Nationwide Mortgages - How long??

xnoxxnox

Hello,

I'm a nationwide building society member (i have a current account and had an ISA with them to save for the deposit). The application process was quick and painless for me. I knew the exact rate / deal I wanted - 15 deposit, 85% loan to value, fee-free, free evaluation, "free" (subsidised) legal fees, 500 quid cashback, 2.59% tracker rate for 3 years. They have cut the rates now, so will be doing "switch-and-fix" down to 2.24% rate, once I get my cashback paid to me.

Applied 16th of September 2015
Mortgage offer arrived 25th of September 2015
Valuation arrived at the same price as I was buying the flat for.

My deposit savings were with Nationwide (they had best cash ISA rates when I was in saving up for deposit mode), thus I simply allowed them to look into my accounts with them. They did request job reference letters, and multiple payslips. A month came to an end, thus had to submit September payslip too. My loan to income is only 2.72, well below the 4.75 limits. And my affordability (% of monthly take home) is well below the ratios set for my area as per nationwide price index publications. I also cleared the credit card balances as per application. I think my credit history is good as I have 12.5k combined credit card limits (split between Nationwide and Mbna).

To all the people that complain - did you rely on full annual/quarterly bonuses to be counted as well as overtime? Only averages count of 2/3 payments count. Did your valuation came short of the purchase price? Is your loan to income too high? (there are quotas as to how many mortgages any lender can give out at 4.75x)? What's your age, and if close to retirement do you have a pension pot built up to pay off mortgage?

It's fairly straight-forward, when ones application is affordable long-term, even when stress tested at 6% rates. And as many things crop up, people get furious without looking at the facts that yeah sure one doesn't have any credit payments to make.... apart from 10k on 0% expiring next month, buy now pay later accounts with argos/very/paypal, a personal car loan, and expected higher bonus this year... or not.

xnoxxnox

shar46y wrote: »

9/11/15 - Full mortgage application over the phone, an agonising process which took nearly 3 hours, requested full structural survey.
10/11/15 - Took supporting documents into Nationwide branch to get them copied/scanned/linked to our application.
...
Silence
...
16/11/15 pm - Got email from Nationwide point-of-contact person, introducing themselves, and saying that some of our required documents are still outstanding. There follows a list of all our required documents :mad:, which we had of course already taken into branch and seen attached to our reference number.

You mentioned that you submitted documents on the 11th (edit: 10th) via branch. Which are faxed in and only start processing the next day. Their standard turn around time for documents is 3 working days, which makes it 16th at best. So whilst you were chasing the papers, they were still processing hte last batch of documents. Hence on the 16th they did say that things are still outstanding, or what would be less confusing "yet to be processed". 1+5 working days is more reasonable time to start chasing document processing.

edit: did you expect that they would hand you money the next day?! Try inflated rates HSBC Premier mortages with in-branch same day approvals.

Herrerarera

Not a buyer but our fixed rate with Nationwide comes to an end in January 2016 and we found a suitable fixed rate to switch to, again with Nationwide. We completed the switch online as existing customers (we've had mortgages with them since 1991) and it should be easy to do - you fill out all required info online, give a date when you want to switch and then select the "switch now" button and, according to Nationwide, "There is nothing else for you to do. Your new mortgage will begin on the date you have chosen."
Within minutes an email arrived saying that they were delighted to issue a formal offer.

A couple of days later we received the paperwork, the Product Conversion offer, and again it said that there was nothing more we needed to do.

Today I've had a text and an email both saying that the offer expires shortly. I assumed that this was just a stock message sent out to all applicants but called anyway just to be sure. Apparently it wasn't, and they need to see two forms of ID for my husband, which they can't understand as we're existing mortgage customers, neither can they understand why no one has contacted us to say that they need to see this ID! Or why a formal offer was issued if they needed to still see it....

shar46y

xnoxxnox wrote: »

You mentioned that you submitted documents on the 11th (edit: 10th) via branch. Which are faxed in and only start processing the next day. Their standard turn around time for documents is 3 working days, which makes it 16th at best. So whilst you were chasing the papers, they were still processing hte last batch of documents. Hence on the 16th they did say that things are still outstanding, or what would be less confusing "yet to be processed". 1+5 working days is more reasonable time to start chasing document processing.

edit: did you expect that they would hand you money the next day?! Try inflated rates HSBC Premier mortages with in-branch same day approvals.

I certainly didn't expect anything of the sort, thanks - did I say that anywhere?

We were happy to sit and wait for things to happen (we had only rung to inquire whether the survey was being booked), it was the Nationwide who then emailed us (twice, which I didn't mention) saying they didn't have our documents - and anyway, how would we know that the turn-around for documents is 3//30/365 working days? We could only react to what we had been told which was that "we had not provided the documents and could we please email them ASAP".

Should we have just said, "Oh well, we psychically know that documents aren't processed for X days, so let's do nothing even though Nationwide have asked us."?:cool:

Anyway we have a new problem now, which is that they will not accept that I currently (i.e. now in late 2015) have a slightly higher salary than was stated in my employment contract (dated more than a year ago). In response to several email queries from Nationwide, I have tried to explain this - in summary, at the start of each academic year, employees at my institution receive an annual increment of some minuscule %, this is clearly stated on Page 1 of my contract. I've just had a phonecall from Nationwide (again, we have not chased them!) that this is unacceptable, the lady on the phone says that they have no system for recognising that a small annual payrise is not uncommon, and they will not accept my most recent payslip as evidence of salary. I am required to contact HR for an updated contract. The disputed sum is a princely £1664 per annum.:rotfl:

shar46y

shar46y wrote: »

Our timeline so far:
Late-September - DIP
7/11/15 - Offer accepted on house
9/11/15 - Full mortgage application over the phone, an agonising process which took nearly 3 hours, requested full structural survey.
10/11/15 - Took supporting documents into Nationwide branch to get them copied/scanned/linked to our application.
...
Silence
...
16/11/15 am - Rang to ask about survey because we hadn't heard anything.
16/11/15 pm - Got email from Nationwide point-of-contact person, introducing themselves, and saying that some of our required documents are still outstanding.

26/11/15 - Survey and valuation
27/11/15 - Text from Nationwide saying valuation is OK :j and we receive survey report, which unfortunately suggests we need to get a damp & timber specialist We are arranging this at the moment. Does anyone know whether NW get the full survey report as well as the valuation?
1/12/15 - Call from Nationwide requesting a different version of my employment contract, which I immediately send by email.
4/12/15 - Update email from our point-of-contact person: "There are no outstanding case requirements, but the turnaround for underwriters is 5 working days.
There is one more document to be assessed and then we will be resuming the case and ... this should happen beginning of next week" I think this sounds positive but am not sure, what is the difference between assessing documents and underwriting?

Keith99

shar46y wrote: »

26/11/15 - Survey and valuation
27/11/15 - Text from Nationwide saying valuation is OK :j and we receive survey report, which unfortunately suggests we need to get a damp & timber specialist We are arranging this at the moment. Does anyone know whether NW get the full survey report as well as the valuation?
1/12/15 - Call from Nationwide requesting a different version of my employment contract, which I immediately send by email.
4/12/15 - Update email from our point-of-contact person: "There are no outstanding case requirements, but the turnaround for underwriters is 5 working days.
There is one more document to be assessed and then we will be resuming the case and ... this should happen beginning of next week" I think this sounds positive but am not sure, what is the difference between assessing documents and underwriting?

assessing documents is the process of checking they are ok to be used for underwriting that they reflect the details submitted on your application. Underwriting is checking the affordability of the loan and plausibility of you being able to afford the Mortgage.

https://en.wikipedia.org/wiki/Mortgage_underwriting

29Found

We are FTB and we applied for a mortgage online with Nationwide.

21st November - DIP approved.
24th November - Mortgage applied for. Last month's bank statement and payslip requested for me and OH. Valuation requested and a Text received to say they had the application.
25th November - Documentation sent in.
27th November - Bank Statements were marked as satisfactory. Text to say valuation report had been received. Building Insurance Rebuild/Reinstatement value is given.
1st December - Email from case advisor introducing herself. Payslips marked as satisfactory.
3rd December - Offer received today

9 days from applying to offer. Can't fault Nationwide at all. Brilliant service.

James_Blonde

This whole process has just been painful and stressful, all to port our existing mortgages onto a cheaper house. It shouldn't be this difficult!


The 2.5 hour phone interview took 4 hours in total and left me totally drained. We were asked for documents that weren't requested in the initial Email, which left me running around the house trying to find them, when I thought I'd prepared. We were questioned - in fact challeneged - on why the we thought the products we wanted were the right ones, and frankly made to feel stupid through their lack of understanding. In the end, after what was basically 3 hours of sales patter, I was told that the best products for us were the ones we were already on. :rolleyes: No... really... :doh: Maybe that's why they were the ones I chose?


The application has now been received by the Admin team, and I've been asked to send my new contract of employment signed by both myself and my new employer. Now I can't remember EVER having had a contract signed by my employer, in ANY of the 7 jobs I've got contracts for. They'd sign the offer letter, yes, but not the contract. In fact, there isn't a space on the contract for them to sign it! I've also had it confirmed from the employer that they don't sign contracts!


Nationwide: "Well that's what we need, and your application won't progress without it."


What am I supposed to do with that answer?!

shar46y

James_Blonde wrote: »

The application has now been received by the Admin team, and I've been asked to send my new contract of employment signed by both myself and my new employer. Now I can't remember EVER having had a contract signed by my employer, in ANY of the 7 jobs I've got contracts for. They'd sign the offer letter, yes, but not the contract. In fact, there isn't a space on the contract for them to sign it! I've also had it confirmed from the employer that they don't sign contracts!

I had similar - no signed contract for my employment. In my case, Nationwide accepted a copy of my job offer letter (which outlined salary and terms), this had been sent to me by email at the time I got the job. It had been "signed" by HR (had a scanned signature of head of HR) and all I had to do was print out a copy, sign it too, scan and then email it to the Nationwide.

Also I feel your pain about the endless phone interview One question (which they asked us several times in several different ways) was whether we wanted an interest-only or repayment mortgage: then why did we want a repayment mortgage and not an interest-only, could we rate how important it was to have a repayment mortgage and not an interest-only, etc etc, while we got more and more irritated. Then the consultant said, "And we only offer repayment mortgages anyway." WHY did you ask then? :rotfl:

mrd_

Old thread but this was very useful to me while I was waiting so thought I'd post our experience.

11th May - App submitted by broker, received text/email from Nationwide to confirm receipt
13th May - Text/email from Nationwide to say Valuation booked for 18th May
18th May - Valuation completed
19th May - Call from broker to tell me the surveyor requested a Structural Engineer's report as there was "evidence of structural movement"
24th May - Structural Engineer visits property
25th May - Nationwide request Gifted Deposit Form (via broker)
3rd June - Structural Engineer's Report sent to broker, has to be sent to the original surveyor for review
16th June - Broker confirms with Nationwide over phone that surveyor has come back with acceptable valuation
22nd June - Text from Nationwide to say Valuation report received
27th June - Text from Nationwide to say offer issued, broker sends me a copy via email
2nd July - Offer received in post