Nationwide Mortgages - How long??

kingstreet

[Deleted User] wrote:

It has been farmed out to Countrywide, apparently. I can't believe it's going to take so long - worried my seller will go elsewhere.

Countrywide is Nationwide's panel manager. They will carry out the valuation themselves if they have coverage in the area. If not, it will be "panelled" to a local firm approved by them.

It may be two weeks before someone is free to carry out the inspection.

kingstreet

My last Nationwide case, application was submitted on 12 April and the offer was issued on 22 April. That included a material change as I managed to get the date of birth wrong, 1 April instead of 12 April.

I only picked that up because the application day was the applicant's birthday. I dealt with it before Nationwide noticed it.

[Deleted User]

kingstreet wrote: »

Countrywide is Nationwide's panel manager. They will carry out the valuation themselves if they have coverage in the area. If not, it will be "panelled" to a local firm approved by them.

It may be two weeks before someone is free to carry out the inspection.

That's right - it's Countrywide that is doing it. I'm sure you're right and it's just that they don't have anyone available until then. It's just really frustrating as I'm under pressure from the vendor to get it done quickly, and it's completely out of my hands!

kingstreet

[Deleted User] wrote:

That's right - it's Countrywide that is doing it. I'm sure you're right and it's just that they don't have anyone available until then. It's just really frustrating as I'm under pressure from the vendor to get it done quickly, and it's completely out of my hands!

A mortgage offer inside three weeks will still leave you plenty of time for the solicitor to do the legal work. However many times I produce an offer in a week or two, it still seems to sit around waiting for the legal work to catch up!

Standy

Standy wrote: »

We are presently applying for a NW remortgage, 64% LTV on 5 yr fixed. Budgeting calculators say we could borrow £40k more and we both have 999/1000 credit score with Experian. I am not sure whether they are better or worse regarding "getting on with it" than anyone else offering mortgages!
So far been asked to provide:
Utility bills (paper)
Payslips for 3 months (paper)
P60s for 2011/12 (paper)
Proof of Identity (scanned)
Bank statements (scanned)
I was initially optimistic it would be straightforward, but reading many of these posts maybe that's pushing it. Used a mortgage adviser. Will post any progress, one way or another...

Well, 19 days later nothing has happened yet! MA said their systems were showing that they had nothing to do - in reality, had done nothing! Then claimed a pdf was illegible. These things just prevented the clock from even starting! MA reckons a DIP could be tomorrow
Progress!
25th April 2013:DIP issued
25th April 2013:Received text saying valuation would take place 29th April
26th April 2013:LMS started ball rolling, assigned to QCAS in Leeds as solicitors.
26th April 2013:Sent form to older kids as they are over 17, but at University, to waive their occupancy rights (like that'll mean anything!)
27th April 2013:Daughter completed her part and sent to her brother for completion

MrsWxxx

Hi can anyone help me i am a bit worried.
I have a competion date for friday. 2 days before me and my partner applied for our mortgage he got me an engagement ring.
It didnt show on his credit report through the application and he hasnt checked if it has now. Could our mortgage get pulled if we are re checked before completion? Even though it wasnt new credit in between application and completion it was actually before the DIP?

Any advice would be great thanks.

kingstreet

If this was existing credit, it should not be an issue. If he took out new credit, this may show up on any search done during a routine audit.

Was this credit disclosed on the application? If so. was it shown as continuing, or to be repaid on, or before completion?

MrsWxxx

kingstreet wrote: »

If this was existing credit, it should not be an issue. If he took out new credit, this may show up on any search done during a routine audit.

Was this credit disclosed on the application? If so. was it shown as continuing, or to be repaid on, or before completion?

It was took out couple of days before we got the AIP., but not showing.
I don t think he realised to declare it on the application as it was only just done and not even here or payment made yet.

kingstreet

Hope your case doesn't get pulled for audit then. That would be classed as undisclosed credit and you'd be asked to explain it. If the affordability is affected you could see the mortgage amount reduced.

MrsWxxx

kingstreet wrote: »

Hope your case doesn't get pulled for audit then. That would be classed as undisclosed credit and you'd be asked to explain it. If the affordability is affected you could see the mortgage amount reduced.

How often do audits happen?
I am worried sick!!!
Its not like it was done on purpose he literally just didnt think.