Financial advice for first time buyer

sudi

My boyfriend and I have applied for a mortgage through a Persimmon appointed financial advisor. He took all our details etc. went away and telephoned us at the end of the day to say we could have a mortgage with Nationwide.

He posted the mortgage application out to us, which we both signed and sent back to him with our proof of earnings etc. etc. and he said that everything looks fine and he has posted them on to Nationwide saying that we have a mortgage in principal.

This financial advisor is now on holiday and we are a little anxious so can somebody tell me if:

a) What can go wrong at this stage if anything?

b) When he took all the details from us and did all our credit checks, do Nationwide take his details as confirmation or do they do their own credit checks?

Can somebody tell me if Nationwide take his details taken from us as accurate or do they do their own credit checks etc? I am just wondering as we are both a bit nervous being first time buyers!

purplebuzz

Are you buying a new build by any chance??

Mrs_Bumble

When the adviser submitted all your details he in all likelihood submitted them onto Nationwide system directly. He wouldn't have done his own credit checks so to speak.

How long is he on holiday for? Has he left you a point of contact?

TroJon

Hi Sudy -

a) Anything can still go wrong until you have a mortgage offer, and even then they can still retract that offer if you haven't transferred funds.
b) The lender does the checks, not the middle man.

Purple - probably, most builders only sell new builds, and if going through their appointed brokers, are almost certainly new builds, they make a lot of comission based profits from these internaly arranged brokers.

purplebuzz

The only reason that I asked about a new build is being Nationwide are well known for down valuing new builds. They instruct their surveyors to value the property for its re-sale value.

Search the forums, there have been lots of people with this issue before.