Nationwide Mortgage

gunner786

Not sure what the hold up on mine is. 
The fact they asked my broker for bank statements 1 week after full application does that mean it is with the underwriters? No hard search or anything showing up on my experian credit file yet too.

I have applied for £90,000 mortgage on a £300,000 house with my mother gifting me the equity. No deposit. Only the equity will be the deposit.
Sekf employed average of £20,000 last 3 years. My bank statements dont show my income as im a taxi driver so its 99% cash transactions

hounsehunterftb

gunner786 said:

Not sure what the hold up on mine is. 
The fact they asked my broker for bank statements 1 week after full application does that mean it is with the underwriters? No hard search or anything showing up on my experian credit file yet too.

I have applied for £90,000 mortgage on a £300,000 house with my mother gifting me the equity. No deposit. Only the equity will be the deposit.
Sekf employed average of £20,000 last 3 years. My bank statements dont show my income as im a taxi driver so its 99% cash transactions

Nationwide uses equifax as far as I know and not experian for this. Better of checking your clear score report to see if there is a hard search. 

hughes1497

Jumping on the back of this post - hope that’s okay!

I am a FTB and applied to Nationwide through a mortgage advisor/broker. I M applying solely in my name. Purchase price is £128500. Looking to borrow £93500. We are taking £25k from first home fund and Putting £10k deposit down from lifetime isa. Current timeline is:
1) Offer accepted on 30th June.
2) mortgage application went into nationwide 14th July (2 week gap was because we were initially going with Barclays but that fell through)
3) application recieved 16th july
4) valuation booked for 17th July and provided same day (scotland - home buyers report) 
5) application update 24th July stating below:
 Application update

We've received all requested documents and your clients mortgage application has now been passed for full assessment. If we need anything further we'll let you know.

My question is?

1) would they have declined before now if any major issue? 

I can’t stop worrying that the house is going to fall through if we don’t complete on time as this is holding up the missives.

My mortgage advisor seems to be fairly confident about the application yet he was with Barclays where we encountered issues so I have little faith.  

BishopBrennon

hounsehunterftb said:

Nationwide uses equifax as far as I know and not experian for this. Better of checking your clear score report to see if there is a hard search. 

Yes, this fits with my experience - I've had hard searches appear with Transunion (credit karma) and equifax (clearscore), but not experian. Soft searches appeared with both of these on the day of application (plus a second soft search the day after the application in equifax's case), and the hard searches followed about a week later.

BishopBrennon

hughes1497 said:

My question is?

1) would they have declined before now if any major issue? 

Unfortunately I don't think you can assume that.. from what I understand the bulk of the underwriting seems to be happening after they get the valuation. Out of curiousity, why did Barclays decline in the end (if you don't mind sharing)? So stressful waiting and not know which way it will go! Hope it goes through speedily for you!

hughes1497

BishopBrennon said:

hughes1497 said:

My question is?

1) would they have declined before now if any major issue? 

Unfortunately I don't think you can assume that.. from what I understand the bulk of the underwriting seems to be happening after they get the valuation. Out of curiousity, why did Barclays decline in the end (if you don't mind sharing)? So stressful waiting and not know which way it will go! Hope it goes through speedily for you!

My MA put my annual
bonus into the AIP for Barclays but forgot my student loan so it didn’t match up. Nationwide everything has been keys correctly so fingers crossed. Valuation was provided same day so fingers crossed. Hate waiting. Thank you! 

gunner786

hounsehunterftb said:

gunner786 said:

Not sure what the hold up on mine is. 
The fact they asked my broker for bank statements 1 week after full application does that mean it is with the underwriters? No hard search or anything showing up on my experian credit file yet too.

I have applied for £90,000 mortgage on a £300,000 house with my mother gifting me the equity. No deposit. Only the equity will be the deposit.
Sekf employed average of £20,000 last 3 years. My bank statements dont show my income as im a taxi driver so its 99% cash transactions

Nationwide uses equifax as far as I know and not experian for this. Better of checking your clear score report to see if there is a hard search. 

Just checked credit karma there was a soft search on 16th july the day before our application.

MBJUK

MBJUK said:

robynjur1108 said:

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. 

Can I ask what LTV and loan size you're applying for roughly? I earn roughly the same and am applying for a loan of around £180k at 85% LTV, and am having some problems with them on proving certain affordability q's (e.g. I get a cash allowance that tops up my salary, which is fixed, but they're being awkward about allowing me to use it as income for affordability (have had to send multiple different evidences so far and always had more questions), so I'm worried that maybe they're being a bit picky too!

A bit of an update on ours for everyone, we spoke to Nationwide directly again (useless broker still hasn't got in contact despite voicemails and emails left 2 days ago now...) - "turns out the affordable loan amount" was just £50 short of what we needed based on what they were willing to lend per the underwriters instructions, which suggests they're being extremely picky at the moment/sounds like a bit of a jobsworth was trying to stay within his daily quota.

I said to them if I just pay the extra 50 quid can I just take the loan recommended by the underwriter and proceed right away (our proof of deposit had already been provided and was a bit higher than we needed anyway). He said no, because it's been rejected the whole process of reviewing documents must start again, and takes at least 5 days to review them - bit ridiculous imo.

People might need to brace themselves for a long wait and lots of to'ing and fro'ing on documents with long turnaround times each time.

khtaylor

they wouldn't give you a mortgage over £50 😱 wow just wow! I'm hoping we hear something tomorrow as a hard credit check was carried out on Friday. 

MBJUK

khtaylor said:

they wouldn't give you a mortgage over £50 😱 wow just wow! I'm hoping we hear something tomorrow as a hard credit check was carried out on Friday. 

Yep - ridiculous really, if the underwriter had called me up and said can you stump up the £50 and we'll be all good I'd have immediately said yes. Overall, pretty frustrating - provided some more info proving my fixed income is higher than they've stated (there was some confusion over a car allowance that I'm instead permitted to take as cash, so had to get a formal letter from my HR department sent directly to them to evidence I was telling the truth...), so it'll take another 5 working days at least before we here back we've been told (document processing is taking at least that length of time apparently).

From hard credit search to the initial rejection for us, it took 3 days as a heads up.