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    • chelseablue
    • By chelseablue 6th Dec 17, 4:24 PM
    • 2,296Posts
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    chelseablue
    Is it normally this quick with Nationwide
    • #1
    • 6th Dec 17, 4:24 PM
    Is it normally this quick with Nationwide 6th Dec 17 at 4:24 PM
    Our fixed rate is up in March with Halifax.

    Hoping to switch to Nationwide and we applied this afternoon (about 3 hours ago!) via our broker.

    Just had a text from Nationwide saying "We're pleased to let you know we've issued a mortgage offer"

    All seems a bit rapid, is it normally that quick? I presume they've just valued the house electronically somehow?

    Thought I wouldn't hear anything for a week or too, even the broker said it might be after Christmas before we hear anything
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
Page 1
    • kingstreet
    • By kingstreet 6th Dec 17, 4:42 PM
    • 32,360 Posts
    • 17,371 Thanks
    kingstreet
    • #2
    • 6th Dec 17, 4:42 PM
    • #2
    • 6th Dec 17, 4:42 PM
    Won't your offer expire well before the end of March? AFAIK Nationwide remortgage offers only last three months and can't be extended more than two weeks.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • chelseablue
    • By chelseablue 6th Dec 17, 4:48 PM
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    chelseablue
    • #3
    • 6th Dec 17, 4:48 PM
    • #3
    • 6th Dec 17, 4:48 PM
    I did query that with the broker and they said the offer will last until April?

    Fixed rate ends 31st March with Halifax
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • kingstreet
    • By kingstreet 6th Dec 17, 4:51 PM
    • 32,360 Posts
    • 17,371 Thanks
    kingstreet
    • #4
    • 6th Dec 17, 4:51 PM
    • #4
    • 6th Dec 17, 4:51 PM
    I did query that with the broker and they said the offer will last until April?

    Fixed rate ends 31st March with Halifax
    Originally posted by chelseablue
    How long are offers valid for?
    Remortgage offers are valid for 90 days.
    House purchase offers are valid for 180 days. This includes applications for new build properties (whether completed or not).
    Rate Switch offers are valid for 45 days.
    ..........
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • chelseablue
    • By chelseablue 6th Dec 17, 5:16 PM
    • 2,296 Posts
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    chelseablue
    • #5
    • 6th Dec 17, 5:16 PM
    • #5
    • 6th Dec 17, 5:16 PM
    Thank you, just emailed them about the remortgage offers lasting 90 days and this is what he's come back with:

    I am just establishing if they have offered, as typically it takes 4 weeks for them to offer in which case the 90 days works for your application.

    They are now shut so I will call tomorrow morning
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • Malc00
    • By Malc00 6th Dec 17, 5:28 PM
    • 21 Posts
    • 5 Thanks
    Malc00
    • #6
    • 6th Dec 17, 5:28 PM
    • #6
    • 6th Dec 17, 5:28 PM
    It is becoming increasingly common for remortgages and further advances to offer instantly. My last one was a couple of weeks ago.

    It tends to be low LTV cases, simple income (basic only), helps if the member banks with Nationwide and low risk property.
    Mortgage new business are open until 6pm but have heavy call volumes at the moment, but you could always call to check the offer expiry date. The number for them is 0800 464 3000.
    • enthusiasticsaver
    • By enthusiasticsaver 6th Dec 17, 5:33 PM
    • 4,827 Posts
    • 9,119 Thanks
    enthusiasticsaver
    • #7
    • 6th Dec 17, 5:33 PM
    • #7
    • 6th Dec 17, 5:33 PM
    Seems a bit early to be looking into remortgaging if your current deal doesn't expire until end of March. Is there any reason why you were applying this early considering it usually would take maximum 6 weeks if valuation needed etc?
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • chelseablue
    • By chelseablue 7th Dec 17, 1:17 PM
    • 2,296 Posts
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    chelseablue
    • #8
    • 7th Dec 17, 1:17 PM
    • #8
    • 7th Dec 17, 1:17 PM
    Thank you all, I followed the advice of the broker who said we wouldn't hear until beginning of January so all would be fine

    Tried calling and emailing broker this morning but they still haven't contacted me so I went direct and called Nationwide (not sure if that's 'allowed' but oh well)

    Turns out that yes it was offered on yesterday and expires 6th March

    Bloody fuming

    What do we do now? Nationwide said it will all need to be re keyed in January which is fine but is that damaging in any way?
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • YHM
    • By YHM 7th Dec 17, 1:37 PM
    • 299 Posts
    • 97 Thanks
    YHM
    • #9
    • 7th Dec 17, 1:37 PM
    • #9
    • 7th Dec 17, 1:37 PM
    Sounds like a pretty shoddy effort from your broker...
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • chelseablue
    • By chelseablue 7th Dec 17, 2:02 PM
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    chelseablue
    Totally!

    They've just called me back and said they have never known Nationwide to offer on the same day before.

    He said not to worry (easier said than done!) and he will need to re submit in early January and that he will keep an eye on their rates for the next couple of weeks in case they go up

    Used him before with no problems, normally people would be thrilled to get their mortgage accepted this is just my luck
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • YHM
    • By YHM 7th Dec 17, 2:05 PM
    • 299 Posts
    • 97 Thanks
    YHM
    As above, if the application doesn't have any issues and they can automate the property valuation themselves, due to low LTV, then same day offers do happen.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • chelseablue
    • By chelseablue 7th Dec 17, 2:46 PM
    • 2,296 Posts
    • 2,822 Thanks
    chelseablue
    I think it must be they've considered our LTV quite good, house is worth approx. £430,000 and mortgage outstanding is £219,000
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
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