Nationwide mortgage confusion

Rek88

Evening all,

Looking at purchasing a property ASAP really. I went to Nationwide to get an agreement in principal as I thought this was the standard process. They however sifted me off to an "I am not a mortgage advisor" for a brief affordability check and was told an AiP would never be given before you'd put an offer in on a house?

Now I have 'passed' their basic check, if I now find a house I have to apply for an AiP then straight after apply for the full mortgage, which no doubt they won't do at the same appointment. This seems like confusing way to do something. Is this standard? I'm concerned that even as a FTB I may not be fast enough to secure a property if I have to wait for 2 mortgage advisor appointments.

Also can I ask in preparation. Do I need to prove my deposit and where it is held before I am credit checked at a AiP or full mortgage application?

ACG

This is one of the major downsides to the MMR changes in April.
Banks are so scared of doing something wrong they go over the top.

Without wanting to sound like im biased towards brokers (baring in mind my job), your option is to go with the flow and follow their process/find a new lender who may have a simialr process or find a broker.

A broker can theoretically do a factfind, dip and application all on the same day without you needing to be there throughout.

fluffpig

I think its been their policy for a while as they told me exactly the same 18 months ago

Rek88

Yeah, may go for the broker. Seems like the most direct route.

Reason I picked Nationwide was due to their 'Flexclusive' offer for FlexDirect current account holders. I assume a mortgage broker wouldn't get the exclusive rates.

dj1471

You can get an AIP online in a matter of minutes, no appointments or documentation required nor do you have to have found a property.

Not sure why they're making it so hard for you in branch, but you can get an AIP online then do the full application branch if you prefer to go that route.

stator

Don't know about Nationwide but plenty of other banks do AIP without a specific house