Nationwide Mortgage Application

cm190790

Hello everyone,

Just looking for some information on the mortgage application process with Nationwide. I've heard good and bad things about the interview for the full mortgage application and we have ours next week so I'm just looking for some info on what they ask, how in-depth they go, anything i should worry about and what type of questions to expect!

We are buying a 1st floor flat with share of freehold. We are purchasing for £148000 and we have 10% deposit + extra for fees involved (around £3000 we are basing this on). My partner has £1400 on credit card and i have £1990 - no other debts or overdrafts. We meet the affordability criteria with no issues (i earn £17K and my partner £25K) so i'm just really wanting to hear from someone who has recently gone through a full mortgage application with Nationwide to hear what it was like! Do they rip your bank statements to shreds asking what your spending on etc and take a hard line (I'm currently too scared to spend money on anything i would usually incase it deemed as "unnecessary spending"). I had a large debt to credit cards and other things which have been paid off in full back in July so also worrying that this would be an issue? I'm sure its not as i saved and saved to pay off what i owed which they will be able to see. Anything anyone can tell me will be welcomed!

Thanks

fdavidson

Hi there,


We recently did the full application. It wasn't very in-depth at all. I already bank with Nationwide but my partner doesn't and all he had to provide was his most recent bank statement. I would actually say from memory there were no affordability questions! It was more, what is your budget for monthly payments, here are the products and some advice. If you already have your DIP then that's what it will be like. The DIP had far more probing questions but nothing too in depth and only your fixed outgoings, not day to day spend.

Nickilin66

I used them last year and would avoid like the plague as they are utterly useless. Took from January to August to get through the process. Ridiculous.

cm190790

Thank you for that, i feel considerably less stressed knowing its not going to be some witch hunt on your spending habits. We got a DIP with no issues a couple of weeks ago so fingers crossed all will go to plan!

Thanks again

Ozzuk

I'm doing one with them tomorrow - I'll let you know how it goes. I did a change of mortgage deal with them earlier this year and they asked me loads of questions around attitude to risk, financial knowledge etc, felt like a personality profile! In the end they recommended the same deal I told them I wanted at the start but they still had to jump through the hoops.

fdavidson

Also we had our interview on the Tuesday and full mortgage offer on the Friday - I know some people have had bad experiences but ours was great.

cm190790

Ozzuk I'm doing one with them tomorrow - I'll let you know how it goes. I did a change of mortgage deal with them earlier this year and they asked me loads of questions around attitude to risk, financial knowledge etc, felt like a personality profile! In the end they recommended the same deal I told them I wanted at the start but they still had to jump through the hoops. -




Yes please, i'd love to know how it goes for you! I'm intrigued with the previous commenters saying they only ask for most recent bank statement/payslip - i thought they asked for 3 months so the less the better!

cm190790

fdavidson wrote: »

Hi there,


We recently did the full application. It wasn't very in-depth at all. I already bank with Nationwide but my partner doesn't and all he had to provide was his most recent bank statement. I would actually say from memory there were no affordability questions! It was more, what is your budget for monthly payments, here are the products and some advice. If you already have your DIP then that's what it will be like. The DIP had far more probing questions but nothing too in depth and only your fixed outgoings, not day to day spend.

Do you have any idea why they only asked for 1 months bank statement? I hear its usually 3 months - not that I'm complaining, the less the better!