Nationwide application process

clearing_out_my_pockets

Hi. We are first time buyers and we saw a mortgage advisor at Nationwide on Saturday (I have a current account with them). We have an appointment to make a full application tomorrow morning. Can anyone give us an indication of how long the process tends to take with Nationwide. We've seen a house we like and the owners want completion before christmas.

TheMiner

I don;t think Nationwide will be the stumbling block - once the application has gone through, it'll be solicitors you'll be waiting on. They do need five days once completion has gone thru to release funds, but this might be the norm

superstar_catwoman

Hi - Hate to be bearer of bad news but best you are warned before you get your hopes up too much - we have had a mortgage with Nationwide for a couple of years and are 'porting' it to a new property, hoping to move next Friday. Nationwide took SEVEN weeks to process our application, even as current customers, for a 95% mortgage available to current customers (our mortgage advisor was sure we would get this even in current climate due to my credit rating being 'excellent' ie max score, and my partners 'good', and no defaults, and we were asking for ove 20k less than we can borrow etc etc) only for them to say NO - then no to a 90% mortgage - they finally, after total of nine weeks, have agreed to a 89% mortgage. Then they sent the offer after two more weeks with the wrong house number on for the purchase.

Even if you had an offer straight away, it wouldn't go through in time for Christmas due to all the survey and solicitor work etc.

Sorry to disappoint you!

oli_ro

Has anyone else recently applied with Nationwide ? Went through an intermediary, all the paperwork was sent today.

Any ideas about what is the typical application process with them ? Do they credit score first and then arrange the valuation ? Are they swamped at the moment ?

Thanks.

majorzott

Hi
We are in the process of buying a house, Nationwide is the mortgage provider - we had an awful time getting them to do anything fast, took 6 weeks to get a mortgage offer.
You don't say where you are, (we were with the Bolton branch, which was just really bad). All I can advise is; keep chasing them and if theyre slow, keep reminding them that you've paid a £700 odd arrangement fee, don't be fobbed off.
Good luck

oli_ro

Hi, we are in London. Applied though an intermediary(L&C) and afaik the application is getting set to a centralised processing centre, so I don't think that location matters. The paperwork was sent last Friday, so early days.

I am hoping I don't have to wait 6 weeks.

Did they credit scored you before arranging the survey ?

clearing_out_my_pockets

Wow - hadn't checked this in a while. Just to update...

After making the full application in branch, took the papers away for OH to sign. Credit score & affordability done in branch, all fine. Survey arranged within 10 minutes of me leaving the branch. Met mortgage advisor in branch at 8.30 (half hour before they open) on Friday and mortgage application formally sent off. On Wednesday I got a call from the MA saying the underwriters wanted proof of deposit, so I transferred the money into a 'spare' esavings account I had. Within 30 minutes, MA phoned back to say the underwriters had approved the application and would be faxing the decision to our solicitor (who already has draft contracts from the vendor).

Our application was done in London, but we're buying in Kent. 90% LTV.

oli_ro, we were credit scored before the survey was arranged.

oli_ro

Ok, a week into the application process and nothing happended. Actually, the only thing that happened was Nationwide charging our credit card for booking and survey fees.

Advisor told us that they are going to look into our case before Monday. Let's hope so.

oli_ro

Update:
Mortage was processed on Tuesday, approved pending valuation.
Valuation instructed and survey was done Thursday.
Mortgage offer issued today, and should arrive tomorrow.

I was really impressed by this fast turnaround.