Nationwide mortgage offer Delays

bobwilson

Hi,

We applied for our Nationwide mortgage through our broker almost a month ago (24 days ago), and we're still waiting for the offer to come through.

Every time they ask for something, we send it instantly, but they take forever. After they received some of our paperwork, it took them up to 2 weeks just to mark it as 'received' in their system. That's before they even check it, it would seem.

We have a 30% deposit so can't see any reason for the delays.

Are these kind of delays normal? It seems rather unnecessary, particularly considering they're going to be getting a lot of money out of us in the future.

We keep contacting our broker a lot to find out whats causing the delays, but don't want to badger too much.

If this is normal, then we'll stop worrying. Thanks for any advice

Senior_Paper_Monitor

Nationwide are struggling on service levels at the moment (unusual for them).

Last application we submitted .... application on 19th June, provided full pack of supporting docs on 25th June and received offer on 12th July - this was with no additional document requests.

Chill out !

Leon_W

Unfortunately this is the way that Nationwide are treating customers and brokers at the moment. Totally unacceptable in my opinion but I'm told by Nationwide that this is within a "normal service standard". Not by my book it isn't.

You won't have to search far on this forum for people with a grudge against Nationwide.

bobwilson

Senior_Paper_Monitor wrote: »

Nationwide are struggling on service levels at the moment (unusual for them).

Last application we submitted .... application on 19th June, provided full pack of supporting docs on 25th June and received offer on 12th July - this was with no additional document requests.

Chill out !

Our application was around 27th June with supporting docs, it's now 19th July and still no offer.

They contacted us 2 days ago to ask for up to date bank statements, because they're almost a month old. Well our bank statements were up to date when we submitted them! Will they wait another 3 weeks and they ask for more up-to-date bank statements?

They also asked us to provide a fresh statement for our NS&I savings with the current date. We contacted NS&I but they said that NS&I savings certificates don't have statements. :mad:

littlesparkles

I am just submitting a Nationwide mortgage application now. The advisor told me today that the offer will take 3-4 weeks to come through.

bobsyourteapots

Leon_W wrote: »

Unfortunately this is the way that Nationwide are treating customers and brokers at the moment. Totally unacceptable in my opinion but I'm told by Nationwide that this is within a "normal service standard". Not by my book it isn't.

You won't have to search far on this forum for people with a grudge against Nationwide.

I'd much rather wait an extra few weeks to get the rates they have at the moment than go somewhere else and be ripped off.
Maybe they don't want your business either if they are so busy

bobwilson

Just got another email from our broker. Nationwide liked our bank statements, but don't like the bond balance sheets. They're insisting on "up to date statements" for our savings bonds as full proof of deposit. :cool: Surely a mortage lender should know that savings bonds dont have statements. [pulls hair out]

Our banks are saying "savings bonds don't have any provision for statements. Mortgage lenders should be aware of this." ...

What on earth are we supposed to do... our mortgage broker has asked Nationwide what they expect of us when bonds dont have statements, that was several days ago and we haven't heard back...

A month ago, we told our broker that we wanted the fastest lender... we just want to move in already, so we don't understand why she picked Nationwide if it's a known fact that they cause delays.

Wh05apk

Sterling_Mortgages wrote: »

Unfortunately this is common with lots Of lenders at the moment. I guess one solution is to pay your NSI money's into your current account and send a copy of that statement if this is what you are using for your deposit.

Get your broker to speak to NW and sort this for you. That's what they are gettIng paid for.

The reason NW need to see the statements are due to the money laundering rules.

Hope this helps.

If they see a lump sum credit, they will then need to see where those funds came from, but hopefully nsi would provide a closing statement, or some confirmation of what has been redeemed.

bobwilson

Wh05apk wrote: »

If they see a lump sum credit, they will then need to see where those funds came from, but hopefully nsi would provide a closing statement, or some confirmation of what has been redeemed.

So you have to lose your NS&I savings account before knowing if you'll get the mortgage offer? It seems rather extreme. Imagine if they decline to offer, then you have no mortgage AND no NS&I savings!?! :T

bobwilson

hmm... Nationwide are asking us now for a bank statement to prove where our savings came from.

What happens if a savings account had a lump sum transferred into it upon opening, is many many years old, and hasn't been touched since? Banks don't provide statements that far back.

This is ridiculous.

I understand there are money laundering regulations but there comes a time when it goes too far, and that time is when innocent people can lose out because of short sighted systems.

caitch

We're still awaiting our mortgage offer.

How about this for a timeline.

Mortgage application done thru broker 27th May
Agreed 27th May
Docs provided to broker 1st June
Further info requested 20th June
Payment for product and valuation provided 26th June (card problems)
Survey instructed 11th July
Survey done 17th July
Offer due yesterday 23rd July...but...

We had overpayed on the old mortgage, and they had £4k sitting in a reserve pot that they hadn't noticed in the weeks before, and wasn't mentioned on the redemption statement (we naively thought that was put against the mortgage balance).

Our advice from Nationwide was that if we didn't get the £4k applied to the existing account, then we'd lose it when the new mortgage was issued!

So we had to rush thru a fax to the Nationwide contact centre in Northampton from a branch (!) instructing them to apply the £4k to the mortgage!

Which they've not done yet. And no offer today. More likely tomorrow 25th July before they look at it.

End of my tether!