Nationwide Mortgage

singh001

Hi all, just applied for a mortgage. FTB 80% LTV. After hearing the stories On here a bit worried with the time it’s going to take. 

Just a quick question has anyone been successful at a 5 x salary on the mortgage? 

Timeline 
26/10 - Application submitted 

26/10 - Nationwide text saying application received 

hburnett163

singh001 said:

Hi all, just applied for a mortgage. FTB 80% LTV. After hearing the stories On here a bit worried with the time it’s going to take. 

Just a quick question has anyone been successful at a 5 x salary on the mortgage? 

Timeline 
26/10 - Application submitted 

26/10 - Nationwide text saying application received 

I think the majority of lenders will lend around 4.5 x loan to income (LTI)
it’s not unheard for lenders to offer at 5 x LTI and I don’t know your other finances and you’re borrowing 80% which lowers the risk too so I wouldn’t be worried until at this stage. Did you speak with an adviser? 

singh001

So we have no dependants , no credit card bills due, no loans. Pretty much straight forward in terms of finances. Everywhere on the nationwide website it says they lend a max of 4.75 so just a bit worried. We have gone through a MB so I’m hoping with the 20% deposit it should be fine. Sorry I’m new to the forum and it wasn’t letting me quote your post. 

GN2020

hburnett163 said:

So once again, have been utterly let down by my broker. He input our salaries incorrectly making our affordability 20k under what it actually is. 
This is his third strike, he hasn't even told us I found out by contacting Nationwide and have just submitted our documents directly. Am waiting to see just how long he leaves it to tell us he messed up again!
For those interested first strike - taking 2 full weeks to submit the application for us that he actually did IN FRONT OF US at the appointment
second strike - incorrect purchase price on the application not rectified until the 9th October
We're lucky to have a family member who is willing to help us by putting their money into the Barclays Springboard scheme so we can move quicker and not lose out on the house! 
(tomorrow is the start of week 9 since application, week 11 since offer was accepted)

Good god, that’s bloody awful! 

No wonder you’re at the end of your tether!! 

Are you using a different broker for the Barclays one or doing it yourself? 

hburnett163

GN2020 said:

hburnett163 said:

So once again, have been utterly let down by my broker. He input our salaries incorrectly making our affordability 20k under what it actually is. 
This is his third strike, he hasn't even told us I found out by contacting Nationwide and have just submitted our documents directly. Am waiting to see just how long he leaves it to tell us he messed up again!
For those interested first strike - taking 2 full weeks to submit the application for us that he actually did IN FRONT OF US at the appointment
second strike - incorrect purchase price on the application not rectified until the 9th October
We're lucky to have a family member who is willing to help us by putting their money into the Barclays Springboard scheme so we can move quicker and not lose out on the house! 
(tomorrow is the start of week 9 since application, week 11 since offer was accepted)

Good god, that’s bloody awful! 

No wonder you’re at the end of your tether!! 

Are you using a different broker for the Barclays one or doing it yourself? 

I’ve been scorned we’re doing it by ourselves now!
we still will have the nationwide application running and whichever comes through first wins!

hburnett163

singh001 said:

So we have no dependants , no credit card bills due, no loans. Pretty much straight forward in terms of finances. Everywhere on the nationwide website it says they lend a max of 4.75 so just a bit worried. We have gone through a MB so I’m hoping with the 20% deposit it should be fine. Sorry I’m new to the forum and it wasn’t letting me quote your post. 

 No worries, I would say if a broker advised you then it’s more likely to be OK 

GN2020

hburnett163 said:

GN2020 said:

hburnett163 said:

So once again, have been utterly let down by my broker. He input our salaries incorrectly making our affordability 20k under what it actually is. 
This is his third strike, he hasn't even told us I found out by contacting Nationwide and have just submitted our documents directly. Am waiting to see just how long he leaves it to tell us he messed up again!
For those interested first strike - taking 2 full weeks to submit the application for us that he actually did IN FRONT OF US at the appointment
second strike - incorrect purchase price on the application not rectified until the 9th October
We're lucky to have a family member who is willing to help us by putting their money into the Barclays Springboard scheme so we can move quicker and not lose out on the house! 
(tomorrow is the start of week 9 since application, week 11 since offer was accepted)

Good god, that’s bloody awful! 

No wonder you’re at the end of your tether!! 

Are you using a different broker for the Barclays one or doing it yourself? 

I’ve been scorned we’re doing it by ourselves now!
we still will have the nationwide application running and whichever comes through first wins!

I really hope that one of them comes through for you and you get your home! 

alvaronistal

RightBobbyDazzler said:

alvaronistal said:

So we called our mortgage advisor today to get a status update and told us that the valuation was rescheduled to yesterday, but they approved it the same day and today they issued the offer!

So that's 13 working days from application to offer for a FTB 85% LTV joint mortgage. We really thought we were in for a wild ride after reading some stories here.

To help out some of the people here (I know I'd appreciate this) here is some more background about our situation:

• We went through a mortgage advisor
• We will be borrowing around 3.4x our yearly income
• I'm working full-time on a new job (so I'm on the 3rd out of 6 months' probation) and my wife is not working, we have one dependant under 18 years old.
• We had ~£6k (10%) of our 15% deposit as a gift from our family.
• Our credit scores are excellent mine is 999 on Experian, my wife's is slightly lower, but still excellent.

I hope this helps somebody to put their mind at ease as I've been looking forward to every day I came to this post!

Good luck everyone!

Hi. Did you get text messages from Nationwide? If so, at which milestones did you receive these?

We went through a MA so we weren't actively updated... Sorry I can't be of more help!

Kiyonari

Mortgage declined today, was a 70% LTV, I have perfect credit rating, overpay mortgage every month, secure job £54500-65000 per annum.  Declined due to partner having poorly managed current account, even though she wasn't going on the new mortgage because of that....  Unless there is something else she isn't telling me, !!!!!!.  What are my options now like?

hburnett163

Kiyonari said:

Mortgage declined today, was a 70% LTV, I have perfect credit rating, overpay mortgage every month, secure job £54500-65000 per annum.  Declined due to partner having poorly managed current account, even though she wasn't going on the new mortgage because of that....  Unless there is something else she isn't telling me, !!!!!!.  What are my options now like?

If it’s 70% LTV there are plenty of lenders?