Nationwide Mortgage

Frances13

So so so angry with Nationwide.... seriously will never be recommending them again. How can they take so long to review two documents?! Just been advised we now have to wait another 10 working days to hear if they will do anything. That takes us to 49 working days.... I could have applied with any other bank and had a result before then. We won't ever be using Nationwide again after this.

Suseka97

Having been reading this thread for several weeks now, in the knowledge that I would soon be joining you all in the seemingly ' never-ending waiting game'.  I'm quite dismayed at the lengthy time delays many, if not all, are experiencing when other lenders appear to move the process along quite swiftly in comparison.  

Okay, so this is a bit of a long thread - but just background really.... feel free to skip/skim through  

We've been a NW customer, banking, insurance and mortgage - for 16+ years and I foolishly imagined that my intention to port our existing mortgage to the new property would be relatively straightforward, but sadly that's not proving to be the case.  We had to jump through hoops to get the DIP and now it seems that fun and games will continue with the full mortgage application.

Our situation is that we both were given the opportunity of taking voluntary redundancy and decided that this year, and given the CV_19 situation, now would be the time to take early retirement.  We had always intended to relocate at that point and with the stamp duty 'holiday' we thought we may as well try and benefit from that too.

I merrily called NW to start the ball rolling and went through the lengthy Q&A call to get the DIP.  At first go it was declined and frankly I was shocked.  Yes our income had reduced, but so had quite a few of our outgoings and our severance payments were used to clear all remaining finance commitments.  The mortgage adviser was surprised and was unable to explain the reason why.  He suggested it might be the timing of us paying off the credit accounts and that they'd still be showing on the CRA sites, but even when he adjusted those details it still declined!!  So he said he would have to send it off to the underwriters and to do so we had to provide evidence that all of the credit accounts had been settled along with 3 mths worth of bank statements and proof of pensions - which we did.  We got the DIP accepted within the next 48hrs... so we thought, great - it was just a computer blip, but no!!

Having just had an offer accepted on our chosen property I called NW today to set up the mortgage consultant appointment.  The person on the end of the phone asks me firstly to confirm a number of details, one being that our financial situation hasn't altered since the initial DIP - to which I said "no".  He then went on to say that he had to resubmit a DIP as part of the process in setting up the mortgage consultation appointment - I think that's odd, but said "okay, go ahead".  So he asks a few more questions... then there's a pause and he puts me on hold.  When he comes back he says that the computer is saying that there is undisclosed credit on our files, which bemused me.  I once again explained that we had cleared all our balances and that I had provided the proof the first time around.  I said if he told me what it was the computer was showing him, perhaps I could explain - but he wasn't able to.  He then went on to say he'd make all the necessary notes to the file and forward it to the mortgage consultant and went ahead and set up the required appointment.

I've checked all our CRA reports and whilst I can see some are still reporting balances outstanding, all these have been disclosed and proof provided they are in fact settled.  So, I'm now dreading the mortgage consultation telephone call.  I can see a lone default sitting on my file (although only on one CRA site with Credit Karma which is Transunion) from Oct 2014, which shouldn't be there (I challenged that default back in the day and whilst I was in arrears over a debt and it did default, the lender agreed to backdate it to 2013 - the start of the arrears).  But even with that one default showing which will drop off next month - I can't imagine that's the key issue. Or is it?? I can't see anything about defaults on the NW lending criteria pages. 

Our LTV is 26% and its definitely not an affordability issue - but I see stormy waters ahead  

melliejab

The same thing happened to me. DIP declined due to undisclosed credit on file. My LTV is 24% and all my accounts and savings are with Nationwide.  

Suseka97

melliejab said:

The same thing happened to me. DIP declined due to undisclosed credit on file. My LTV is 24% and all my accounts and savings are with Nationwide.  

Have they forwarded your DIP app to the underwriters?  They did that with us and less than 48hrs later we got the DIP accepted.  I have to say I'm sorely disappointed with NW and seriously considering going to a mortgage broker to explore other options.  If I don't get to port my mortgage and have to move to another lender, then I will be moving my bank account and all related savings to another provider.  I will also be raising a formal complaint about the process.  They (NW) are making what is a stressful process even more so... and I don't accept CV_19 as an excuse.  Many other banks seem to be able to handle this far better.  NW really needs to raise its game!!

OneOfThem12

Working day 28...

rusty86

I've entirely lost count of days now...I don't even want to count 

Tonyw193

Day 30 today, from what im aware they just need to look at 2 documents. Almost a week so far, just to do that. Hopefully we'll hear this week but im not so sure. 

fingersallcrossed2020

I thought I’d join the thread. Have heard how slow nationwide are with issuing offers 😩. We’re anxiously waiting for a mortgage offer with them.

We are not FTB but have no house to sell as we sold ours last year and are in rented accommodation at the mo. We are applying for a 85% LTV. 

DIP app sent via broker 17/09/20
DIP received 24/09/20
Full application sent 25/09/20
Text message received stating they’d received application 26/09/20
Text received to say they’d booked valuation for that day 01/10/20
email from broker saying Nationwide had received the valuation and the additional docs requested (no idea what these were as broker hadn’t asked for anything further from us) and that they are awaiting to be reviewed  06/10/20
Hard search on clearscore 06/09/20

Now (in)patiently waiting. I know I’m only 2 weeks into it but the anxiety levels are already through the roof 🙈

mh_ww

So I called yesterday and was advised my documents had been checked on Monday but a question had been sent back regarding the deposit because the underwriter had still found a (large) shortfall. The lady on the phone went through all the documents and we think they missed one of our H2B ISA accounts (because both are a similar value). She checked all our documents and confirmed she could see enough funds for the deposit and sent an email to some sort of escalation path which should be checked within 3 days or so because as she put it, it was the underwriters error in not counting everything properly. So the wait continues. Frustrating but what can you do other than just keep checking the progress. 

hburnett163

Frances13 said:

So so so angry with Nationwide.... seriously will never be recommending them again. How can they take so long to review two documents?! Just been advised we now have to wait another 10 working days to hear if they will do anything. That takes us to 49 working days.... I could have applied with any other bank and had a result before then. We won't ever be using Nationwide again after this.

same, our broker put the wrong purchase price on our application form and only submitted the correction yesterday (working day 25) after I requested it from him last Thursday on working day 21 after I myself went direct to nationwide to see what was going on.
Now been told by our estate agent the sellers want to buy a new build and have been given a 28 day completion period... one of us is going to lose out on something because my solicitors aren't convinced they can do their checks that quick and doubt I'll even have a valuation in the next 28 days...