Nationwide - 2 months and counting for a DIP!

WPenfold

Be careful about relying on Nationwide – even if you think you’re a shoe-in.
Granted having a BTL mortgage makes our position slightly complicated but we can easily afford what we’re applying for. We just wanted a DIP for a purchase in progress, but we’re up to 2 months now – despite calling them every day last week. It’s been hurdle after hurdle with the documents – I’ll put together a list of events for people. The most laughable one was payslips not having a first name or initial on them.

hayleyjane82

My investor buyer is having a nightmare with nationwide too- constantly asking for additional documents and really delaying the whole process....totally fed up!

WPenfold

It's easy to forget you're at the DIP stage - they go into more detail than the final stages of my previous mortgage.

coldcazzie

We're just coming out of a nightmare with them too.

Weeks and weeks of them having documents, telling us they were going to be assessed, them not being assessed, them telling us it'll be yet another two working days, then it still not being done...

I finally lost my rag and made a formal complaint about how long it was taking, because we were at risk of losing the option to port the mortgage, being hit with an ERC and being homeless as our buyers were threatening to pull out if they didn't complete by a certain date...... they rang back and offered me £50 :rotfl: needless to say I told them no, and said I wanted them to waive the ERC we were potentially facing (nearly £4k).

Even after they escalated the complaint, and we got the mortgage consultant onside (who, has been a ray of sunshine, absolutely fantastic!) who chased things tirelessly and got things done really very quickly... they still suddenly realised that there was a problem with the documents that we needed to sort out before they could order the valuation and why on earth they didn't figure that problem out in the previous almost-a-month they had the docs before that I seriously don't know... *rolls eyes*

My solicitor said they had someone else who had also made a formal complaint to Nationwide about their conduct, so rest assured it is not just you (or just me). I'd suggest you make them aware of how unhappy you are!

Mat_Lock

Oh don't say this. Just applying for mortgage through Nationwide this month. FTB so have no idea how it all works. My best mate is my broker so hoping he gets things right with me and my docs.

Rollinghills

It seems some people go through quickly and easily but once you have some additional paperwork required things can get stuck.

We are still waiting after 4 weeks, sent final (I hope ) statements this Tuesday. Although normally they need 3 months of statements to prove the source of deposit , we had a swiss franc account liquidated (alarm bells I suppose when they hear Swiss) so they asked for 6 months of statements.

I am also going to make a complaint because we received conflicting advice. On the phone we were told all statements must be original. We have a large deposit in 20 different accounts! So we called all the banks to get all the correct statements for the past 3 months (custom statements because e.g. ISA statements are only annual) - nightmare. Took about 2 weeks. Then it turned out internet print outs are ok! I was so annoyed. Then on top of that the additional requests have now taken another 2 weeks.

Also at some point one person told us that all the deposit money must be in one account! We have a deposit of 270k, what are they thinking, that we are going to break up all our ISAs and other high rate savings at this stage? I complained by email and they never mentioned it again.

But I'm thinking of making my complaint after we get our mortgage hopefully.

WPenfold

If it took 30 mins on the phone you can't have sent any documents in. Good luck with that.


We had some internet printouts accepted, some rejected because the ink was too light, some had to be stamped by the bank - it seemed to just depend on who you spoke to...

WPenfold

We also had problems spelling out which accounts the deposit was coming from - it was as though they thought we might have forgotten that we needed a deposit.

Thrugelmir

WPenfold wrote: »

we can easily afford what we’re applying for.

Lenders determine affordability in conjunction with their lending policies and regulatory guidance. What isn't a myth. Is that borrowers tend to be overly optimistic in relation to their own finances.

Why haven't you made a full application as opposed to a DIP? If you've a purchase in progress.

WPenfold

When you learn the difference between full stops and commas, you get the big bucks. The mortgage is 20% of our net income, it's not a problem.



The problem is the delay. 2 months ago, when we first applied, the transaction was in the early stages.

Newlywed_Saving_Ninja

I am livid with Nationwide right now! We had a mortgage all agreed and ready to go for £124500, but due to the property we were buying being misrepresented, we were advised to pull out by our solicitor. Which we did. We have now found somewhere else for £125000, so only £500 more. I have also had a payrise in the 4 weeks between the last mortgage that was agreed and the one we need now. We are being told we have to start from scratch, and that even the DIP doesn't even stand!!! We only got it at the end of January! And now the fiasco starts with Nationwide. We have been told we have to start all over again. So today, I go online to get the DIP (just 6 weeks after the original DIP went through fine, and nothing in our circumstances has changed other than me getting a payrise!), only to get just past the outgoings bit to be told "sorry but you don't qualify for any products"!!!! What the hell?!

If we had known this last week, we would have gone with the broker we have been in touch with, so now, another week wasted! Even the broker doesn't understand why we have to start again only a matter of weeks after the original decision! Every time we speak to someone at Nationwide we are told a different story (first person said we wouldn't have to start completely again, then the mortgage guy at Nationwide said no you don't have to start again, then yesterday he changed his mind and said yes we do have to start all over again! make your mind up!)

We saved our deposit in their save to buy ISA to get special rates/cashback, understandably this has now been closed and is with the solicitor from the original house purchase that is no longer going ahead. I have now been told I have to open another save to buy isa, move the money back in order to get a mortgage, erm, why?! you can tell from my bank statement that it has gone to the solicitor, and the solicitor has confirmed to nationwide they are holding the deposit (so they know we haven't gone on a mad spending spree with it!).

All in all, it is a joke. They can take their cashback and shove it where the sun doesn't shine! *flounces off to the sensible, common sense broker*