mortgage decision

clarabee_2

I'd be grateful to hear from anyone re how long their mortgage application took. Nationwide have just told me 6-8 weeks!! am worried the whole thing will collapse if it takes that long. Would love to know other experiences.

Also what kind of paper work should I be lining up for when they come back to me?

kingstreet

6-8 weeks for an offer? Or 6-8 weeks for completion?

Typically, you'll be asked for;-

- last three months payslips
- last P60
- last three months consecutive bank statements
- details of existing credit commitments
- bank details for direct debit
- evidence of identity
- card details for fee payment
- solicitor's details
- access/agent details for surveyor to get into property.

SternMusik

clarabee wrote: »

I'd be grateful to hear from anyone re how long their mortgage application took. Nationwide have just told me 6-8 weeks!! am worried the whole thing will collapse if it takes that long. Would love to know other experiences.

Also what kind of paper work should I be lining up for when they come back to me?

For me it took 10 days from submitting the full application to being issued with a mortgage offer. That was with YBS in January. They wanted the most recent three months worth of bank statements and pay slips (or maybe just one month but I supplied three anyway), my tenancy agreement, and a photocopy of my passport. I had those documents verified in branch. They didn't even want to see evidence of the deposit (although I did show this to them anyway). Overall it was a very pain-free process.

The application document however was very long (> 16 pages) and took me quite a while to complete!

clarabee_2

thanks for the great replies!! 6-8 weeks for an offer. Can't believe it could really take that long especially as there are fewer people applying these days

didabuf

im three weeks in on an application with nationawide and havent heard anything yet

Katpin

We went through Nationwide in Feb for our top-up mortgage. It took about 3 to 4 weeks. Alot of information asked for (more than the above) we were aiming to complete on the 24th Feb. The mortgage offer came through on Feb 22nd!! They seem to have been inundated recently and are taking longer than normal.

Our broker did chase them quite a lot in the end and even escalated it through their management structure due to the tight timescale of our house purchase.

minnie123

Katpin wrote: »

We went through Nationwide in Feb for our top-up mortgage. It took about 3 to 4 weeks. Alot of information asked for (more than the above) we were aiming to complete on the 24th Feb. The mortgage offer came through on Feb 22nd!! They seem to have been inundated recently and are taking longer than normal.

Our broker did chase them quite a lot in the end and even escalated it through their management structure due to the tight timescale of our house purchase.

What extra information did they ask for out of interest. I am waiting to her back about my mortgage and have sent all the info detailed above. Just wondered what extra stuff they may need?

Thrugelmir

clarabee wrote: »

thanks for the great replies!! 6-8 weeks for an offer. Can't believe it could really take that long especially as there are fewer people applying these days

Even the NW have limited funds to advance. There's only a certain budget for 2012 in total.

The end of the stamp duty holiday has no doubt caused a stampede.

Katpin

minnie123 wrote: »

What extra information did they ask for out of interest. I am waiting to her back about my mortgage and have sent all the info detailed above. Just wondered what extra stuff they may need?

we had pooled our savings into one account so they wanted to see a paper trail of where all the money came from - they wanted statements for all accounts.