has anyone applied for a nationwide mortgage?

veryhopeful77

hello
we have applied for a nationwide mortgage, 2 year fixed rate, go mortgage in principle 3 weeks ago signed all paperwork and gave all paperwork ie passport utilty bill wage slips etc friday
how long will it take to get offer as we need to move urgent as in expensive rental. neither party has a chain

will they ask for anymore paperwork? got a 15% deposit from family member
i think the solicitors fee are outragous they charging £1600 plus survey is that about right? seem steep
first time buyer so sorry if i sound stupid, not sure what to expect and mortgage advisor was trying to push us to buy all her products ie life insurance, critical illness sick pay a will redundacy pay and buidling and contents etc do we have to buy all from her? its countrywide
she alsosaid we need to have buidlings insurance in place before we exchange contracts, but we do not have a date yet
also0 was told first payment pay be more

norwichlad

You def don't need to buy all the insurance products from her!

Your first payment to the lender will usually be more.

Emy1501

I would be careful using countrywide. We were quoted £299 on application to get a mortgage and £705 for the survey. These charges were payable on application and we would not have got this back if the mortgage was not agreed. We pointed these concern out to the broker and he agreed to only charge these fees if we got the mortgage. In the end we could only 20K less than we wanted. They will try and sell you any add on as they get more commission.

We are paying £750 fee plus about £500 for other fees on a purchase we are doing for solicitors fees. Again i would be careful of using countrywide if the sale is going through one of their estate agents. My previous experience of them was not great and they missed bring up no planning permission building regs on a previous purchase through them.

TrickyDicky101

Loans (such as mortgages) can either be made on a repayments in advance or repayments in arrears basis. Mortgages are generally quoted on a payment in advance basis (which marginally reduces the quoted headline percentage rate). On an advance basis, if you take out a loan on day 1, your first repayment is due on day 1 as well (which seems crazy as it means in effect you are only being loaned the full loan amount less the first payment).

The consequence of this is that if you take out a loan on a non-repayment day the first payment you make will be the full first payment plus interest due from the date of advance to the first payment date, which in some cases could be virtually double your ordinary payment amount (take out loan on 2nd of month but repayments are due on 1st of month you therefore won't make a payment until next month and so will incur almost a full month's interest in addition to your ordinary monthly repayment).

poppy_f1

im with nationwide = i made 2 payments in the first 6 weeks, one roughly 2 weeks bout 17th july after i completed (25th june) then one on the first of august as my payment date was the first

my offer came very quick 4 days after applying however i am in scotland and a separate survey wasnt needed
i also had to get a letter from my mother who provided my deposit to say it was a gift and not a loan so this may be asked for, i had already had one and given to my broker as we were applying just in case
my solicitor fees were about £700 on a 95k purchase but again im in scotland so may be different

only insurance you have to have is buildings, get quote and go with it as you can always give the starting date when you know it

veryhopeful77

poppy_f1 wrote: »

im with nationwide = i made 2 payments in the first 6 weeks, one roughly 2 weeks bout 17th july after i completed (25th june) then one on the first of august as my payment date was the first

my offer came very quick 4 days after applying however i am in scotland and a separate survey wasnt needed
i also had to get a letter from my mother who provided my deposit to say it was a gift and not a loan so this may be asked for, i had already had one and given to my broker as we were applying just in case
my solicitor fees were about £700 on a 95k purchase but again im in scotland so may be different

only insurance you have to have is buildings, get quote and go with it as you can always give the starting date when you know it

yes we had to tick the gift box on the form as family member loaning us deposit
they chargingus £20 plus vat so they can online/telephone check her out for money laundering1 and us too i thought that was a rip off!
countrywide quoted us £51 a month for buidings/contents ifind that expensive sonot going with them but she said we have to go with them for life insurance/mortgage protection which is £35 amonth i do not want anymore chrages are our monthly bills wil be too high

the charges on the invoice seem steep to me, they wanted £400 to do a valuation!

veryhopeful77

TrickyDicky101 wrote: »

Loans (such as mortgages) can either be made on a repayments in advance or repayments in arrears basis. Mortgages are generally quoted on a payment in advance basis (which marginally reduces the quoted headline percentage rate). On an advance basis, if you take out a loan on day 1, your first repayment is due on day 1 as well (which seems crazy as it means in effect you are only being loaned the full loan amount less the first payment).

The consequence of this is that if you take out a loan on a non-repayment day the first payment you make will be the full first payment plus interest due from the date of advance to the first payment date, which in some cases could be virtually double your ordinary payment amount (take out loan on 2nd of month but repayments are due on 1st of month you therefore won't make a payment until next month and so will incur almost a full month's interest in addition to your ordinary monthly repayment).

we are after a 2 year fixed rate on a repayment basis told us depending on the date we get, we may pay more on first payment
its all confusing to me and dont want to be ripped off
i didnt even ask to use countywide solicitors, the mortgage advisor just did it anyway

luckyfool

£1600 for solicitors seems ridiculous assuming it does not include stamp duty. Life cover is sensible to have, but again, maybe not the cheapest through an estate agency adviser.

veryhopeful77

luckyfool wrote: »

£1600 for solicitors seems ridiculous assuming it does not include stamp duty. Life cover is sensible to have, but again, maybe not the cheapest through an estate agency adviser.

no stamp duty