Nationwide Mortgages - How long??

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  • menollyke
    menollyke Posts: 81 Forumite
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    I was very positive about them, we had a mortgage offer through quickly and everything was done nicely. However we had to pull out of the purchase and found a new house. Unfortunately it was a little bit more expensive and we had to raise the mortgage. We had to provide more evidence, which we did, they did the valuation and somehow they had our old purchase price as the purchase price for the new property, so everything has come back with that as purchase price. A week later we still don't know if it is amended, we can't get through to someone who actually explains what is happening.

    We supplied all the correct information. We can even deal with the retainer they are gonna put on the mortgage. They gave us the valuation report before they have decided on the mortgage offer. It was supposed to be a quick procress without to much hassle this second application. However it just seems to be dragging. Not that we are ready to exchange yet, but it just feels like we would get somewhere if the mortgage offer has come through.
  • robatwork
    robatwork Posts: 7,094 Forumite
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    Trust me, it's not just Nationwide.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Twatkins wrote: »
    Completely not good enough. So unhappy with their service.

    Not the NW's fault you've set an unrealistic completion date.
  • DaveMortgage
    DaveMortgage Posts: 5 Forumite
    edited 23 June 2012 at 11:12PM
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    My partner and I are in a similar position to a number of you posting within this thread. We have a mortgage in principle from NW, as first time buyers, through a broker (weknowmortgages) and having provided all the required documents, we are finding rather than coming back to us with one comprehensive "you need to update, explain, resubmit X, Y and Z" email, questions are coming back in dribs and drabs to our broker.

    It seems to be delaying tactics rather than anything else, but as with many of you the process seems to be taking longer than expected - especially as we have provided literally everything NW required to the Nth degree.

    We're hoping to move into the property in July and the estate agent is obviously keen for us to get the Survey done, but as it stands we're not in a position to get the survey done as the documents are being scrutinised in a very particular manner i.e "We only have 5.5 months of bank statements from applicant 2, rather than 6 months" etc.

    Feel like we reach each weekend no further along than the last, and if it wasn't for the Euro's - these weekends would have been unbearable!

    On a positive note, they do at least seem to respond to our submitted information at least and we have (as we expected) passed the credit scoring stage. We have also heard a lot of positive feedback on them as a lender, especially from close family (parents) who utilise their products. I guess as first time buyers, we're just keen to get this moving and get moved in.
  • robatwork
    robatwork Posts: 7,094 Forumite
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    DaveMortgage wrote: »
    My partner and I are in a similar position to a number of you posting within this thread. We have a mortgage in principle from NW, as first time buyers, through a broker (weknowmortgages) and having provided all the required documents, we are finding rather than coming back to us with one comprehensive "you need to update, explain, resubmit X, Y and Z" email, questions are coming back in dribs and drabs to our broker.

    This is pretty normal now - intransigent is the word for these departments of banks/B Socs.

    They aren't taking a common sense view to it - the people who are reviewing your documents have a checklist, and if it says 6 months of statements, that's what they need to tick.

    Computer says no has moved from travel agents to mortgage approvals I'm afraid. I wouldn't plan a moving date yet - you need to get this sorted, then the survey, searches, possible remedial work and renegotiating, then exchanging. Only then will you be able to properly arrange a moving date.

    Am going through this myself at the moment.
  • anotherginger
    anotherginger Posts: 395 Forumite
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    DaveMortgage wrote: »
    My partner and I are in a similar position to a number of you posting within this thread. We have a mortgage in principle from NW, as first time buyers, through a broker (weknowmortgages) and having provided all the required documents, we are finding rather than coming back to us with one comprehensive "you need to update, explain, resubmit X, Y and Z" email, questions are coming back in dribs and drabs to our broker.

    Snap! It's a very frustrating process. I had an offer accepted at the start of the month and have been in the pre-application process ever since. The offer was accepted because we were in a situation to proceed quickly - good deposit, solicitor in place, AIP completed, no chain etc.

    Every new document requested and submitted puts you back in the queue for processing. I'm hoping that once we do actually get the application submitted that it will be a smoother process, but it's hard to say judging by what has happened so far.
  • DaveMortgage
    DaveMortgage Posts: 5 Forumite
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    anotherginger wrote: »
    Snap! It's a very frustrating process. I had an offer accepted at the start of the month and have been in the pre-application process ever since. The offer was accepted because we were in a situation to proceed quickly - good deposit, solicitor in place, AIP completed, no chain etc.

    Every new document requested and submitted puts you back in the queue for processing. I'm hoping that once we do actually get the application submitted that it will be a smoother process, but it's hard to say judging by what has happened so far.

    Couldn't be in a more similar position. Good luck with it all, I'll try update as it progresses.

    Hi Robatwork, in response - agreed completely. I think with us being in a position like anotherginger we had the money, the offer accepted, no chain, so thought/assumed the process would be straightforward - how naive we were!

    Dave
  • maunders
    maunders Posts: 93 Forumite
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    Anyone heard anything? I had valuation on 12th and apparently been with underwriters ever since.
  • Dishmonkey
    Dishmonkey Posts: 4 Newbie
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    Well a little over 7 weeks and finally got 2 text messages this morning. 1 saying valuation had passed and other saying mortgage papers were on their way. Finally got there but think they dragged their feet a little.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    [QUOTE=DaveMortgage;54008563 I think with us being in a position like anotherginger we had the money, the offer accepted, no chain, so thought/assumed the process would be straightforward - how naive we were!

    [/QUOTE]

    Lenders only have limited tranches of funds to advance on given products. So there's often no hurry to make offers. The nature of the financial markets these days unfortunately.
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