Is it normally this quick with Nationwide

chelseablue

Our fixed rate is up in March with Halifax.

Hoping to switch to Nationwide and we applied this afternoon (about 3 hours ago!) via our broker.

Just had a text from Nationwide saying "We're pleased to let you know we've issued a mortgage offer"

All seems a bit rapid, is it normally that quick? I presume they've just valued the house electronically somehow?

Thought I wouldn't hear anything for a week or too, even the broker said it might be after Christmas before we hear anything :rotfl:

kingstreet

Won't your offer expire well before the end of March? AFAIK Nationwide remortgage offers only last three months and can't be extended more than two weeks.

chelseablue

I did query that with the broker and they said the offer will last until April?

Fixed rate ends 31st March with Halifax

kingstreet

chelseablue wrote: »

I did query that with the broker and they said the offer will last until April?

Fixed rate ends 31st March with Halifax

How long are offers valid for?
Remortgage offers are valid for 90 days.
House purchase offers are valid for 180 days. This includes applications for new build properties (whether completed or not).
Rate Switch offers are valid for 45 days.

..........

chelseablue

Thank you, just emailed them about the remortgage offers lasting 90 days and this is what he's come back with:

I am just establishing if they have offered, as typically it takes 4 weeks for them to offer in which case the 90 days works for your application.

They are now shut so I will call tomorrow morning

Malc00

It is becoming increasingly common for remortgages and further advances to offer instantly. My last one was a couple of weeks ago.

It tends to be low LTV cases, simple income (basic only), helps if the member banks with Nationwide and low risk property.
Mortgage new business are open until 6pm but have heavy call volumes at the moment, but you could always call to check the offer expiry date. The number for them is 0800 464 3000.

enthusiasticsaver

Seems a bit early to be looking into remortgaging if your current deal doesn't expire until end of March. Is there any reason why you were applying this early considering it usually would take maximum 6 weeks if valuation needed etc?

chelseablue

Thank you all, I followed the advice of the broker who said we wouldn't hear until beginning of January so all would be fine

Tried calling and emailing broker this morning but they still haven't contacted me so I went direct and called Nationwide (not sure if that's 'allowed' but oh well)

Turns out that yes it was offered on yesterday and expires 6th March

Bloody fuming

What do we do now? Nationwide said it will all need to be re keyed in January which is fine but is that damaging in any way?

YHM

Sounds like a pretty shoddy effort from your broker...

chelseablue

Totally!

They've just called me back and said they have never known Nationwide to offer on the same day before.

He said not to worry (easier said than done!) and he will need to re submit in early January and that he will keep an eye on their rates for the next couple of weeks in case they go up

Used him before with no problems, normally people would be thrilled to get their mortgage accepted this is just my luck :rotfl:

YHM

As above, if the application doesn't have any issues and they can automate the property valuation themselves, due to low LTV, then same day offers do happen.