FTB Questions

b3ckford

Hi all just a quick few questions

Me and my girlfriend have saved 25% deposit and are looking to go to Nationwide after the holidays.

Do we need to produce 3 wage sllips and p60's at AIP stage? or is that at the underwriting

Also Regarding FTB Stamp Duty, am i right in thinking that, the mortgage process needs to be completed by March 2012 to qualify for the stamp duty waver? Or is it if you apply before march 2012 your exempt?

Thanks for your help!

holly_hobby

Yes needs to complete by noted cessation date of enhanced FTB SDLTR (answered on other thread too).

Hope this helps

Holly

b3ckford

Thanks for the reply.

Just a guestimate, whats the average time mortgages are completed, if everything goes acording to plan?

mostlyharmless

We just got our mortgage offer with Nationwide in about 4 weeks, the offer arrived on Xmas Eve.

I think all the proofs of income etc. were needed at the underwriting stage. They will also need to see proof of the deposit.

I hadn't realised the FTB stamp duty changed from March. Ours is a new build that should be completed in February, already delayed by 3 months so we had to reapply for the mortgage because the first offer expired. I'll have to put some pressure on the builder now to make sure they complete on time, or get them to pay the Stamp Duty.

Yorkie1

OP, the mortgage offer is not the longest part of the process. In my experience, the legal side of things takes longer; it is not unusual for it to take 8-12 weeks from offer to completion, particularly depending on how long searches take to get back, or additional surveys if issues are identified.

If you are in a chain that potentially complicates matters too.

You may well be cutting it fine to complete by the cut-off date of (I think) 24 March 2012.

You can let others in the chain know about your target for completion by that date but ultimately you should ensure that your financial position does not stand or fall on the stamp duty, in case you cannot meet the date for any reason.

b3ckford

Thanks for all the advice,

We're going to the bank next Friday have seen a house with no chain and on freehold, so hopefully If everything works out, we might just scrape through.

Thanks again!

johnboyinsole

Hi, I am in very similar position to you.
I applied for mortgage over the phone with nationwide and posted my application on 19th Dec and had the offer in my hand on 23 Dec. You only need proof of income and p60 at underwriting stage. Addionally id give them a mobile number to contact you as they needed to contact me twice with extra questions so will get through quicker if you are available to answer straight away. To save time, go and get your passport, drving license, utility bill, wage slips and p60 stamped at a Nationwide branch, then when you get the application pack through, you can post it that day. Of course it may be slightly different if you apply in branch but phone worked best for me.

b3ckford

johnboyinsole wrote: »

Hi, I am in very similar position to you.
I applied for mortgage over the phone with nationwide and posted my application on 19th Dec and had the offer in my hand on 23 Dec. You only need proof of income and p60 at underwriting stage. Addionally id give them a mobile number to contact you as they needed to contact me twice with extra questions so will get through quicker if you are available to answer straight away. To save time, go and get your passport, drving license, utility bill, wage slips and p60 stamped at a Nationwide branch, then when you get the application pack through, you can post it that day. Of course it may be slightly different if you apply in branch but phone worked best for me.

Thanks for the information. It is much appreciated. With regards to the utility bill, what is exceptable? All my bills I.E SKY, Virgin are done online. I live with perents so don't have major bills gas, water etc

b3ckford

Ann just found out I can print off online bills with my address on. So that's fine I'll have all the documents ready for when I see them, I take it my girlfriend will need exactly the same documents that I produce?

johnboyinsole

If she is on the mortgage then I suspect they will probably need the IDs for Ann too. I was a sole applicant so I'm not too sure on that point to be honest.
I gave them a copy of a council tax bill but this will probably not work for you if you're living at home but it was just to confirm my current address so I'm sure there will be something that they can accept as proof of address (driviing license for example). My wage slips are online only and they accepted them no problem at all.

Also, you will need to confirm with them the buildings insurance you are taking out. It doesn't have to be with Nationwide but it worked out cheapest for me anyway and therefore probably quickened the process as they already had that on record and will put it in place when exchaning of contracts has gone through.

Other things I had to sign was a deed of consent form (you'll need this if someone else will be living in the house who isn't named on the mortgage). You will need a witness to sign this. Additionally I had to sign a direct debit form.

Once they get your application form, they give you the name of a person looking after your application and a contact number. Everyday I called for an update so they probably just wanted to push it through in the end to get rid of me!
I'd say the only other things to think about are your outgoings as they called me about my commuting costs because they noticed I lived more than 50 miles away from my job so wanted to know how much I spent on that.
I've probably been lucky because I had no problem with the valuation or credit check etc and it's all gone smoothly so far. Just the convenyancing to finish now!

b3ckford

Thanks alot John your being a great help. Good to know what I need before I apply. I can get everything you've said, so fingers crossed it will go smoothly.