Nationwide Mortgages - How long??

kingstreet

Don't know with Nationwide. Halifax samples around 1 in 12, or 8.5% of its cases.

I did have a case once where it took a while to sort out a problem with the valuation. Inbetween the client took out new car finance and when the problem was eventually sorted, the borrowing power was reduced by the monthly cost of the finance.

I ended up having to replace the case and it taught me a good lesson. Tell your clients not to apply for any new credit between application and completion. Just before is okay as long as you remember to disclose it on the application.

MrsWxxx

kingstreet wrote: »

Don't know with Nationwide. Halifax samples around 1 in 12, or 8.5% of its cases.

I did have a case once where it took a while to sort out a problem with the valuation. Inbetween the client took out new car finance and when the problem was eventually sorted, the borrowing power was reduced by the monthly cost of the finance.

I ended up having to replace the case and it taught me a good lesson. Tell your clients not to apply for any new credit between application and completion. Just before is okay as long as you remember to disclose it on the application.

I could cry!
Do you know at what point they could do the audit?
We are exchanging and completing the same day too.

fawny

Hiya,

Does anyone know which credit reference agency Nationwide search?

Thanks

Fawny

x.sophie.x

Hi Fawny,

Nationwide use Experian.

Sophie

fuelman_2

This journey is nearing its end on our new build.

Nationwide DIP -March 11th
Full Mortgage App -9.15am April 16th
Valuation text - 12.20pm April 16th booking for next day
Valuation done - 17th April (on a piece of land)
Formal offer text - 30th April

flybynight

ok, im pretty new to this and am slightly lost.
we went to nationwide yesterday and saw a mortgage advisor, we had previously seen an affordability bloke. we took everything with us, payslips, bank statements, inside leg measurements etc, and I thought we would be doing an application there and then. I thought we had an agreement in principle already. yesterday though, he scanned everything in and gave us a decision in principle and we now have to go back next week for an application. anybody know what the purpose of waiting a week is? is there stuff to be sorted now or is it just that he doesn't have an appointment till then? also when does it get refererd to underwriters?
thanks

japmis

flybynight wrote: »

ok, im pretty new to this and am slightly lost.
we went to nationwide yesterday and saw a mortgage advisor, we had previously seen an affordability bloke. we took everything with us, payslips, bank statements, inside leg measurements etc, and I thought we would be doing an application there and then. I thought we had an agreement in principle already. yesterday though, he scanned everything in and gave us a decision in principle and we now have to go back next week for an application. anybody know what the purpose of waiting a week is? is there stuff to be sorted now or is it just that he doesn't have an appointment till then? also when does it get refererd to underwriters?
thanks

Have you made an offer on a property?

flybynight

yes, we have an offer in and are ready to go

japmis

flybynight wrote: »

yes, we have an offer in and are ready to go

tell your mortgage broker you want to do the full application now, i can't see any reason why they would make you wait a week. Be explicit in saying that you have made an offer on a house which has been accepted and are keen to get the ball rolling.

Forgot to say..... you can do your mortgage application over the phone, if that is easier for you than going into the branch

flybynight

oh, we told him we made an offer already when we saw him yesterday.