Nationwide Mortgage

khtaylor

Wow this has been the most nerve racking wait ever!
Dip -19th June
Offer accepted - 8th July
Full application- 14th July 

Gone through a broker who has been chasining our mortgage up since Friday. Our application was still in the underwritter queue tuesday 21st. 

lancslass26

Our timeline so far, using NW and MB. 75% LTV on HTB
13/7 - DIP referred as both self emp
Somepoint inbetween this was accepted
16/7 - Text/email to say mortgage application accepted
16/7 - Sent for valuation instruction
21/7 - Text /email to say valuation booked for 18th August (yes almost a whole month away!!)
23/7 - Called NW as no update via MB on why so long for valuation and they've advised to call Countrywide. 
Spoke to developer and they have said they've sorted the valuation out and will update me at weekend and not to worry.

MBJUK

Hi all

Feeling a bit stressed about ours - we've just heard from Nationwide (after no word from useless L&C - that's another story) that ours was rejected on affordability, because the underwriter couldn't verify that my cash benefits allowance was taken as cash (I sent them payslips and evidence of the money going into my bank account each month?)

Very frustrated, as we have extremely minimal outgoings, and went through them in full with the broker a number of times. Even without the cash allowance, I know the mortgage would be affordable (I've done my own stress tests on a ridiculous 10% interest rate, lol) but now we've had to show them my employment contract letter and a screenshot of my work's intranet page showing that it's a fixed cash allowance paid monthly (I think they just do it this way so it's not "core" salary, and then they don't need to pay employer pension contributions on it - a bit sneaky).

The valuation was done on Tuesday but no word on the report being reviewed yet.

Has anyone else had success with Nationwide after initial stumbling blocks on affordability? They've got reams of bank statements from me and I'd already calculated all of the outgoings myself for the past 3 months based on actual statements, using those numbers on the application with the broker.

thaddy

Oh no when did they tell you about the affordability issue was it before or after the valuation? Hopefully with the extra information you have provided it will be accepted. All the best!

We have just had our valuation done and I keep checking the service standards page as if it will make a  difference  https://www.nationwide-intermediary.co.uk/placing-business/service-updates

lemliss

I am no help with affordability but we had our valuation done 20/07, I called today and report is still not back. They said they are currently running behind timescales with valuation reports taking up to 5 days to come back and then assessment can be up to 9 days after that. 
I can't sleep at night worrying at the minute.

robynjur1108

We have also had a carry on with Nationwide I think they are being extremely picky on who they are giving mortgages to at the moment. My partner and I applied for a mortgage in principle on Monday, both in stable public sector jobs. Earn 57,000 a year, have excellent credit scores 900+ however did not meet their eligibility regarding credit score. Which when we are both in the excellent category is extremely frustrating. I will not be using them in the future or recomending them to family or friends. Even my broker will not be trying to put applications through with them again. 

khtaylor

Did your application go to an underwritter or was it automatic underwritting?
Ours is going to a human because my partner is self employed. This wait is awful, we are 1st time buyers in scotland and honestly this is not pleasant and never realised the wait we would need to go through 🙈

gunner786

Rang my broker today he said they requested bank statement today so they should get back to him on monday. Application 17th july

lemliss

khtaylor said:

Did your application go to an underwritter or was it automatic underwritting?
Ours is going to a human because my partner is self employed. This wait is awful, we are 1st time buyers in scotland and honestly this is not pleasant and never realised the wait we would need to go through 🙈

As far as I am aware it's all checked by humans now - hence there being such a backlog x

hounsehunterftb

Hello all,
We are second time buyers purchasing a new build property with 15% deposit. We have another property which is currently rented out and don't intend to sell. I and my husband are both existing Nationwide customers with decent credit scores. Here is our timeline so far

• 6th July 2020 - DIP received
• 7th July 2020 - Mortgage application submitted (Got a text and email from Nationwide about receiving the application)
• 8th July 2020 - Valuation booked for 20th July 2020
• 16th July 2020 - Another update with valuation being resheduled for 27th July 2020
• 17th July 2020 - We can see the hard search performed on us 

Waiting game.. What puzzles me is they have not asked for any documents so far which makes me believe it has not been with an underwriter. We applied through a mortgage advisor.
In the DIP, it stated that we passed the affordability with maximum affordable amount about £30,000 more than we are borrowing. 
What do you think should I expect to happen going forward after 27th? I am majorly worried about valuation and affordability check (still as I heard Nationwide is being really picky) Thanks guys! 
Good Luck all!!