Waiting for underwriter (Nationwide) since 4+ weeks

houmie

Hi,

I have started the mortgage application on 4th April.
The surveyor has approved the flat on 25th April.

Today is 13th June and since at least 4+ weeks the application is with the underwriter and I have no real visibility of what is happening. The independent mortgage advisor is on the case and keeps saying I shouldn't worry. He claims the case had to go to a senior underwriter to make the final decision. This is because the gift amount of my father contributing to the deposit is too high (£100k).

Living in London, I don't think it's that uncommon getting help from parents for a purchase. I have provided all statements of my father and everything they asked for. But I get the feeling the underwriter (Nationwide) doesn't really understand the situation. Is here a professional underwriter in this forum that can explain to me if this is normal?

The big problem is that the flat is a new build. Ballymore has set the expected notice for July 2016. Theoretically in 2 weeks time they could demand the mortgage and I had 10 days to comply.

I'm very nervous and have no idea what to do.
What can I do?

Thanks,

amnblog

Like all Lenders, there are occasions where underwriting on a particular case with Nationwide can get messy.

Your Adviser is really the best source of knowledge on the situation as they know your case.

You need to make the Adviser clear on what you expect in terms of feedback and timescales.

Thrugelmir

houmie wrote: »

But I get the feeling the underwriter (Nationwide) doesn't really understand the situation.

In what way? Are you an underwriter by profession?

houmie

Thrugelmir wrote: »

In what way? Are you an underwriter by profession?

It seems you are an underwriter by profession and I appologise if you feel I have stepped on your toes. But this isn't about you.

The underwriter has asked twice for the same bank statement, which I had already provided. So either he doesn't understand it or the mortgage broker hasn't forwarded it.

Thrugelmir

houmie wrote: »

It seems you are an underwriter by profession and I appologise if you feel I have stepped on your toes. But this isn't about you.

The underwriter has asked twice for the same bank statement, which I had already provided. So either he doesn't understand it or the mortgage broker hasn't forwarded it.

No not directly.

I doubt it was the undewriter themselves probably a minion.

Due to the circumstances of the application it's been referred to higher levels. You'll be in a queue like everybody else.

houmie

amnblog wrote: »

Like all Lenders, there are occasions where underwriting on a particular case with Nationwide can get messy.

Your Adviser is really the best source of knowledge on the situation as they know your case.

You need to make the Adviser clear on what you expect in terms of feedback and timescales.

Thanks, I have to push harder to get to understand what is really going on.

I did some further reading on this topic. Some have given the advice to try to get in touch with the lender to see what the problem is. I found others in similar situation in this forum, where the underwriter had only some basic questions and the broker didn't pay enough attention to them.

Every time the underwriter rejects the files, they go back in a queue of five days. This could be the reason why this is taking so long.

amnblog

Contacting the lender direct is far more likely to do harm than good.

Suggested approach

'Mr Broker, I want you to tell me exactly what the delay is. Don't sugar coat it.

Is there anything else you need from us?

When can we realistically expect progress for Nationwide?

When will you next be updating us?

I need an update even if it is to say that Nationwide have not responded within promised timescales'

One of the problems we have in our market is that many brokers are scared to be honest with borrowers because:

They try to avoid conflict

They have messed up and won't admit it.

Welshbigman

Our mortgage went to the underwriter (nationwide) and went through fairly quickly (2 weeks or so) all the checks were done prior to the valuer visiting, the biggest hitch was when the valuer put the wrong postcode on the property he had visited!!!
I would chase your broker and as said above get some realistic timescales, explain the situation fully. also try and correspond with them by email that way you have a paper trail you can refer back to if need be