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Nationwide

Options
Hi all.
Just wondering what your views are with Nationwide my broker has offered some options with them, but I wanted to know are they normally difficult to secure mortgages with ? Need lots of paperwork ? We are intending to pay off debt on completion are they ok with this any advice would be appreciated.

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Nationwide are the currently the largest new business lender in the market. Speaks for itself.
  • oli_ro
    oli_ro Posts: 142 Forumite
    edited 31 May 2015 at 2:22PM
    I have used NW and paying off credit card(which was tiny and incidental) was required at exchange. Solicitor requested proof that it was paid before allowing exchange.

    Google "nationwide for intermediaries" to see their current SLA for broker submitted mortgages, which is just an indication as it depends on your circumstances.

    Every case is different, I think, so hard for someone to guarantee turn around times for your case.

    Talk to your broker again and voice your concern. I think they have good rates these days(maybe due to reason mentioned by Thrug).
  • kingstreet
    kingstreet Posts: 39,256 Forumite
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    I have never known Nationwide insist credit is repaid before exchange of contracts. Completion, yes. Exchange of contracts, no.

    Otherwise, no better and no worse than other lenders and often have top-end products.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • oli_ro
    oli_ro Posts: 142 Forumite
    kingstreet wrote: »
    I have never known Nationwide insist credit is repaid before exchange of contracts. Completion, yes. Exchange of contracts, no.

    Otherwise, no better and no worse than other lenders and often have top-end products.


    I stand corrected, the mortgage offer indeed specifies: "This offer is issued on the understanding that the following commitments will be repaid
    on or before completion of this loan:-"

    My solicitor has asked me to do it before exchange, maybe pedantic.
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If exchange of contracts and completion are close together, they may be ensuring things are in hand early.

    As a newbuild specialist, our cases can exchange today and not complete for six months or more...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    oli_ro wrote: »
    I stand corrected, the mortgage offer indeed specifies: "This offer is issued on the understanding that the following commitments will be repaid
    on or before completion of this loan:-"

    My solicitor has asked me to do it before exchange, maybe pedantic.

    Ask yourself who is at risk?

    Perhaps doing their job properly.
  • PixelPound
    PixelPound Posts: 3,058 Forumite
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    What would they require as proof or is that varying depending on your solicitor
  • oli_ro
    oli_ro Posts: 142 Forumite
    edited 31 May 2015 at 2:47PM
    They wanted proof that its paid and I went to my online banking solution and generated an up to date statement in pdf format that shown 0 balance and my recent payments, which they have accepted.

    But, I guess, if pay the debt, I am sure you will find loads of ways to prove it that will be acceptable.
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