Nationwide Mortgage Problems

GMS

hammond_cheese wrote: »

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.

Your deposit is yours and can be proven as yours so no issue. The point made was for somebody using third party cash for a deposit.

You may be asked for evidence but this will not be an issue. Solicitor may also ask for evidence on completion.

People have been known to sell cars etc to fund deposits. As long as it is proven it is fine

hammond_cheese

Thanks GMS, that's reassuring.

Fingers crossed by the middle of the week I will have an offer.

hammond_cheese

Sorry to drag this thread back up from the dead, but is anybody else on here currently going through the Nationwide application/approval process?

My application hasn't been looked at in the two weeks since I last posted. My broker is chasing it up every day and Nationwide promise every day that it will be looked at before the close of business but so far have done nothing with it. I'd be interested to hear if anyone else is going through the same.

Moomum

We applied to nationwide on the 4th February through a broker, it was agreed in principle the next day and then sent to the large loans office for further verification, we sent off Docs regarding ohs pay rise etc and they ok'ed in the next day, survey done on 9th and we received offer in post yesterday. Was really impressed tbh. Are there any special considerations on your case or is it straightforward?

kingstreet

In common with most brokers, I used to experience good service from Nationwide's regional processing centres, firstly in Chester, latterly in Birmingham.

Then Nationwide decided to centralise processing in Northampton, with some cases being handled in Glasgow.

Being charitable, I'd say this has not gone smoothly and certain teething troubles are not yet resolved.

On the whole, I'd say the popularity of a lender's product range is inversely proportional to its quality of service. The better the rate, the longer to wait for the offer...

WellKnownSid

Don't give up!

We applied for what we thought was a straightforward mortgage - not with Nationwide, but another big bank, at the beginning of September... Agreement in principle was given the same day, and we had the final (correct) offer at the end of... JANUARY... Yes, five months... We then had just 24 hours to complete because the valuation would have run out!!!

Stupid, unimportant or irrelevant questions (they wouldn't proceed with the application at one point until I provided "proof of income from the rental portfolio..." - I don't have any rental properties??? Paperwork lost, yes, "stuck in the post", yes, several pointless questions even got my accountant stratching his head!

In the midst of all this idiocy, the broker stopped taking our calls. That was when the first (of five) offers came through... for 10% MORE than we asked for.

The call centre scripts don't have an entry for "we've given the customer too much money" and so it becomes an impossible problem that no-one can deal with ("no, I cannot put you through to someone in charge, and no I cannot resolve the problem myself, I know you're completing in two days time - what I can do is send an e-mail and in a few weeks you'll get a revised offer through which will also be incorrect...").

It was in fact our brilliant solicitor who managed to cut through the incompetence and on the fifth attempt the bank managed to get the mortgage amount correct. We completed 18 hours later...

According to my solicitor - our mortgage was "one of the simpler ones" he's had to deal with... outsourcing and cost-cutting means that banks are in complete chaos and it's surprising anything gets done.