Waiting for our mortgage Decision in Principle

jeslubur

Hi everyone,

I'm hoping by posting on here we can get some advice!

Me and my boyfriend are currently going through the process of selling our first home and buying our next home (we are upsizing).

We currently have a mortgage with Nationwide, and we want to port our existing one over to the the new house, and borrow the excess on top of this.

This should be a fairly straight forward process, however since getting our first home by boyfriend has become self employed. He has one years worth of accounts, however Nationwide has reassured us that this shouldn't be a problem.

We have already sent off for our Decision In Principle over a week ago but this has been referred to their underwriters. We passed the credit check with flying colours, however they requested further info from us (3 months bank statements from us both, my payslip and an accountant certificate for my partner), which was all sent off within a couple of hours via email.

We are still awaiting to hear back regarding whether we have a yes or no answer for the DIP. We have actually fallen in love with a house and naturally want to get the ball rolling asap.

So, I just wanted to find out if anyone else has been in a similar situation to us, and find out how long it took for you to get a response re. a DIP?

Thanks so much!

Bonfire_Bride

You may be better off posting this in the mortgage section of the forum. Our DIP was instant, via a broker...but then again, neither of us are self employed.


Good Luck.

sheff6107

You are in the same position as me 18 months ago. I'd been a customer for 6 years (applying back when they wren't incompetent) and wanted to port.

GET OUT WHILE YOU STILL CAN. Your sale is in danger of falling through if you get stuck in the Nationwide underwriter mire. They'll lose paperwork and complain about the most inconsequential details. They'll make your self employed partner's life hell. I still didn't have a DIP after 7 weeks and so bailed. My mortgage broker was yelling down the phone at them at one point.

I had to pay an exit penalty to NW to get out and save my sale and had to move into rented.

Do what my mortgage broker said he'd wished he'd done - ditch them, say goodbye to your exit fee and apply to the Halifax.