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!

ACG

I would say 48 hours to review the DIP as a ballpark but it has been a while since I last used nationwide.

amnblog

Baffled why they say your boyfriends new self employed is not a problem.


Their rules say...


For Self Employed applicants a minimum trading period of 2 years is required.


Perhaps someone who uses them more regularly than me might be able to shed some light on this?


There are lenders that can work with one years trading, but Nationwide are not in that group.

jeslubur

We heard back from Nationwide today and they have approved our DIP!

As we already have a mortgage with Nationwide and we're not a new customer they were able to offer us a mortgage - our documents just had to go through underwriters before we'd even applied for mortgage to make sure they were happy to lend to us.

Thanks all

kingstreet

Astonishing.

amnblog

TCF for 1 in a 1,000 KS.

ACG

I was thinking the same but just assumed it was my lack of knowledge on their criteria.

amnblog

I suspect they will decline the case at application ACG. I hope I am wrong for the OP's sake.