Nationwide Mortgages - How long??

mrbalboa

Unfortunately, it seems that even after Nationwide have accepted and made you a formal offer, they can still change their mind.

AIP done in early Feb
application received/product reserved - 1st March
valuation completed/valuation satisfactory/formal offer - 6th March

tbh I thought it had all gone too smoothly to be true. Only yesterday I received a message from my broker 'Nationwidehave been in touch regarding your mortgage. A senior underwriter has re-auditedyour case following the offer and has found something on your credit file thatthey did not pick up before. As a result of this, they have reduced yourmaximum loan to 85% of the value of the property (instead of the agreed 90%)'.

So far Nationwide have refused to offer any reason for this, and I'm looking at less than 2 weeks to exchange contracts.

How are they able to do this? surely the offer that they sent me (valid for 3 months) should be honored? If they have made some kind of mistake at Nationwide, its their problem? The deed has been signed and everything - are contracts not worth anything any more?

my broker is trying to get answers from them at the moment and looking if we put down 11% instead of 10% they will accept.

does anyone have any ideas what might have caused this?

droiderm

Did you take out any additional credit between AIP and now?

mrbalboa

I haven't taken out any extra credit agreements since the AIP. I've used my cc here and there, but for me that's pretty normal - still making monthly payments on it, and loads of credit available.

Do you think that is it? Nobody told me I couldn't use my credit card.

droiderm

I am just speculating.
Has your credit card balance increased much in that time ?

mrbalboa

not especially; maybe £1000 (or slightly less) which I suppose could be considered 'a lot', but not in these circumstances surely? But I've also paid off my overdraft in that time period as well.

But there has certainly been no changes of the sort where they are now telling me they want to offer me about 12k less than they did 20 days ago.

Do you think its possible my broker sent them some information incorrectly, but doesn't want to come out and say it? I can't believe that NW are refusing to say what has changes in the last 3 weeks...

HayleyLouise2013

cnewton2k wrote: »

Hey Hayley

I am at the same point as you at the monemt

Mine was submitted on the 18th
Valuation 22nd done on the 22nd
Employers ref done 26th

Now just waiting....

Our valuation back satisfactory yesterday and we was told completion date is hopefully the 12/04/13.

Its driving me insane...good luck

japmis

I'm a FTB too and as a sole applicant. Here's my timeline:

(I've done everything over the phone with Nationwide)

26 February 2013 - Decision in Principle approved
8 March - Full application submitted
11 March - Nationwide Survey
13 March - Survey satisfactory text message
15 March - mortgage value reduced after I negotiated lower price with vendor (home buyers survey revealed finlock gutter issue).
21 March - mortgage term lengthened (after speaking with a friend who's a financial advisor)
26 March - called to check they weren't waiting on anything from me. They were waiting on my bank statements which they had previously told me they didn't need as I already bank with them. They said it should go to their legal department (?) next week.

ETA for approval - no idea!

Fortunately the property I am buying has a tenant in and we cannot exchange contracts until it's vacant which has bought me some time. I don't want the vendor thinking I'm holding things up!

diska

Bit frustrated as we've had no update from Nationwide since getting a valuation satisfactory text from them on the 27th Feb. I've not even had anything in the post from them to send P60/wage slips (ended up faxing via Nationwide branch)

I did ring up last week to see if anything is holding up the application, turns out they had our faxed copies (great!) but not marked as received on their system.

Hopefully things should start to proceed now, but was hoping before Easter to have a formal offer from them by now.

shonzyd

mrbalboa wrote: »

Unfortunately, it seems that even after Nationwide have accepted and made you a formal offer, they can still change their mind.

AIP done in early Feb
application received/product reserved - 1st March
valuation completed/valuation satisfactory/formal offer - 6th March

tbh I thought it had all gone too smoothly to be true. Only yesterday I received a message from my broker 'Nationwidehave been in touch regarding your mortgage. A senior underwriter has re-auditedyour case following the offer and has found something on your credit file thatthey did not pick up before. As a result of this, they have reduced yourmaximum loan to 85% of the value of the property (instead of the agreed 90%)'.

So far Nationwide have refused to offer any reason for this, and I'm looking at less than 2 weeks to exchange contracts.

How are they able to do this? surely the offer that they sent me (valid for 3 months) should be honored? If they have made some kind of mistake at Nationwide, its their problem? The deed has been signed and everything - are contracts not worth anything any more?

my broker is trying to get answers from them at the moment and looking if we put down 11% instead of 10% they will accept.

does anyone have any ideas what might have caused this?

They can randomly pull any application for an audit even after they have provided you with a mortgage offer. Unfortunately nothing is set in stone until the completion date and the keys are in your hand. If they've reduced your ltv rather than retract a mortgage entirely then this would suggest its something to do with affordability - but im only speculating here.

mrbalboa

shonzyd wrote: »

They can randomly pull any application for an audit even after they have provided you with a mortgage offer. Unfortunately nothing is set in stone until the completion date and the keys are in your hand. If they've reduced your ltv rather than retract a mortgage entirely then this would suggest its something to do with affordability - but im only speculating here.

I suppose that makes sense, but why they can't just come out and say it, I don't know; I'd rather increase the term of the agreement to reduce the payments than have to come up with more cash upfront.

Most frustratingly, we accepted a lower offer on our own property based on the fact that NW told us they would lend us 90% of the value of the house we REALLY want. Now that this has happened so close to proposed exchange, I don't know how badly it will affect anyone else in the chain, and if anyone then decides to pull out... And now it's Easter break so have to wait ages for any news.

Do I sound at all stressed :eek: