Help!! Advice needed on a Nationwide mortgage application!!

Donnam155

Hello

My husband and I applied for a Nationwide mortgage yesterday and we were approved for an agreement in principle. We have booked in for the second part of the application process which as I understand it is a 3 hr phone call in a couple of weeks time. I was wondering whether anyone has had any experience of the new application process and could give us some advice on what questions to expect from this phone call? Can we rest assured that it is likely we will be accepted being we have received the agreement in principle or is there still a chance they could turn us down? What sort of questions do they ask, do they ask further questions about expenditure and what sort of proof do they ask for? Will they be doing any further credit checks? How long after the call is the full mortgage offer likely to take?

Sorry for all the questions but we just want to make sure we are fully aware of what to expect. We really want this house and are nervous that they might look for any reason to decline us for a mortgage.

Many thanks

Kirstyb1987

I have just had my mortgage offer through yesterday.

They will do more checks for definite. I had a further check on my experian account. I couldn't tell you if you will be accepted but they didn't ask to much on my affordability, they only asked for 1 bank statement and 1 wage slip.

I am a single first time buyer and nationwide have been fantastic but it's hard to say on each individual application.

My time line is
1st may - decision in principle
19th may - offer accepted on house
20th may - full application made
21st may - valuation done
21st may - valuation came back ok
2nd June - offer made (although there was a mistake and they have me more than I asked for - only £1500 so I've requested a new offer which should be done by tomorrow)

Nationwide have been clear, quick and I honestly cannot fault them at all. They've been utterly brilliant in what has been an extremely nerve wracking and stressful time.

Good luck

Kirstyb1987

Ps for affordability they only asked my outgoings monthly but seeing as I only have a mobile phone contract going out I had no problems

ACG

You probably wont go too far wrong if you have the answers from here available http://www.nationwide-intermediary.co.uk/includes/pdf/M1i_05_14.pdf

It may be the case they have more or less questions - some of those may not be applicable.

This is off the nationwide website:

• Application to offer Average time from app to offer:
  9 days

Paperwork could be anything depending on your application. However if you have 3 months bank statements, 3 months payslips, P60, ID available you probably wont be too far out.

A DIP is far from an offer, you still have the whole application process to go through yet. All you have done is passed the credit check - however your on the right track.

bigjim1974

I got asked for P60 plus one month's banks statements, plus 4 payslips to prove bonus payments. They will be interested in any regular outgoings or potential changes to your circumstances, but really compared to all the nonsense that was being put out in the media about MMR it was nothing!

It took us a month from DIP to offer

Kirstyb1987

I feel the same bigjim. I had heads horror stories but it was fine. I had also heard that only 5% of under 30's were receiving mortgages... I am 26! I was terrified!

bigjim1974

One obvious change of circumstances would be having children (or more children) so you want to be clear on how you'd answer that question.