Nationwide Mortgage

thb30

beth9312 said:

beth9312 said:

@clare19811 Fingers crossed for you! Same here:
01/07 - application submitted

06/07 - valuation booked
10/07 - hard credit searches complete

hoping to hear something soon! We haven’t received the outcome of the valuation yet either

Our valuation report came back & it was £10k under the asking price! So we’re now waiting on the vendors to come back on if they’ll accept the lower offer. Very disappointing as we loved the house! 

Has anyone been in the same situation? And how did they get on?

I’ve had the same situation, valuation came in £25k under the agreed price. I’ve been able to negotiate with the vendor as we’re both up against a tight deadline but not the full value; I’ve had to change my product thanks to the shift in LTV ratio. 

It took 3 weeks for this to come up though, the valuation was completed on 21 June and Nationwide only raised this on 12 July. The delays on their side are beyond frustrating. 

E_D_FTB

thb30 said:

beth9312 said:

beth9312 said:

@clare19811 Fingers crossed for you! Same here:
01/07 - application submitted

06/07 - valuation booked
10/07 - hard credit searches complete

hoping to hear something soon! We haven’t received the outcome of the valuation yet either

Our valuation report came back & it was £10k under the asking price! So we’re now waiting on the vendors to come back on if they’ll accept the lower offer. Very disappointing as we loved the house! 

Has anyone been in the same situation? And how did they get on?

I’ve had the same situation, valuation came in £25k under the agreed price. I’ve been able to negotiate with the vendor as we’re both up against a tight deadline but not the full value; I’ve had to change my product thanks to the shift in LTV ratio. 

It took 3 weeks for this to come up though, the valuation was completed on 21 June and Nationwide only raised this on 12 July. The delays on their side are beyond frustrating. 

Oh man, that sucks! Glad you've been able to make it work, though. Agreed on the delays, they seem particularly slow, and it should not take 3 weeks for the undervaluation to come up! Fingers crossed it all goes smoothly moving forward.

hellosunshine17

Our timeline: 

27 May: application submitted to Nationwide via broker

28 May: proof of ID requested due to name error

29 May: additional payslips and evidence of deposit requested, sent same day

4 June: email/text to say valuation booked for 11th June

17 June: valuation comes back at £0 due to damp, damp survey requested

24 June: damp survey completed and sent to Nationwide

12 July: full building survey requested by Nationwide (delay due to broker leaving company)

13 July: survey sent to Nationwide (luckily we'd already had one done)

16 July: proof of deposit shortfall requested (?there is none)

20 July: survey rejected by Nationwide as it doesn't have both our names on it or surveyor's qualifications 

So it'll be another week for them to approve the amended survey when we get it, then another week for the valuer to look at it. Then who knows what they'll request next!

I've started going direct to Nationwide as our original broker left and the replacement has never once been in touch with us. Can't help but think I could have got this done quicker myself. 

We're almost 8 weeks in / around 40 working days and losing the will to live at this point!

peroni1984

peroni1984 said:

peroni1984 said:

Hi Guys
Here our time line. We are using a broker to remortgage from one lender to Nationwide. I think the broker is being optimistic with the value of the house to try and push it under the 75% LTV bracket: 
23rd June supplied all docs to broker
24th June text received application received 
27th June soft credit search credit karma
28th June call to book valuation on 14th July 
4th July hard search credit karma

If they reject our valuation and come in under, what's the likely options? 

Had the valuer here this morning. Lovely lady who chatted for 30 or so mins. 

We have then been asked for clarification on a payment direct from salary, coincidence? 

The valuer was from Valuenation, anyone had any experience? 

Thanks 

Just a little update. Mortgage offered yesterday. Not seen the details yet, they've sent it to my broker but seems to be full value. 

Have faith people, and good luck 

E_D_FTB

Congrats @peroni1984! Nice to see someone's getting somewhere with their application!

We've had some issues with how the Broker submitted our proof of deposit paperwork, so it's had to be resubmitted and we'll be waiting another week for the documents to be reviewed  We're at day 26 and are feeling pretty done with the whole process - can't imagine how you're feeling @hellosunshine17, hang in there!

sacvwgolf

sacvwgolf said:

Just joining in on the waiting game. We are both FTB 95% LTV and had an offer accepted on 23rd June. DIP already in place. Mortgage application received today and valuation booked in a fortnight's time. 

Well that was an unexpected nice surprise. Valuation happened yesterday and just received text offer. Super impressed with the speed esp as we're FTB with a low deposit! Wasn't expecting it to be so easy.

E_D_FTB

Congrats @sacvwgolf! Our offer also came through unexpectedly yesterday! So relieved to have it finally confirmed - now we can move on and stress about everything else! Good luck to everyone still waiting. It looks like they're getting back on track with new applications now that we're out of the Stamp Duty craziness, so hopefully it won't be quite as long a wait!

clare19811

Congratulations to both of you! We were asked yesterday for a gifted deposit form to be completed, but our deposit not from the sale of our house came from some inheritance from the death of my uncle that my dad shared out so we’ve uploaded our deed of variation in the hope that will be accepted. Finding the wait almost unbearable now! 

blueorchid94

hellosunshine17 said:

Our timeline: 

27 May: application submitted to Nationwide via broker

28 May: proof of ID requested due to name error

29 May: additional payslips and evidence of deposit requested, sent same day

4 June: email/text to say valuation booked for 11th June

17 June: valuation comes back at £0 due to damp, damp survey requested

24 June: damp survey completed and sent to Nationwide

12 July: full building survey requested by Nationwide (delay due to broker leaving company)

13 July: survey sent to Nationwide (luckily we'd already had one done)

16 July: proof of deposit shortfall requested (?there is none)

20 July: survey rejected by Nationwide as it doesn't have both our names on it or surveyor's qualifications 

So it'll be another week for them to approve the amended survey when we get it, then another week for the valuer to look at it. Then who knows what they'll request next!

I've started going direct to Nationwide as our original broker left and the replacement has never once been in touch with us. Can't help but think I could have got this done quicker myself. 

We're almost 8 weeks in / around 40 working days and losing the will to live at this point!

Looks like we're in the same boat! I posted on here a while back thinking we were only waiting on our mortgage offer but then Nationwide came back and said the valuer had valued the house at zero (they valued it at asking price really, thankfully, but zero on the report) pending a structural engineer's report as we're buying a steel framed house. From what I can tell they will lend on the type of steel frame and the report said it was in a satisfactory condition (they had to take a brick out of the outside of the house and look at it), but we're still waiting for our offer nearly 8 weeks later too.

29th May - Offer accepted (using a DIP from a different lender)
1st June - Nationwide DIP applied for and received via broker
2nd June - Full application made
15th June - After what felt like ages, text to say valuation and HB survey booked for 28th
28th June - Valuation and HB survey
1st July - Received valuation and HB survey report with zero value pending structural engineer's report, which we booked in the same day
9th July - Structural engineer inspection
14th July - Structural engineer's report received and immediately sent to Nationwide
20th July - Nationwide finally look at it 4 working days later(!) and send it to the surveyor for their opinion

I have the surveying company's contact details so I emailed them asking for them to urgently speed up the checking of the report if they can as they said it might take 6 working days... also losing the will to live here as I have kept the EA updated at every turn but worried the seller thinks there's some issue with us not being able to secure a mortgage at this point.

Good luck @hellosunshine17 - hope you hear soon!

JonMitchell

hellosunshine17 said:

Our timeline: 

27 May: application submitted to Nationwide via broker

28 May: proof of ID requested due to name error

29 May: additional payslips and evidence of deposit requested, sent same day

4 June: email/text to say valuation booked for 11th June

17 June: valuation comes back at £0 due to damp, damp survey requested

24 June: damp survey completed and sent to Nationwide

12 July: full building survey requested by Nationwide (delay due to broker leaving company)

13 July: survey sent to Nationwide (luckily we'd already had one done)

16 July: proof of deposit shortfall requested (?there is none)

20 July: survey rejected by Nationwide as it doesn't have both our names on it or surveyor's qualifications 

So it'll be another week for them to approve the amended survey when we get it, then another week for the valuer to look at it. Then who knows what they'll request next!

I've started going direct to Nationwide as our original broker left and the replacement has never once been in touch with us. Can't help but think I could have got this done quicker myself. 

We're almost 8 weeks in / around 40 working days and losing the will to live at this point!

Press on, you are almost there!