Is this process really that normal?

Bongofish

Hi guys.

So don’t know if you remember some of my posts from a couple of weeks ago regarding getting a mortgage with nationwide. We are still in the process it seems but things are now taking forever?

It’s been 5 weeks since we started the application through our broker. On the 11th January we got a text off nationwide saying application received and valuation booked. The valuation was one week ago now and have not received anything else from nationwide.

I have been on the phone to the broker daily asking for updates.

Last Friday we got told from the broker nationwide were willing to offers us £12000 under what we wanted but then I asked if they took into account my new pay increase which they had not (even though I had sent the broker the letter with the application) so I sent it again and that afternoon we was told nationwide said that the mortgage will be ok for the full amount but they just had the valuation to finish off so should hear back Monday.

I have rang the mortgage broker everyday this week finding out any updates and they have said nationwide are still just at the underwriters. Was told this morning that we would have an answer by the end of today but low and behold no answer. So dang again to be told that it should now be tommorrow for a rescission.

Our application went to the underwriters 10 days ago apparently and then after change of pay it’s now been back there 5 days?? We have not received any text saying valuation is fine or anything.

I keep ringing up concerned to the mortgage brokers but they keep saying not to worry and always say it will be in the next 24 hours.

Should I be worried?

It’s been 5 weeks now since the DIP we had with nationwide and seems like a really drawn out process. Also nationwide have hard credit checked us 3 times in this!

The stress is really getting in top of us as we stared this process with a 6 week exchange date for the new build and theirs only a week and a half to go and haven’t even got a mortgage offer .

Any help would be great

Thanks.

Dolly123

Sometimes they do take ages, the only advice I can give you on your new build is that hopefully your Solicitor has been working behind the scenes getting all your searches in and dealing the enquiries so that once your offer is received then you are good to go, request that all your contracts are sent out and you've signed up ready for when your MO arrives

Bongofish

To be honest, and your more than welcome to call me stupid. But we haven’t really started the solicitors yet until the mortgage offer comes through as if we get declined for any reason we don’t want te tra costs from the solicitors.

We have said we want to go with them and they’ve sent us all the paperwork to sign but apart from that we haven’t signed anything because as soon as we do the solicitors charges start rolling in.

This not the right move?

Thanks

amnblog

You and the Broker must be driving each other crazy.

Five weeks is not abnormal if there have been complications.

The big issue here seems to be the Broker not managing your expectations.

Do him/her a deal.

You won't chase every day if they do what they say they will and get back to you even if just to say 'no news yet'.

[Deleted User]

Is Nationwide on a back log at the moment as we submitted Monday and valuation was in Thursday.

We did submit everything to solicitor so they can start searches - We will lose £300 max if we are declined so didn't seem that bad. The searches are around a week and can be longer so I thought they could all be progressing together if I got them all started 22nd January.

Maybe I was stupid and have done it too quickly but the waits annoy me so If I had to wait for offer and then wait for solicitor it would have been even longer

Dolly123

Have you paid for your searches yet? Because depending on your area they could take unto 3 weeks to come back, how long have you got to exchange contracts 28 days or 42?

Thrugelmir

Bongofish wrote: »

The valuation was one week ago now and have not received anything else from nationwide.

Surveyor needs to submit their valuation report. May not have been the same day depending on their workload.