Nationwide Mortgages - How long??

jamei305

I was shocked at how quick ours went through - all done online.

Decision in principal instantly online 25 Nov
Paylsips etc received 26 Nov
Mortage + survey fees paid online 26 Nov
Valuation instructed 27 Nov
Survey booked 28 Nov for 29 Nov
Survey received by Nationwide 29 Nov
Mortgage offer issued 29 Nov
Homebuyer Report received by us 1 Dec

So, my suggestion is do everything online!

rlsmith4

Miiri wrote: »

Well - after what seemed to be a smooth process with the Nationwide, its started to go horribly wrong after the solicitor asked them to update our mortgage offer with a couple of details. Apparently, there is an IT error on my case and we're currently in limbo between New Business and the IT team - it should be assessed (not necessarily fixed!) by end of play tomorrow - which is crazy as the intial error was raised last week (lets not go in to why it took them a month to even try updating my case), has been supposedly 'fixed' and relogged.

Until this we were on track to exchange last friday

Fi

Ours is the same! Everything seemed to be going really well until we actually handed any money over!
There has been a fault on the application and everyday someone tells me that it will be sorted by close of business and the offer in the post. I am now waiting for a manager to call back but guess what - it will be by close of business so I'm not holding out much hope. I can't even restart the application as we would lose the money already paid out. I've tried pleading with them and letting them know that we are in danger of losing our house but I am continuously speaking to rude staff who don't seem to know/care that they are playing with people's lives. I wish we had gone with a broker rather than dealing with the company online!

Leo16

Leo16 wrote: »

4 weeks and counting and we do not even have a decision in principle yet.
Sent in requested documents and never heard anything for a few days, called and was advised they wanted another months bank statements because nothing came out of the account for the first couple weeks in the first month. Not a problem I sent in the previous months statement. Again no response from NW, tried to call the advisor back but nobody could find her on the system to transfer me through. Talked to someone else and next issue was my wife is on maternity leave so they need an employer’s reference. This took NW around 5 days to send out (after several calls they sent it via email). Employer sent it back so I called again and was advised they had not received it, again after several calls later I eventually spoke to someone who wanted to help and told me the exact time it arrived (several days ago). Next problem a bank statement had a middle name for my wife and the application did not so the application had to be sent back to the advisor. Next day I called an advisor (still could not get in touch with the advisor handling the application) they advised it needs to go to a different department so they gave us a number to call. Called the number – guess what – wrong number. Eventually got to the right department and found out the application was also still under my wife’s maiden name. (The application was made over the phone and we are existing customers so they took our details from our existing mortgage without confirming them. We should have changed her name so partly our fault however she had called in and passed the ‘security’ by giving her married name. So wife’s name got changed on existing mortgage and we were advised that a new application would have to be done with my wife’s married name as the existing application could not be changed. We were then impressed for a short while as the new application was created the next day, however it took 2 days to transfer the documents from the old application to the new one.

After calling I was confirmed that everything was in and it would be sent to the underwriters, next day I called just to make sure it had been sent and I was advised it had not been because the employers reference salary did not match the salary we put down in the application. We provided the last year’s salary not what she will be on in 10 months’ time when she returns to work. (her salary will be more when she returns). Anyway it had to go back to the elusive mortgage advisor again, the person I was on the phone did not transfer me through because as the account was referred it would be locked for the next 20 minutes, however he assured me it would be corrected within 20 minutes and he took a note to check it had been done so it could be sent on to the underwriters. 24 hours later I called again and got the same story as the previous day. Tomorrow I will call again.

I have been advised that I do not need to call in for updates and they will call me however I have not received any of the calls and I get the feeling the application would be left in limbo if I did not call.

I called again and got the same story then was cut off. Called back and explained to a different person what the problem was and he had it corrected within a few minutes. I thought great we will have a decision in a couple days. 2 days later I called all the documents had not been checked yet so the case had not been passed on to the underwriters. Next day I called, it had been passed to the underwriters and that would take 2 days. After 2 days I called again, the case had 'paused' but they would send the person an email (no one talks to each other) and get back to me with in 24 hours. The next day I called again, same story again, the case had paused. She then put me on hold and talked to the underwriters, they could not un pause it so it had to go to a different department which had finished for the day, so an email was sent. At this point I had enough and wrote a complaint to Nationwide. 10 minutes later I received a phone call from them advising that they had mis-read the notes and that the application was declined and that they would not lend me any money. No reason was given for the decline, but if I wanted to find out I could call back tomorrow between 9 and 5.
How a mortgage application can go from decision in principle accepted to declined when the only change has been a correction to my wives name and an increase in her salary is beyond me. Be warned - give up with Nationwide if your mortgage does not go straight through. 5 weeks wasted and at least £50 in phone calls.

kingstreet

We often get clients who omit their middle names from our data capture form. We obtain a decision in principle, then when we obtain the evidence of identity we than have to re-key the case from scratch, undertaking another credit search.

This can see a case change from a pass to a fail, sometimes because there's a credit score fail, sometimes because they will not offer as high a loan to value.

Trying_to_be_good

We're trying to remortgage to NW and finding it bit tricky.

All my other banking is with them, I've just opened one of their loyalty savings accounts for people who've been members for over 10 years, so they know me.

Our current fixed rate ends on 31 July (with associated penalties) so don't want to 'complete' the remortgage before then. But my OH is in the Armed Forces and currently at home to both be involved in the decision (or at least told about my decision!) and sign the required papers. So I've already started the process, and had to persuade NW to not progress things too fast as

1. The offer is only valid for six months so monies must be advanced by then
2. The offer must be made within three months of paying the reservation fee
3. NW can't 'hold up' the offer once they have all the necesssary paperwork to thier satisfation

So I'm having to wait before sending in our payslips and mortgage statement as they should be the last bits of the process. Building risk into the process as, understandably, most people want to progress as fast as possible and we're just that bit different.

The good news is that the valuation was carried out today and was 'satisfactory' - our LTV is just over 25% so very low which will hopefully help.

Fingers crossed!

GallusAlice_2

My buyer is going through a broker for a mortgage with Nationwide.

The surveyor finally turned up on 14th Jan and told us he would send it immediately the same day to Nationwide. We've heard nothing since.

Getting really narked now as I don't want to nag my buyers. Is a phone call to the estate agents better than annoying my solicitor or should I just continue to chew through to my elbows......?

How long does it take from survey to my buyers getting approval?

dee4life2005

I was about 3 weeks from submitting application to acceptance, over christmas / new year. Submitted around 18th December, and then they requested payslip. They had an issue with the payslip I sent (one of those thin security paper type) due to the way they scanned it onto their document store, which I was notified about on 24th December. I tried over christmas / new year to get another payslip to them by getting it verified in branch and getting my employer to send over confirmation of my salary etc. but there didn't seem to be any movement between 24th December and 6th January ... probably fairly normal at that time of year to be honest, as I'd imagine they'd be working with a skeleton workforce at that time - most places are. It all moved quickly after 6th Jan, and I had offer approved and sent by 9th Jan. So probably only took them about 2 weeks, with the rest being due to the holiday period.

No complaints with the process. The online banking portal gave updates so you could see the progress, and they were good at phoning if there was an issue.

Note: I'm based in Scotland, and the home report was done by one of their approved panel, so they didn't need to do their own survey for valuation purposes, which probably sped up the process a bit.

kingstreet

If everything else is accepted, once the valuation is back it should be offered straightaway.

Valuation normally back within 48 hours of inspection.

liviboy

I'm in Scotland so they used the Home Report for the valuation, etc.


But, my mortgage application was submitted on the Friday and the offer was issued by text at 4PM on Monday - so only one working day!


The home report valuation as received on the Monday morning so it all happened very quickly!


We are both long term members of the Nationwide though and use them as our main current account provider.

kad1

kad1 wrote: »

I've just put in a complaint to NW. I'm staircasing atm, just buying the last 30% of my flat, so a relatively small amount of around £40k. Can you believe despite my being a current customer of theirs, stable job, never missed a payment...its been OVER 2 MONTHS since my application (which was done in branch!) and still no funds?!

Grrrr!

Will let you know what the response is!

Just to update you all as promised...

Can you believe we only completed on 17/1/14?! NW acknowledged that they had delayed in instructing a valuation to be done and that they had provided me with incorrect info regarding receiving a payment via BACS (i.e. they said I couldn't get it via BACS when actually I could). They eventually gave me a total of £300 compensation and another £250 for the extra rent I had to pay.