What happens at end of three hour mortgage appoint with nationwide

lafemme51

I have my three hour appointment next weekend and I had thought I would find out there and then if I am going to be offered a mortgage product. Is this not the case, does it then have to go away and be analysed by someone else?

Does the mortgage advisor you spend three hours with give you any indication at all of whether or not you are likely to be given a formal offer subject to valuation? I had got it into my head having spent three hours with someone they'd be able to tell me there an then whether I have the green light!?!

Thrugelmir

Advisors are not underwriters.

lafemme51

Thrugelmir wrote: »

Advisors are not underwriters.

I realise this but someone will have been through one of these new interviews and be able to advise me how the interviews are left.

Moseydo82

It's just an adviser, by the end you will have an in principle decision. The full application then goes to the underwriters who will ask for documents etc.

The in principle means if everything you've told us matches up this is the amount we might lend you. A soft credit check is done and on full application a hard check is done.

It's the same process everywhere.

lafemme51

Moseydo82 wrote: »

It's just an adviser, by the end you will have an in principle decision. The full application then goes to the underwriters who will ask for documents etc.

The in principle means if everything you've told us matches up this is the amount we might lend you. A soft credit check is done and on full application a hard check is done.

It's the same process everywhere.

You really do have to jump through hoops. NW have already credit scored me to give me the agreement in principle I already have. All the information I provided is fully backed up with my paperwork.

kingstreet

You get an agreement in principle.

You go away, find a property, agree a price. A full mortgage application is submitted, you pay any fees, the valuer is instructed, the case is underwritten, documents approved.

The valuation comes back, is approved, plausibility checks carried out and the offer is issued.

Much of this is nothing to do with how long you spend blethering with an advisor.

lafemme51

kingstreet wrote: »

You get an agreement in principle.

You go away, find a property, agree a price. A full mortgage application is submitted, you pay any fees, the valuer is instructed, the case is underwritten, documents approved.

The valuation comes back, is approved, plausibility checks carried out and the offer is issued.

Much of this is nothing to do with how long you spend blethering with an advisor.

I already have nationwide agreement in principle as I found a house and had to give them a decision in principle agreement before estate agent would Accept my offer. I think I am going to apply online as I have an in principle decision anyway and post papers off when requested. I have looked and seen product I want with them.

kingstreet

Yes. I was laying out the whole process for anyone else reading this, perhaps coming along in a few months' time.

stator

Wow, after three hours I hope you get a happy ending

ACG

You cry?
3 hours!
If I spent 3 hours in an appointment I would run out of things to talk about.

I was at a conference yesterday that said 2/3rds of applications are now coming via brokers rather than banks - This is probably the reason why.

amnblog

We have had borrowers come to us that invested 3 hours for a 'NO'