Nationwide Mortgages - How long??

Chez87

Our Homebuyers report and valuation was done on 28.1.14, we got the report through today (delay due to us not sending back the terms of engagement).

Nationwide asked for more documents last week which we sent via the broker. Called them today to ask how it was going, and she said our case file is coming up with an "accept" and the formal offer should be through tomorrow. I think we initially applied on the 17.1.14 through the broker, so if it DOES come through in the next two days, I think we have been quite lucky.

Fluffi

Nationwide can be very quick - I went from application to offer in 4 working days.

1. Application submitted by telephone Friday evening after 5pm
2. Took payslips to local branch to be certified and faxed to new business team (this was the only document they needed to see because I already have a current account). This was a lot quicker than waiting for SAE to arrive in post and prevented the original document being lost.
3. Text message saying valuation was being arranged on Tuesday
4. Valuation took place Wednesday
5. Valuation deemed satisfactory Thursday lunchtime (email notification)
6. Offer issued Thursday afternoon (notified by text and email)

Docs arrived in post a few days later.

Very pleased - all very fast and painless.

Chez87

Got our text yesterday saying we had a formal mortgage offer. Now we await the paperwork....

mjonline

Hi all, i've been lurking on this thread over the past couple of weeks, and am now able to share our experience, hope it helps someone who maybe trying to decide which lender to go with.

A little about us: FTBs, buying a 25% shared ownership flat in central London. Experian reports: Husband has 'good' rating, I have 'fair'.

Tuesday 4th February: appointment in Nationwide branch, we did DIP and Full mortgage application in one go as we had the Memorandum of Sale from our Housing Association

Monday 10th February: Valuation took place

Tuesday 11th February: text message AND email with full mortgage offer!

From Application to Full Offer in 5 working days, we couldn't be happier.

We spoke to the consultant on the phone the week before deciding to pursue the mortgage with her and she strongly advised that if we were worried about my credit score that we should complete the application at the start of the month. We thought the advice was a bit random, but we followed it and now we're so happy we trusted her advice.

Plumpy

I applied for a mortgage through nationwide, initially everything seemed to be going smoothly. Sent in my paperwork, everything was approved, valuation was done, now I was awaiting my mortgage offer so I could complete then finally move into the house of my dreams!!

However when they received the valuation an technical error occurred. I called in and they advised it would take 48 hours for the issue to be resolved. 48 hours would lapse and I would call in again, and the would give me the same information. That there was a fault, the would call through to the technical team, and they advised yet another 48 hours wait before issue was resolved.

This went on for about 3-4 weeks!!

On the fourth week, I called in very frustrated now, I asked them to speak to a manager, was advised a manager would call me within 2 working days.

I did not receive a call back. :mad:

Called in again, they said the initial issue has been resolved an the Task team is looking into my application and a manager will ring me, I have been waiting a further 2 weeks and I have not received any phone call.

This whole application process has been very stressful, I'm scared I might loose the property I'm tying to buy and I'm starting to wish I had gone with a different lender.

Is this a common issue when applying for a mortgage?

Or does Nationwide's mortgages usually take this long to get sorted?:(

alex_leeds

I've had my valuation done now they are checking bank statements showing 6 months rent.

Does anyone know how long after bank statements are approved it takes to get a final offer?

Also will they request any further information? So far they have had my bank statements and copy of wage slip?

Thanks

jesskel

Hi all
So me n oh are ftb and we applied for a mortgage in september last year for a private sale, were accepted straight away and house was valued at £125, 000. Anyway the sale never went through due to sellers side.So anyway fast forward to February. OH started new job and the house in question went on open market.We spoke to an ifa as OH had just started new job, who said nationwide would consider us for a mortgage. We spoke with home owner who said they would accept 120, 000 (declined an different offer of 110). So anyway gave ifa all info and he got us a DIP.Two days later he put full application in and the valuation was booked for 4/3/14. Had an email this afternoon from ifa stating they had down valued it to £110, 000 and not worth £120, 000 we were willing to pay.!Im just struggling as to why this would be a massive issue due to the fact we have £50, 000 deposit and were asking for a mortgage of £70, 000 so it is still valued 40 grand over the required mortgage. Can anyone shed any light on this or give us some idea as to where we go from here? (Not seeing ifa until tomorrow so just looking for some ideas before I drive myself round the bend)Thanks

alanh99

Bit of advice plz, i have been agreed in Principal with my wife, we have a 10% deposit i have two defaults both are satisfied from four n a half years ago, since then perfect credit so the defaults will drop of in a year and a half, would nationwide decline me at the application stage even though we have been aip as i am really worrying and stressing about this, advice would be helpfull

Shoppadolley

We have a 5yr old default and have just received full offer from Nationwide. They haven't credit checked us again since the DIP. They seem to be quite accommodating if everything else is ok. I believe their credit check is one of the most reliable. Good luck x

hanc

Here is one for you all.....

10/01 - DIP
16/01 - App rcvd by NW
21/01 - fee and val fee taken
27/01 - chased mortgage broker asking when val will be done - NW tell him he was waiting for our say so as had put £360 (homebuyers report) on app and fee was actually £375. Nobody actually asked us to check all ok.....
31/01 - valuation undertaken and report sent to NW
06/02 - issue with roof (will need a new one at c. £3500) so down valued by £6000 but in form of retention. Asked MA to confirm options with NW
11/02 - NW finally get back to MB - advise retention not an option, downvalued so need to change my LTV from 75% to 78%
14/02 - Material change form sent by MB to NW
19/02 - MB adv NW havent rcvd fax - resent
21/02 - ready for offer, but MB needs to scan over last page of the app for 'audit purposes' - is a standard page with a number to call for large print....
25/02 - now issue with valuation. I put leasehold on app (which it is), surveyor 9ut freehold.... letter from estate agent/vendor will be ok as originally wanted my sols to confirm but my sols will not do anything search related until mortgage offer through
25/02 - sent letter to MB - forwarded on to NW
26/02 - NW now want surveyor to amend val to show leasehold. They confirmed they are happy to do this but need NW to raise a 'query'
28/02 - NW raise query
03/03 - val amended and sent to NW
04/03 - NW confirm val is rcvd

Still no offer.....

Honestly has been a nightmare! Cant understand how they don't pick these things up at the point they receive (ie the valuation issue). Everything is '48 hours'. 48 hours until they even look at any paper rcvd.

Would never use again.

I used to advise on mortgages as a part of my job and swore never to touch another one.... that was 2003.... now I remember why.....