quick question "nationwide"

littlemissmoo

hi all, me and my husband are currently in the process of buying a new house and have applied for our mortgage through nationwide via a broker, recieved our aip on tues and due to have servey next tues our broker has said our application has been "fast tracked" and nationwide have not requested any documents from us although broker has taken them now my question is is this normal and are we both in for a long drawn out process now??

Senior_Paper_Monitor

Presumably you are going for a fairly low loan to value, are well below your affordability limits and have no 'issues'.

It means the opposite and 'just what it says on the tin' - should process very quickly.

The broker will still need to satisfy himself/herself that your figuresand supporting documents 'stack up' but the lender will simply accept that he has done this.

littlemissmoo

thank you, were hoping to borrow 90k and putting the other 45k ourselves so im keeping my fingers crossed now:j

Conrad

Fast track in theory should mean a speedy outcome but always lenders pull a random sample of fast track applications to verify that fast tracking is not being abused (for example by people not wanting to prove income). They have to do this in accordance with the regulations. I've known a couple being pulled recently where letters from the Tax office were requested. Usualy most go though unhindered though.

As senior says, the broker must hold proof of your income on file - I've known brokers get fined and barred for not doing this.

Senior_Paper_Monitor

Just for info (and not disagreeing with Conrad) - so far any 'fast tracks' we've had pulled for 'checking of supporting docs' has been immediately after completion (never had one from Nationwide yet though) so it doesn't impact on client in terms of delay.

Jaybee5

We were fast tracked too when we remortgaged with Nationwide and then asked for a further advance for home improvements. Our LTV is approx 60%. the remortgage went through without a hitch and the further advance happened within a week so no problems in my experience.