Nationwide Mortgage Problems

mike.smith33

Hi all

Apologies in advance as this is as much a rant in frustration as an appeal for advice.

I am a first time buyer with what I would regard as a relatively straightforward application. I am only trying to borrow 40% LTV and the property's value has been confirmed by Nationwide's surveyor.

My application was submitted through a large, reputable mortgage broker in mid-December. All was quiet from Nationwide until early January, presumably due to the bad weather and Christmas. Since then my mortgage broker and I have been experiencing a litany of problems with Nationwide. Essentially it is a cycle of Nationwide making us wait a week before they will provide an update, then they announce they have lost a piece of documentation. This has happened four times now. As you can no doubt imagine, it is very irritating to re-send a piece of documentation only to be told a whole week later that they have lost something else.

They certainly had all the right documentation to begin with, as they confirmed this at the time. This is when they told me what they would be prepared to lend me (at the beginning of January).

As this is the first mortgage I have applied for, I was wondering if this is particularly unusual, or should I just expect things like this to happen and take it easy? I am worried that the property seller will pull out if this carries on for much longer.

My mortgage broker has been fairly non-commital on whether this is typical, but I sense they are starting to get annoyed themselves now.

hammond_cheese

I am going through the same sort of thing at the moment, although a bit less advanced in the process. Reading this doesn't fill me with hope...

Best of luck getting through it!

somethingcorporate

We just got our Nationwide mortgage offer today, after submitting the application 2 days after Christmas, all relatively straight-forward.

hammond_cheese

Ah, that's very good to know. Thanks for posting with some good news.

My broker did say that it depends alot on the service centre - and even the specific group of people - who happen to be dealing with your application, so I guess I just hit unlucky. My experience is a far cry from the straightforward impression they like to portray on their adverts. Time yet for it to come good though, so here's hoping :-)

hammond_cheese

OP - any news? I think I'm on the final stretch now so am both hopeful and nervous.

I was contacted by my broker last Monday to say that Nationwide were hoping for my case to go to offer the following day. Then on the Tuesday the underwriters asked to see current proof of my deposit in my bank account (when I applied about half my deposit was still in non-cash financial assets, which I provided evidence of). I provided the bank statement on the Wednesday, and am still waiting to hear. Apparently my application is still in the final checking stage with the underwriters.

The only thing that worries me now is the fact that the statement shows a few large payments being made into my account over the last few weeks - the cash from the sale of my other financial assets. I'm hoping that the underwriter will use some common sense and realise what is happening here, especially with the other documentary evidence of ownership I provided at the beginning.

Do I have much to worry about at this stage? I have heard on these boards of many people falling at this hurdle...

SpeedSouth

hammond_cheese wrote: »

The only thing that worries me now is the fact that the statement shows a few large payments being made into my account over the last few weeks - the cash from the sale of my other financial assets. I'm hoping that the underwriter will use some common sense and realise what is happening here, especially with the other documentary evidence of ownership I provided at the beginning.

I'm going to see NW next week and this worries me a little. AsI put in another thread I hoping to get the mortgage as sole applicant for various reasons, but will be using some of my girlfriends money as part of the deposit. This is not currently in my bank account. Do I just declare this in my first meeting with the NW guy?

hammond_cheese

I might be wrong here - in which case I'm sure someone with more knowledge will correct me - but I think the main advice here would be to declare it upfront and you're unlikely to have a problem. From what I've read, it's when surprises crop up later in the process that things can get tricky!

GMS

adam81 wrote: »

I'm going to see NW next week and this worries me a little. AsI put in another thread I hoping to get the mortgage as sole applicant for various reasons, but will be using some of my girlfriends money as part of the deposit. This is not currently in my bank account. Do I just declare this in my first meeting with the NW guy?

If your girlfriend is to live in the property you may have issues. Even if she does not the lender may have concerns over the deposit coming from somebody with no interest in the property.

Declare it up front. If it is acceptable then fine. If you dont declare it you may find it falling aprt on completion, as well as having commited mortgage fraud for non disclosure

hammond_cheese

GMS - in your experience, will I have problems with the underwriter because of the large payments being made into my account in the last few weeks? (Considering I have offered an explanation pre-empting a possible query, and also gave them proof of ownership of the shares I have just sold).

Thanks.

happy35

i have no knowledge of this lender but can't see you having any problems if you have paperwork from the broker that sold the shares etc

you will only find awkward questions being asked if the source of the money isn't easily traced

hammond_cheese

Good point, cheers. Sounds stupid, but I had completely forgotten that I had that additional proof to use if needed (!).