Nationwide deferred drawdown of funds

Jon_B_2

Hi all,

Looking to apply for a loan shortly for a car purchase. I've already gone through the pre-application determination that doesn't check your credit file and Nationwide will lend. (Existing customer).

Their customer services team appear to be closed this bank holiday weekend, but I wondered if it is possible to get a decision to lend, but choose to drawdown the funds at a later date rather than straight away?

Thanks,

Jon

[Deleted User]

No. You'll need to apply when you need the funds.

Sheep

Thats not strictly true.

Yes you can.

A) if its a joint loan then paperwork will be sent for you to complete before you can drawdown
if you complete in sole names online it will give you a personalised quote. If you are happy with that run a full credit check and get your decision. If accepted its valid for 30 days so you can close your webpage down knowing its there when you need it. Then when you do need it you can sign back into your online banking and select to apply for a loan. The 'accept' decision will come back up and you can then click the t&c's and fill in the direct debit details and then the funds will be issued in a day or two.

Good luck

Jon_B_2

Thanks Sheep. That's most helpful!

I will be applying as sole applicant as apparently the "offer" is only available to me?!

I'll apply later this week and will advise/confirm if this method works.

sivs

When I recently applied with Nationwide I got them to do the loan promise. I was originally offered £10k @ 3% with santander and Nation-wide matched the offer but gave me rate of 2.5%

This slowed down the process so similar to a draw down