Mortgage Offer queries - Nationwide

Michelle2014

We currently have a remortgage application processing with Nationwide. I am told by broker that mortgage offer will issue by Monday. I have seen on here sometimes the mortgage offer contains clauses that require the applicants to pay off certain debts before completion- would this have been discussed with us in advance or could we get a surprise on the mortgage offer? Also if the valuer valued our property less than what we put on our application form would this be discussed with us first before issuing a mortgage offer for a lower amount? Property was valued on Thursday and no idea what it was valued at.

I have had no text updated to say the valuation was acceptable so a bit confused that the broker seems to think the mortgage offer is on its way.

nobodysdriving

I would have thought that any clauses like 'having to pay off debts' before completion should have been explained to you prior to final offer being issued.

In my case at the DIP stage some documents were required and some more just before issuing the final offer, however no other requests.

I provided the docs requested and my final offer came through and no other requests are on there.

Of course, do make sure you read thoroughly your final mortgage offer to make sure all is correct on there. There will be clauses but these will be about the leasehold (if applicable) the need of building insurance, outstanding fees to be paid if not paid already (ie booking fee, fee for money transfer) and so on. It will be in there if any debt has to paid off, I did not have such request.

At least that's what I think, if you have a good mortgage advisor you should not have any surprises I'd imagine.

Thrugelmir

You've made an application for a certain amount. Lenders will therefore respond in 3 ways. Offer the full amount requested, offer a lower amount or decline the application. In addition will add terms to relation to remedial work on the policy or reduction in personal debt levels.In terms of the offer. That's the lenders prerogative. Not a matter for negotiation. You either accept the offer the table or walk away.

amnblog

The broker is probably correct that the offer is on its way.

The broker should know if any existing debts have been listed with Nationwide to be settled before or on completion.

If there is a problem with the valuation that affects the offer they will notify the broker before they issue a revised offer.

Michelle2014

We applied for a mortgage based on a redemption statement for October. The amount we now need to borrow will be less. I am told the mortgage offer will be issued in the next couple of days. Will we need to ask for a revised offer based on the lesser amount and if so will this take long to process?