Nationwide DIP In Branch - experiences?

wilhelm

Hi

I'm planning on moving home soon and using the equity in my current house as a deposit on the new one. For the house I'm looking at I'll be borrowing quite a lot and on a 90% LTV deal. I'm a bit nervous that I won't find a lender who will lend me the amount I need. Using the Nationwide calculator, they'll lend me the amount I need, but only if I cut my monthly expenses right down.

I've got an in branch appointment to do a decision in principle at Nationwide in a couple of weeks. This apparently takes 3 hours (!) so I imagine they'll go into quite a lot of detail!

Does anyone have any experience with this - what sort of questions do they ask, will they take into account that I will reduce my monthly outgoings, what proof do I need, etc?

Thanks,
Will

Madbags

Me and my partner did not go in branch but we did our 3 hour appointment over the phone. It's pretty much exactly the same thing, the same process etc.


Initially they will go through the basics in this appointment to get your Decision in Principle. If you are not referred you can then go on to the full application in that same appointment, which is what we did and why the appointment was 3 hours. This is where they will go through everything in fine detail i.e. take all your documents, go through income, expenditure, employment, little bit about your lifestyle (i.e. what you do with your spare outgoings), try to sell you insurances and all that malarkey.


What proof you need will vary from application to application but take the most recent payslip, 3 months bank statements, proof of address, proof of name, proof of deposit and anything else you may think is relevant to your application.

Pete9501

3 hours includes the big sell on house insurance and life insurance etc, which we could have just opted out of as they were way more expensive than shopping around.

Took pay statements, bank statements and some utility bills, passport incase they wanted photo ID and driving licence.

Took about 2 hours in total to explore all possible mortgage options and we finally ended up with the one I found on there website previously.

All quite painless.

onetwothreefourfive

My experience was the decision in principle didn't take very long - about half an hour or so (maybe because I already have a current account with them?).

The actual decision bit did take 3 hours - although the last half an hour was attempting to sell me insurance.

They didn't go through my expenditure in details or scrutinise my bank statements - it was more about lifestyle, how long you see yourself living somewhere, career changes etc.