Nationwide Mortgage

haras_n0sirrah

It varies lender to lender. Some take the seiss x 4, others take 80% of income as a max (so treat same as a furlowed employee), some will take 75% of income (as seiss covers 3 months)
Nationwide are one of the more fluid ones out there in that they dont seem to have any hard and fast rule but it will be considered in the assessment as from their pov you cant claim to the government that your income has been adversely affected and then borrow from the bank by claiming that your income is unaffected. These two actions are contradictory.

BillStruthBear

haras_n0sirrah said:

It varies lender to lender. Some take the seiss x 4, others take 80% of income as a max (so treat same as a furlowed employee), some will take 75% of income (as seiss covers 3 months)
Nationwide are one of the more fluid ones out there in that they dont seem to have any hard and fast rule but it will be considered in the assessment as from their pov you cant claim to the government that your income has been adversely affected and then borrow from the bank by claiming that your income is unaffected. These two actions are contradictory.

Thanks for the insight. 
If they go for option 1, we will struggle to meet affordability, as the SEISS calculation periods were when my wife was pregnant / opted to work PT after the little one was born. 
If they opt for the other 2 options described, we'll be fine I hope (joint income of £110k in the most recent tax year looking to borrow 2x)
I will keep the thread updated with what they come back with

firsttimebuyerlpl

How long does it take for the valuation report to be written up and reviewed by nationwide? Apparently that is all we are waiting on but the valuation was down this day last week. 

thaddy

firsttimebuyerlpl said:

How long does it take for the valuation report to be written up and reviewed by nationwide? Apparently that is all we are waiting on but the valuation was down this day last week. 

It's usually 2days for the valuation report to be submitted then it might take Nationwide around 7working days to review the report. We are still waiting on the outcome too.

firsttimebuyerlpl

thaddy said:

firsttimebuyerlpl said:

How long does it take for the valuation report to be written up and reviewed by nationwide? Apparently that is all we are waiting on but the valuation was down this day last week. 

It's usually 2days for the valuation report to be submitted then it might take Nationwide around 7working days to review the report. We are still waiting on the outcome too.

Thanks for that. I spoke with nationwide yesterday and they said they had not received the report at That point. Hard searches been done and NW confirmed all the paperwork is in order. Just waiting on the report by the sounds of it 

lemliss

Our surveyor came this morning (we rent the property we are buying and it was a physical Valuation) he said the reports are completed and signed off on day of valuation and their systems are linked to the Nationwide so they automatically receive them the same day. I know its 7 working days to assess documents but he did say feel free to chase because they sometimes say they don't have the report and they do. X

leodis23

Got an alert from Credit Karma this morning that a hard search was run by NW yesterday - looks like there's finally progress!

• Mid-June - AIP from broker (Habito)
• 6th July - Viewing
• 6th July - 1st offer submitted
• 21st July - Agreed 3rd counter-offer with seller
• 22nd July - Solicitor appointed & finished full application through Habito
• 26th July - Nationwide confirm they've received it by text. Soft search reported through Transunion
• 4th August - Hard search on Transunion
  

firsttimebuyerlpl

lemliss said:

Our surveyor came this morning (we rent the property we are buying and it was a physical Valuation) he said the reports are completed and signed off on day of valuation and their systems are linked to the Nationwide so they automatically receive them the same day. I know its 7 working days to assess documents but he did say feel free to chase because they sometimes say they don't have the report and they do. X

Ah that’s great to know. Thank you. Yeah I don’t believe they haven’t received the report by now. I would expect a couple of days for it to be uploaded but feel like it was just an excuse while they asses. Going to speak to NW again today to see where we are

lemliss

Yeah, he said they have been advised that NW are busy but they often say Countrywide haven't sent the report to pass the buck. He says they are literally linked and when they hit submit it goes over automatically. From there it might take a while for them to assess it given their backlog but them saying it isn't there isn't correct (according to our surveyor!) X

khtaylor

leodis23 said:

Got an alert from Credit Karma this morning that a hard search was run by NW yesterday - looks like there's finally progress!

• Mid-June - AIP from broker (Habito)
• 6th July - Viewing
• 6th July - 1st offer submitted
• 21st July - Agreed 3rd counter-offer with seller
• 22nd July - Solicitor appointed & finished full application through Habito
• 26th July - Nationwide confirm they've received it by text. Soft search reported through Transunion
• 4th August - Hard search on Transunion
  

Our hard check was carried out 24th July. I've heard nothing and broker said they haven't looked at 1 singke document yet 🙄