Nationwide Mortgage

reidy666

Have applied for a Nationwide mortgage,phoned the FA on friday and he says it has now went to the underwriters,so we should here next week if we have an offer or not,this will be a full 3 weeks since we started the applacation,is this a normal time limit to process this mortgage,i would have thought because theres not a lot of people getting mortgages just now,the process would have been quicker. Thanks.

Thrugelmir

Half term, Jubilee Bank Holidays, even underwriters take holidays.

Wh05apk

Despite low volumes overall, lenders generally are very slow, all cases are being assesed fully, whereas a few years ago, they would pass through quickly, they are now querying every minor (often irrelevant detail) which effectively takes it out of the queue, then it gets put back to the bottom of the pile, it may be they have queried something with your broker, which has caused delays?

A lot of lenders have also effectively withdrawn from the market (abbey/Halifax/northern rock) meaning those still lending are faced with far greater volumes, which they are not geared up for, particularly considering processing is now taking 2-3 times as long.

So sadly your current delay, whilst not good, is not unusual.