Nationwide Mortgage

MMMee

@luis1988 - Ah, but one in the bag is no bad thing

klf121293

Hello, we’ve just submitted our application with nationwide to port our current mortgage (1 year left on the fix) and borrow an additional £140,000

Applied directly with nationwide through one of their advisors

So far:
- Application submitted on Friday 2nd
- Hard credit check on Saturday 3rd

Nothing yet about the valuation. If it’s a “desktop valuation” are you notified that this is what’s happening rather than booking a physical valuation 

MMMee

MMMee said:

Long-term Lurker, thought it was time I got more involved..

This is our second go with Nationwide. Had the first mortgage agreed earlier in the year, but seller being a PITA meant that it timed-out and in the end we reassessed and moved on to a different property, so have started from scratch.

The story so far...

9th August 2022 - Offer in principle / Soft Search

15th August 2022 - Mortgage Application Submitted

16th August 2022 - Hard search

22nd August 2022 - Request for Additional Paperwork - Proofs of income

23rd August 2022 - Valuation Booked. Haven't heard any more so we're presuming it happened.

TBC

Bit of an update: It got a bit twisty but thankfully the broker was brilliant in sorting things out, and we had the offer through.

9th August 2022 - Offer in principle / Soft Search

15th August 2022 - Mortgage Application Submitted

16th August 2022 - Hard search
16th August 2022 - Valuation booked (we got a call from the person who was going to be doing it - which was nice, but I think she was trying to contact the estate agent, in truth)

22nd August 2022 - Request for Additional Paperwork

23rd August 2022 - Valuation happened

1st September 2022 - Nationwide Offer £50K Mortgage (of the £250K applied for) as they have excluded main salary from calculation - Broker appealed
6th September 2022 - Underwriter wouldn't change their mind - Broker Appealed again

13th September 2022 - Nationwide say they have received the Survey - will be in touch

13th September 2022 - Nationwide Underwriter changes his mind - reinstates salary

16th September 2022 - Mortgage Offer received

So a month from application to offer - which I know is quick, but didn't feel as though it would be for a while.

Other than that, there is no chain apart from that the house we are buying is awaiting probate. So who knows how long that will be, but hopefully within 6 months. Off to book a survey.

StruanAM

Some extra info which seems to never have been clarified which I called in to ask about:
After making a full mortgage application, at a certain point of review the mortgage will be withdrawn online and won't be accessible for you. Trying to access it will result in a message of "There are no active applications associated with that email address" or similar. To get any further updates you will need to call, but this is a normal part of the process, if they need any further information they will email you.

deutsch

I'm with Nationwide. If I'm paying monthly, can I ask to pay weekly instead? Apparently I came across something that said by paying weekly, you'd pay less overall and reduce the time it takes to pay off.

dottydoo212

dottydoo212 said:

I thought I’d post on here because like many of you, I’m waiting on my Nationwide mortgage application to be processed.

Here is my timeline so far:

21/07 AIP Accepted
08/08 Offer Accepted / Property Reserved
11/08 Full Application Submitted
12/08 Hard Credit Search
...

I noticed a lot of people have had a property valuation before the hard credit search so should I assume this has already happened despite the fact I’ve received no text about it?

I’ve been told by my Mortgage Broker that Nationwide are fairly busy at the moment and therefore I should hear back by the 29th of August but will likely be before that date, however, I assume this is just the time it’s going to take to actually pick-up and review my application so a mortgage offer if accepted, will likely be weeks down the line but fingers crossed I’m wrong.

I also thought the following timeline from the Nationwide website might be useful which was last updated on the 19th of August.

Quick update:

21/07 AIP Accepted
08/08 Offer Accepted / Property Reserved
11/08 Full Application Submitted
12/08 Hard Credit Search

Since the hard search was carried out, I've sent probably 5 - 6 rounds of documents and was offered £5k under the required amount requested so I've had to go back with further evidence to prove one of my credit cards it fully paid off. They then informed me they carried out the valuation when the building was half built, so they don't have an accurate valuation, so they've had to re-do this which was booked in today for the 6th of October.

Hopefully, they can get it pushed through quickly as I am supposed to be handing over on Friday! 🙈

dottydoo212

Mortgage approved! (I feel so lucky!)

MMMee

dottydoo212 said:

Mortgage approved! (I feel so lucky!)

Congratulations @dottydoo212 - it is a real relief, isn't it?

Hope the rest goes swimmingly now..

dottydoo212

MMMee said:

dottydoo212 said:

Mortgage approved! (I feel so lucky!)

Congratulations @dottydoo212 - it is a real relief, isn't it?

Hope the rest goes swimmingly now..

Yeh, it's a huge relief, especially with the current rates climbing. I secured a 3-year fixed at 3.34% so I'm feeling really lucky. They also undervalued the house by £20k so I've had to scrape together an additional £8k plus my initial deposit to cover the shortfall.

For those who are still waiting, I wish you lots of luck, it's horrible waiting! 

shafalibegum

Hi does anyone know the process for nationwide mortgages. Do they do valuation first and then underwriting or underwriting first? I’ve submitted the full application, valuation booked and completed 3 days after that, hard credit check completed. Does that mean the underwriting had been completed or do they do that at the end? Thanks