Nationwide Mortgages - How long??

bretts

mightyblues78 wrote: »

Hi bretts,

For what it's worth, the gap between my Nationwide application being received and the valuation being instructed was 6 working days (instruction was made on Friday last week).

My process so far:
Application Made: 27th March
Valuation Instructed: 5th April
Valuation Due: 16th April

Cheers,
mb78

Hi MB

Thanks a lot for the info.
Please correct me if i am wrong that getting the valuation done does not mean that loan is approved, Am I right?
They can still refuse it at a later date.
I am so stressed and I am sure everyone who goes through this process must be until they have a mortgage approval in there hand.

bretts

japmis wrote: »

When I applied on 8th March I paid upfront the product fee and survey cost.

The next step was the valution, which should/could be in the next week.

You will then receive a text from Nationwide saying something along the lines of 'satisfactory valuation report'.

Then the real waiting begins as they scrutinise your paperwork, verify you income, rent, bank statements, previous addresses, P60, first born child, inner leg measurements, loans, affordability etc etc etc. :rotfl:

Then once all the paper work is in order (beware: if Nationwide require extra paper work from you, they will not contact you, aim to phone them once a week to get a status update) it goes to the underwriters. The underwriters take, according to Nationwide, around 3-4 working days.

So, all in all, the process takes 4-6 weeks. Some it is quicker, just depends on..... actually I don't know what it depends on..... pot luck?!

Have you got a conveyancing solicitor to start doing all the legal processes?

Have you considered having your own Home Buyers Survey?

Hi Japmis

I am left wondering too that for some it is pretty quick, it could be down to the fact that they are with nationwide for long, MAY BE not sure
I have got the solicitor and passed on the details to the estate agent.
I dont know where you are located but in london the property agents are way too restless and already thinking in 4 days whether I am genuinely interested in the property or no as they have called me 2 times already and asked me about the status update on valuation and mortgage.
I have not got my own survey done but well the payment to get it done is already gone and might wait for them only to do it now.
But I am left wondering that you applied on 8th March and your valuation has still not been done so I might have to wait that long too. I am not calling my mortgage agent just yet to get me upadte as he himself said 4 working days minimum so I will wait till thursday and just ask him to contact them on friday and see what is the update if there is any on my case.
The only text i got so far is saying your application has been received and that they will stay in touch.

mightyblues78

bretts wrote: »

Hi MB

Thanks a lot for the info.
Please correct me if i am wrong that getting the valuation done does not mean that loan is approved, Am I right?
They can still refuse it at a later date.
I am so stressed and I am sure everyone who goes through this process must be until they have a mortgage approval in there hand.

Hi bretts,

I'm a FTB as well so not 100% sure of this but from what I've been told by my broker, Nationwide are more thorough than a lot of lenders in their initial checks before providing a DIP. My broker was also told by his contact in Nationwide that my application was fine with no paperwork outstanding before the valuation was instructed.

Again, going by what he has told me, Nationwide are very unlikely to go to valuation if they are not happy with the application but, as many others on here have already posted, nothing is guaranteed until the keys are in your hand.

Regarding Japmis' comments on the checks only starting after the valuation is done, I would only say that the majority of people on here that have posted their experience with Nationwide appear have received confirmation of their mortgage offer very quickly after receiving the 'valuation satisfactory' text (sometimes the same day) which, to my mind at least, means that the lender has gone through the majority of checks prior to the valuation being carried out. Although again, I profess to be neither an expert, nor even particularly experienced in these matters so I could easily be wrong.

Cheers,
MB78

japmis

bretts wrote: »

Hi Japmis

I am left wondering too that for some it is pretty quick, it could be down to the fact that they are with nationwide for long, MAY BE not sure
I have got the solicitor and passed on the details to the estate agent.
I dont know where you are located but in london the property agents are way too restless and already thinking in 4 days whether I am genuinely interested in the property or no as they have called me 2 times already and asked me about the status update on valuation and mortgage.
I have not got my own survey done but well the payment to get it done is already gone and might wait for them only to do it now.
But I am left wondering that you applied on 8th March and your valuation has still not been done so I might have to wait that long too.

Brett here's my timeline so far

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.
10 April - still waiting, should/could be any day now.

I've banked with Nationwide since I was 7 so don't think that has any bearing.

Expect to speak to the estate agent every 2-3 days from now on, that is normal.

I would seriously recommend having your own Home Buyers Survey done. It costs about £250 and is MUCH more thorough than the basic survey done by a mortgage provider.

Have a look at this recent article from the BBC:
http://www.bbc.co.uk/news/business-21967320

bretts

mightyblues78 wrote: »

Hi bretts,

I'm a FTB as well so not 100% sure of this but from what I've been told by my broker, Nationwide are more thorough than a lot of lenders in their initial checks before providing a DIP. My broker was also told by his contact in Nationwide that my application was fine with no paperwork outstanding before the valuation was instructed.

Again, going by what he has told me, Nationwide are very unlikely to go to valuation if they are not happy with the application but, as many others on here have already posted, nothing is guaranteed until the keys are in your hand.

Regarding Japmis' comments on the checks only starting after the valuation is done, I would only say that the majority of people on here that have posted their experience with Nationwide appear have received confirmation of their mortgage offer very quickly after receiving the 'valuation satisfactory' text (sometimes the same day) which, to my mind at least, means that the lender has gone through the majority of checks prior to the valuation being carried out. Although again, I profess to be neither an expert, nor even particularly experienced in these matters so I could easily be wrong.

Cheers,
MB78

HI MB

Thanks for the info, I think it really depends from case to case and how busy they are and looking at the market at present its looking like they might well be very busy but if there is a valuation and survey done on property it keeps the estate agent quite for sometime.

Brett

bretts

japmis wrote: »

Brett here's my timeline so far

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.
10 April - still waiting, should/could be any day now.

I've banked with Nationwide since I was 7 so don't think that has any bearing.

Expect to speak to the estate agent every 2-3 days from now on, that is normal.

I would seriously recommend having your own Home Buyers Survey done. It costs about £250 and is MUCH more thorough than the basic survey done by a mortgage provider.

Have a look at this recent article from the BBC:

Hi Japmis

Your survey was done pretty quick but seeing MB's case looks like it is going to be a few more days before this is done. Hopefully I have submitted whatever they need as I have submitted everything my MB asked me for so lets hope and wait for something to happen.

LuSiVe

I applied to NW Tuesday evening (9th April) and had a text last night that the valuation is booked for today (11th). I missed a call from the surveyor last night ... hope he rings back this morning!

It's the valuation I'm worried about as I don't have a huge amount of wiggle room on the deposit and I *really* want this house ...

bretts

LuSiVe wrote: »

I applied to NW Tuesday evening (9th April) and had a text last night that the valuation is booked for today (11th). I missed a call from the surveyor last night ... hope he rings back this morning!

It's the valuation I'm worried about as I don't have a huge amount of wiggle room on the deposit and I *really* want this house ...

Hi Lusive,

This was really quick, I am so nervous that if the survey is not done in next few days my property agent might put the property back on market as I know he is still showing it as we have not got the survey done as yet.

Any idea if this is right for them to do?

I applied on 4th april but no news just yet even for the valuation or survey.

japmis

You need to tell the agent your offer is on the condition they take if off the market and cancel all viewings.

Did you get a decision in principle to back up your offer?

japmis

You need to tell the agent your offer is on the condition they take if off the market and cancel all viewings.

Did you get a decision in principle to back up your offer?