Nationwide's Save to Buy Account/Mortgage

nakiwala123

DaveLand wrote: »

You need to declare your savings at the full application stage. As I had an ISA with a tax free limit of just over £5k I could only declare that I could qualify for a £500 cashback. The mortgage person said I should appeal for the full amount after it all goes through as long as I could prove that I have saved the money in the other accounts. Very annoying...

Thanks for your response DaveLand. So that means I can go for the AIP with say £6.5k in save to buy and transfer the other £3.5k right before full application?

Thrugelmir

nakiwala123 wrote: »

Thanks for your response DaveLand. So that means I can go for the AIP with say £6.5k in save to buy and transfer the other £3.5k right before full application?

The interest you are going to lose is minimal.

Offer £200 less for the property. If a great concern.

nakiwala123

Hi all,

We have made an appointment for the DIP next week. The email stated that the meeting would take 2 hours! 2 hours? Do they spend most of that time selling life insurance, buildings, etc... or does that mean that their DIP process is rather thorough and that at full application they breeze through it since all the checks were completed at DIP stage? If this is the case then the offer we give for the property we like will be with confidence that the bank won't trip us up at full application stage.

kingstreet

Two hours? Jesus...

My first appointment takes around 50 minutes and in that time I cover;-

initial disclosure document - service, remuneration, regulation

fact find to establish client situation

homebuying process from now to completion

reiterate service and submit agreement in principle, if needed

answer questions along the way.

I can't imagine spending another hour and ten minutes. What do they have to talk about?

Jumex

I too have my DIP meeting next week, Tuesday 5pm to be precise.

I hope it doesn't take 2 hours. I imagined an hour or so.

@nakiwala123
I have only been keeping the minimum £50 monthly deposit up. I will top up my Nationwide save to buy (STB) account up to £10,000 before we'd like to apply in full. I get 3.1% on my savings elsewhere, it's only an extra 0.5% but it helps..

Reading the T&Cs for the STB it seems the cash back is determined by the amount in the STB account at the time of full application.

I'll keep you all updated to how it goes next Tuesday - I think it'll be okay, our credit files are clean plus we're borrowing way less than the on-line calcs suggest we could borrow.:)

nakiwala123

Mant thansl for your response Jumex. I await your feedback.

The exact wording of the email;

Many thanks for contacting us to arrange an appointment.

I am pleased to confirm that xxxx from our xxxx branch can meet you on 21/02/2013 at 10:30. The full branch address is xxxxxx. The appointment should last approximately 2 hours.

To help us to speed up the process, please have the following to hand;
- Life insurance details
- Monthly budget
- Bank account details
- Last P60
- Last payslip
- Last 3 years accounts (self_employed)
- List of Direct Debits

We are required by law to confirm your name and address.

As an existing member you will not usually have to show proof of your identity, as long as your details match our records and we can check your signature.

If you think your details may have changed, please bring proof of your name and address (from the lists below) with you.

I swear this is the inforamtion they would ask for at full application but if it's all done initially at DIP then I dont mind. Hopefully they won't get me to do the same all over again at full aplication.

Jumex

Just an update:

Had my Decision in Principle meeting in my local Nationwide branch yesterday afternoon.

Generally they were very helpful. Our application came back as 'referred'. We were told our income coupled with zero debt and steady address history were all very positive, however they needed proof of deposit and they have requested the following:

• 3 months bank statements
• Proof of deposit (savings statements)

If I'd have known they might have needed these I would have taken them with me.

We have provided these this morning, they will give them to the underwriting team and we'll hopefully get an answer by the middle of next week.

The advisor seemed confident we'd be okay, based on our salaries we would qualify for close to £250,000 in lending, but we're looking for a max of £180,000.

Not quite the green light we were hoping for, but it's certainty not a no, and I'm confident that we should be okay.:)

Jumex

nakiwala123 wrote: »

I swear this is the inforamtion they would ask for at full application but if it's all done initially at DIP then I dont mind. Hopefully they won't get me to do the same all over again at full aplication.

I was told yesterday that they should only ask for this information once.

In a way the level of information we've had to provide thus far for a DIP means if we do get to the full application stage the level of additional information and documents we'd need to provide would be minimal.

kingstreet

They are doing stuff I'd have expected at full application, not AIP stage. It would be more normal for an AIP to be issued, subject to submission of evidence of income, evidence of deposit, three months bank statements etc.

Have you actually found a property? It sound more like a full application?

Jumex

kingstreet wrote: »

They are doing stuff I'd have expected at full application, not AIP stage. It would be more normal for an AIP to be issued, subject to submission of evidence of income, evidence of deposit, three months bank statements etc.

Have you actually found a property? It sound more like a full application?

No properties found yet, but we will be viewing some in the coming weeks.

The did mention it was credit searched etc. In a way I'd prefer the full checks to be performed up front as it gives a little more certainty.

Is it not just subtle differences between a DIP and AIP?