How long does a Nationwide mortgage application take?

freeman3030

Hi all, my partner and I are buying our first home - very nervous about it all!
Our offer was accepted (10% below its asking price - possibly because we're chain free).

23/02/2013 Offer accepted

25/02/2013 Agreement in principal approved

27/02/2013 Submitted full mortgage application

04/03/2013 Valuation of property

05/03/2013 Valuation satisfactory

14/03/2013 * Incorrect postcode on my P60 so my employer had to email a signed letter confirming the correct postcode of my place of work.

* My partner has no P60 from '12-'13 and apparently the address we had supplied for his current place of employment was incorrect, so they couldn't send for an employers reference. I don't even remember giving them the address of either of our workplaces! So gave them the correct address and was told by our broker it would be sent out that day and should be there Monday 18/03/2013 (yesterday).

19/03/2013 Still not received any post from Nationwide at my partners workplace. So he phoned our broker for him to pass on the message to Nationwide and also provided the email address of the lady in HR, to see if it's possible to email the 'employers reference' pack/form/letter - what ever it is, to speed up the process. The snail mail is killing me.

Meanwhile as it's been 3 weeks and 3 days since our offer was accepted, the estate agents are now asking if we've got our mortgage offer yet... So I filled them in with the details and stupidly said, I'm hoping this week we will get our offer... Now I don't know if that will actually happen!!

It feels like it is taking forever, or am I just being impatient?

shonzyd

it depends on the application and all the details. If your having to go back and forth with additional documents that can add weeks to the timeline. I've gone with nationwide (see my signature for details). I left my broker to do the leg work and sent any documents to him.

Crashandburn

You are being impatient!

It all looks like things are going well. How does the solicitor's process stack up against the lenders? You could find the offer issued this week and yet draft contracts haven't even been sent out yet by the vendor.

EAs are just chasing to update files.

As for the Nationwide, they can fax and email the references so just a question of someone at the Nationwide doing this whilst on the phone to the broker at the same time. Once the reply is back, you are still looking at 2-3 days for it to be assessed.

freeman3030

Thats a relief to hear it's me being impatient. I understand it takes time, after all, they are lending out many thousands.

We've both got good credit ratings, but I'm afraid incase we get declined. We really want the property.

I've looked up other peoples application processes online, and some have had their offer within a week, by contrast, ours seems to be taking an age! lol

The last time I spoke to the solicitors (which was a good 2 weeks ago) they were waiting for a pack from the vendors solicitors... I was under the impression that until we had our mortgage offer we couldn't really proceed.

Crashandburn

freeman3030 wrote: »

The last time I spoke to the solicitors (which was a good 2 weeks ago) they were waiting for a pack from the vendors solicitors... I was under the impression that until we had our mortgage offer we couldn't really proceed.

Contracts need to be sent from the vendor so that your solicitor can start asking questions.

You may find that you've been worrying about the mortgage only to find it offered and sitting on desks for 3-4 weeks whilst the solicitors go about their tasks.

The outstanding items on your mortgage seem just to be admin issues so wouldn't be panicking about this if I were you.

freeman3030

Wooooo! Just wanted to update you all, I have finally been alerted by text message from nationwide that they are deligted to inform me that they have issued my final mortgage offer. So excited - it took 4 weeks, but we finally have it! Really feel like things are moving forward

Brubaker

Nationwide have now taken over ten weeks to decide on my wife's grand daughters application - the house offer to them from the housing association has been extended three times and is now due to finally run out this week. Nationwide charged £400 for a survey fee before they would even consider the application now it looks as if the heel dragging is deliberate as the house offer will be taken away and Nationwide (or Wonga 2 as we are now calling them) will pocket the £400!!!!!
This is nothing but sharp practice from yet another 'money grubbing' financial institution and after 15 years I also intend to shut my accounts with Nationwide - anyone know of a remotely honest (ish) bank/building society?

Thrugelmir

Brubaker wrote: »

This is nothing but sharp practice from yet another 'money grubbing' financial institution and after 15 years I also intend to shut my accounts with Nationwide - anyone know of a remotely honest (ish) bank/building society?

Without knowing the precise circumstances surrounding the application it's impossible to comment. Certainly not worth making rash decisions without the full facts.

Kirstyb1987

Hi guys, sorry to bring an old post up but I have just received a text to say that the valuation has been booked in today. Does this mean my mortgage has been accepted?

Is this a good sign or can everything go wrong? Am I getting my hopes up!

Rmphotography

Kirstyb1987 wrote: »

Hi guys, sorry to bring an old post up but I have just received a text to say that the valuation has been booked in today. Does this mean my mortgage has been accepted?

Is this a good sign or can everything go wrong? Am I getting my hopes up!

Think it is different for each lender - some do valuation regardless of whether mortgage is progressing along ok, others only do a valuation when the paperwork has been checked and credit checks done etc.

BumWad

Kirstyb1987 wrote: »

Hi guys, sorry to bring an old post up but I have just received a text to say that the valuation has been booked in today. Does this mean my mortgage has been accepted?

Is this a good sign or can everything go wrong? Am I getting my hopes up!

No, it just means they are going to do a valuation.

If they are satisfied with the valuation and everything else is ok then they will issue an official mortgage offer.