Time line for securing mortgage FTB

garbled_2

After getting our offer on a house accepted we put in a mortgage application to the Nationwide last week. Broker says they have agreed to give us the mortgage pending some additional documents they had asked for and been given on Thursday. How long would it take to get the real nod? Any other posters have recently done this with Nationwide as FTBs? Any indicators will help!

Broker has spoken to estate agents to convey the state of play. However, how long a wait is normal in such circumstances? We are debt free and have a 30% deposit.

opinions4u

However long it takes to get the documentation needed to verify income and get the survey done. It varies from case to case.

My record for a mortgage offer was 4 hours after the application form was signed. All the payslips and P60 stacked up, the employer verbally confirmed the employment and the valuer was based upstairs in the branch. A quick word and he squeezed an additional property into his afternoon schedule. Nothing wrong with the property, button pressed, offer issued.

I've also had cases drag on for months.

Andrew3126

Hi, Ive just gone through the application process with Nationwide, took 4 weeks from agreement in principle to formal mortgage offer! Hope this helps and good luck!!
Andrew

garbled_2

Thanks Andrew and Opinions4u.

I presume the final mortgage offer is only made after the survey is done. So, will the survey at least happen in a week's time (if all else was ok)? I feel something needs to happen every week to keep the seller feeling secure. My Solicitor is also waiting for my signal to do the searches. I am wondering if I should ask him to proceed only after Nationwide have fully approved the mortgage?

Although credit history is perfectly clean, we have a large deposit and no debts the slight fly in the ointment is the yearly job contracts we get in the university sector. Although, both me and my wife have held the same job in the same university for 7 and 6 years respectively and recently got renewed till March, 2013. Wonder if that will prolong our agony?