Nationwide Mortgage

middleagedriver

scottishsavingsgirl said:

Our experience via a Broker:

17/01 - DIP received
19/01 - Full application made
19/01 - Valuation booked for 20/01
20/01 - Text Rcd at 14:45pm to say valuation received
20/01 - Text Rcd at 15:45pm to say Mortgage Offer issued

Just wow!!! 😁

This is even faster than us. We applied on a Tuesday and had an offer on Thursday. This was just before Christmas. They must have even less applicants now.

This was our second mortgage offer, first one took 3 weeks back in June 2022.

thecat90

Had our DIP through no problem from broker. We're borrowing 225k at 90% LTV.

Broker mentioned they were even willing to lend up to 95% at £366k. My question is, once you've had your DIP from them, is it pretty much a formality to get the offer through? 

Sncjw

thecat90 said:

Had our DIP through no problem from broker. We're borrowing 225k at 90% LTV.

Broker mentioned they were even willing to lend up to 95% at £366k. My question is, once you've had your DIP from them, is it pretty much a formality to get the offer through? 

You need to make a formal application to get an offer through as the application goes into finer detail of finances and also gives you the rate 

thecat90

Sncjw said:

thecat90 said:

Had our DIP through no problem from broker. We're borrowing 225k at 90% LTV.

Broker mentioned they were even willing to lend up to 95% at £366k. My question is, once you've had your DIP from them, is it pretty much a formality to get the offer through? 

You need to make a formal application to get an offer through as the application goes into finer detail of finances and also gives you the rate 

Thanks for the reply. What I meant was that if they're giving you the DIP, does that make it pretty much a formality to proceed? Assuming we've not told any fibs (which we've not), is it just going through the motions and they'll sign it off or am I being too hopeful? FTB BTW!

Sncjw

thecat90 said:

Sncjw said:

thecat90 said:

Had our DIP through no problem from broker. We're borrowing 225k at 90% LTV.

Broker mentioned they were even willing to lend up to 95% at £366k. My question is, once you've had your DIP from them, is it pretty much a formality to get the offer through? 

You need to make a formal application to get an offer through as the application goes into finer detail of finances and also gives you the rate 

Thanks for the reply. What I meant was that if they're giving you the DIP, does that make it pretty much a formality to proceed? Assuming we've not told any fibs (which we've not), is it just going through the motions and they'll sign it off or am I being too hopeful? FTB BTW!

You still need to submit a formal application for the amount of money you want to borrow.  The dip will tell you roughly the max amount they prepared to lend you but you still need to do formal application once you have the offer you gave the vendor accepted. 

Also there's alot of legal stuff to do like surveys and also your solicitor gets involved with the legal side to the lender too.  They can still credit check your right up to completion too. 

Sncjw

The dip is a guide to guide you a rough price they prepared to lend you so your able to look at and offer a sum to proppetitws in your budget 

thecat90

Sncjw said:

thecat90 said:

Sncjw said:

thecat90 said:

Had our DIP through no problem from broker. We're borrowing 225k at 90% LTV.

Broker mentioned they were even willing to lend up to 95% at £366k. My question is, once you've had your DIP from them, is it pretty much a formality to get the offer through? 

You need to make a formal application to get an offer through as the application goes into finer detail of finances and also gives you the rate 

Thanks for the reply. What I meant was that if they're giving you the DIP, does that make it pretty much a formality to proceed? Assuming we've not told any fibs (which we've not), is it just going through the motions and they'll sign it off or am I being too hopeful? FTB BTW!

You still need to submit a formal application for the amount of money you want to borrow.  The dip will tell you roughly the max amount they prepared to lend you but you still need to do formal application once you have the offer you gave the vendor accepted. 

Also there's alot of legal stuff to do like surveys and also your solicitor gets involved with the legal side to the lender too.  They can still credit check your right up to completion too. 

Thanks. We need to borrow £225k (house is £250k) but the DIP indicated we could borrow up to £366k so hoping it is pretty straightforward. Our solicitor and MA are both very good and keeping us calm. This is our dream home and we don't want anything to get in the way of it!

scottishsavingsgirl

Has anyone had their Solicitor come back after receiving a copy of their Nationwide mortgage offer to say the purchase price is incorrect?

Our offer has the purchase price as the valuation, but we're purchasing for above this. 

The amount we're borrowing isn't going to change and we're funding the money above valuation from the sale of our current property.

Our solicitor says the mortgage offer must show the purchase price, so they've written to Nationwide to issue a fresh offer.

Waiting for our broker to get back to us but just wanted to see if anyone else has experienced this before and if it's a quick fix?

thecat90

Just to confirm our timeline with Nationwide:

27/01 - Full app
30/01 - Valuation booked for 03/02
06/01 @ 09:46 - Valuation reviewed and approved
06/01 @ 09:49 - Offer issued

  

sarahdh

Our journey so far (via L&C): (edited 14/02)

09/02 - initial application
09/02 - DIP referred
10/02 - DIP received 
10/02 - full application submitted
10/02 - text to say valuation has been booked for 14/02
10/02 - hard searches conducted 

14/02 - valuation took place
14/02 - text saying valuation report received
14/02 - text saying mortgage offer issued!