underwriting with nationwide - how long does it take?

izzywizzy2010

currently trying to arrange a mortgage with nationwide via a mortgage advisor. since mid december and we still dont have a decison! how long does the underwriting process really take?

Thrugelmir

Extended Christmas break would have absorbed a lot of time. Also delays in postal system wouldn't have helped.

Has the property been valued?

GMS

I did one with Nationwide recently.

Decision in Principle done on 12/12/11, offer received 05/01/12.

That included a delay whilst they requested an employment reference to clarify employer benefits.

What reason has your adviser given for the delay?

izzywizzy2010

not yet recieved decison in principle yet either

they asked for loads of extra information which we submited straight away
our morgtage adviser keeps getting asked for things that have already been summited and this week had to alter my partners income by £4!

izzywizzy2010

property hasnt been valued that were aware of

GMS

Without a decision in principle the application cannot be submitted so nowhere near underwriting stage yet.

Something doesn't sound right here.

Either tell your broker to get on with it or find another one who will deal with it for you.

Really your broker should have asked for:

Proof of ID
Proof of address
3 months payslips or 3 years accounts if self employed
Latest P60 or SA302's if self employed
3 months bank statements

Then a DIP could be done and a full application if sucessful.

izzywizzy2010

we sent all those in plus, proof of tax credits, proof of deposit and a letter stating that our deposit is a gift that dosent need repaying for my partners parents

altering my partners income was mentioned as having to be done in order to alter the decison in principle? could they have it but not given it to us yet?

have definately been told its being underwriten for the past week

betmunch

Last Nationwide case I did was 3 months then turned down, based on the income not being enough, even though it was exactly the same income on the application and payslips, even though the affordability calculator on their own website said it was enough.

I now detail this case to clients when Nationwide is the best product for them and ask if they wish to risk it or take the second best option which is usually a couple of quid more expensive.

Never had a Nationwide case since, that was last summer.

Lovelyjoolz

I just took out a Nationwide mortgage, although it was a BTL. Saw the Mortgage Broker in Mid October with ID/proof of address/payslips and bank statements. Broker applied through the portal and the DIP came back within a few minutes.

Survey was done 14 days later. We expected it to take that long because apparently Nationwide had a backlog at the time due to very low rates offered on BTL. Mortgage offer arrived another 4 days after the survey.

It sounds like your broker is being a little lacksadaisical over the application. Talk to them, get a definitive list of what they need and take it in to the broker's office. Keep on at them until the DIP is received at least.