch as, having read these forums, it seems the safest ways to go in terms of speed and not losing documents!

    19th June - Had our first appointments where we completed the DIP. I have a very good credit history and they requested
    1) Latest wageslip
    2) Latest bank statement
    3) Last 12 months bank statements to show rent payments.

    I had all the documents except the 12 months bank statements so we proceeded to full application on same day. All done but couldn't submit due to missing document. I don't always pay via my bank account so, instead I asked the council for a rent statement which arrived on the 24th June. I went in and handed it in to branch. All documents scanned infront of me and attached to application. So,
    24th June - Sumbitted.
    25th June - Call from surveyor to fix date for 1st July for valuation.
    2nd July - After Survey I got a text to say it was satistfactory
    3rd July - I got a text very early in the morning to say Nationwide were delighted to give me a formal mortgage offer and that the paperwork would be posted.

    Mine wasn't a straightforward case due to needing additional money for improvments but they have been really good about it all and I can't fault them. I will keep you all posted as to when the actual paperwork comes through! I am expecting a delay as I am told the council take 6-8 weeks to get their paperwork ready but on the nationwide front it's been perfect so far.

    So far so good.:j
  • sophiero.se
    sophiero.se Posts: 1 Newbie
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    It sounds like a real mixed bag of experiences with Nationwide. Our process was going swimmingly and moving quite fast, however they sent a valuer over who has said that the property has been underpinned and has subsidence, but this does not affect the property value so we are a bit stuck.

    Our solicitors searches clearly state the property has never been underpinned, and our surveyor is going in today to complete the building survey. Its a frustrating process as Nationwide doesn't seem to know what it wants in terms of documentation to get over this hump.

    Has anyone else had similar issues?

    Thanks for any help! Who knew buying a property was so stressful? :)
  • scp941
    scp941 Posts: 29 Forumite
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    I'm buying a new build using the Help to Buy Equity Loan scheme which has caused a few problems for the Nationwide because I can only get an 18 year mortgage because I'm an an old ****.

    My broker was expecting issues because the equity loan is usually over 25 years and the government don't provide any guidelines for the older first time buyer but the valuation had been done, all the required documentation had been submitted and I had a DIP on the 75% mortgage. Then H2B came back and said to get the 20% loan I required over 18 years, I had to stump up an extra £2500 on the deposit.

    Duly found the extra deposit and finally got the Authority to Proceed from H2B, my broker updated the mortgage application and a new DIP on the slightly smaller mortgage was received. Then the problem arose. For some reason Nationwide couldn't seem to get their heads round why I had to have a larger deposit and my broker said he was on the phone for ages explaining it all to several different people. Anyway, it apparently requires three separate updates on Nationwide's system before any final decision process can start which was done on the 15th.

    So it's just a waiting game now with the deadline for exchanging contracts just 5 days away.

    Bottom line, it's best to forget the government's help to buy schemes if you can't take out a 25 year mortgage especially going along the equity loan scheme route because there is only a 4 week period between reserving the property and exchanging contracts, not 3 months as stated on the equity loan application form. If you miss the deadline you lose your reservation fee and have to apply for a 4 week extension which costs another £500 and the developer isn't obliged to accept an extension.
  • LSMITH
    LSMITH Posts: 2 Newbie
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    Hi
    me and my partner are first time buyers. and we went for our mortgage meeting on the 21st of may which was 3 weeks ago and i haven't heard anything is this normal ??
  • jorpati
    jorpati Posts: 17 Forumite
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    LSMITH wrote: »
    Hi
    me and my partner are first time buyers. and we went for our mortgage meeting on the 21st of may which was 3 weeks ago and i haven't heard anything is this normal ??

    We went through mortgage advisor and it took us about three weeks to get offer from Nationwide
    Timeline
    19th May - Mortgage Application
    24th May - Valuation
    7th June - Mortgage Offer..

    I suggest you give them a call and check how they are progressing..
  • LSMITH
    LSMITH Posts: 2 Newbie
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    Thanks,
    i have spoken to them this afternoon and they said its with the underwriters and should be out with us soon.
  • jorpati
    jorpati Posts: 17 Forumite
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    LSMITH wrote: »
    Thanks,
    i have spoken to them this afternoon and they said its with the underwriters and should be out with us soon.
    No problem, glad it is progressing.
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