Nationwide Online Application

samminich

After a few days of sorting the offer we now are in the final throws of completing the application.

Its online with the Nationwide and we got an AIP with them, however due to a good bit of negotiating we have knocked 2k off the house price and therefore want to knock the 2k off the mortgage amount, here is where the problem lies.

We can't! It never said at the start that the AIP figure was set in stone, we want less. Its all a bit of a pain at the moment. Has anyone else come across this and what can we do?

Nationwide was quite good, but now seeing some flaws with this online stuff.

AndrewSmith

Nothing you can do except submit a new DIP with the correct figures on.

toonfish

you could just draw down the loan "as is" and overpay £500 for the first 4 months to save some hassle.

samminich

Oh good. What effect will the previous search have on the information, credit score is good, but the first search will be on there.

Woby_Tide

they've also announced they are withdrawing most current deal next monday evening so make sure a 'new' application doesn't affect your existing one and go on a worse offer

samminich

Toon fish, could you let me know how this would work.

The property purchase price will be 148000, and the mortgage 142500. Do we pay the 5% deposit on the 150k, and can we have a mortgage for more than the property price.

Hope that makes sense.

toonfish

Hi - I'm afraid that it won't work in your situation as the loan will be over 95%
What stage are you at with Nationwide - you may just be able to 'phone them and get it amended?

If you haven't actually done the application yet then just put the lower figures on there.

samminich

Toonfish

Thank you so much. We called them and they have amended the figure and will be calling us next week to finish the application on the phone. We have also managed to get it at the current rate as we are in the process of applying.

I take it they will do all the form questions over the phone, and proceed as normal from there. Any idea how long it will take to get a valuation done then and what documentation they will need, think we have most of it but would like to use this time to chase anything I may need like bank statements if we don't have enough.

You have saved me a great deal of stress.

toonfish

they will usually need ID, and proof of address (dated in the last 3 months), latest payslip and P60. They don't usually ask for bank statements.

[Deleted User]

my valuation with nationwide was done within 4 days of submiting the application.

samminich

Thanks for that, how long after valuation before you got the offer through?