Nationwide Process - Please help alleviate my worry!

holmc

Hello, 

I am new here and would appreciate any help
We are FTB's and are very new to the house buying process. We are awaiting news from Nationwide on our mortgage application and wondered if anyone had any recent experience with them to compare ours with? We are buying a new build and have been given 34 days to exchange contracts. We are currently on day 10! 

Nationwide Timeline
Thursday 21/01 - Mortgage app received
Friday 22/01 - Hard credit search on TransUnion
Saturday 23/01 - Valuation booked for 28/01

I am just curious to know when the underwriting process would be? Would they carry out the valuation before completing the underwriting process etc. 
Sorry if this is a bit rambled, I am very new to this and hoping everything goes without a hitch! 

Thank you in advance for your help!

hayley2411

I applied and they booked the valuation the day I applied and completed the valuation the week after and I got the offer the same day. So I assume in my case they did the underwriting beforehand. Sorry I cant be much help xx

[Deleted User]

Nationwide instruct the valuation on day1 and hope that they can underwrite the case before it comes back so they can go straight to offer if the valuation comes back ok.   At the moment they are taking 4 working days on average to do the initial assessment through brokers, assuming thats the same if you applied direct then you *should* be having your case reviewed today.  

holmc

Deleted_User said:

Nationwide instruct the valuation on day1 and hope that they can underwrite the case before it comes back so they can go straight to offer if the valuation comes back ok.   At the moment they are taking 4 working days on average to do the initial assessment through brokers, assuming thats the same if you applied direct then you *should* be having your case reviewed today.  

Thank you, this is a very helpful! 
We have applied through a broker so should be in line with your workings out.
As you are yourself a Mortgage Advisor, would you be able to advise on what happens in the underwriting process and what sort of further questions they may ask upon reviewing our application? Hope you don't mind me asking! 

[Deleted User]

If you are employed then all they are checking is that the information declared matches what was put on the application.  Its not really an underwriting process for employed applicants,  more of an information check with the computer doing the underwriting.   Personally I have never had a case decline with Nationwide post application.  
They will usually ask for some or none of the following:

1. Proof of deposit  - not asked for every case and literally just checking its available and looks like it has come form the source as declared .  Maybe a gifted deposit form if over £10k gifted deposit
2. Latest 1 or 3 payslips - 1 if its just basic salary, 3 if it varies (they arent taking variable pay at the moment so probably just one payslip).   All they are checking is that the gross pay x12 equals the salary keyed on the system.  
3.  1 or 3 month bank statements -  just checking for no undeclared commitments that wouldnt show on a credit report. maintenance,  childcare payments etc

Big lenders run at very small profit margins and they cant afford to look through each case for hours at a time.  The computer makes most of their decisions and nationwide just check the computer had the right information to make its decision. 

holmc

Deleted_User said:

If you are employed then all they are checking is that the information declared matches what was put on the application.  Its not really an underwriting process for employed applicants,  more of an information check with the computer doing the underwriting.   Personally I have never had a case decline with Nationwide post application.  
They will usually ask for some or none of the following:

1. Proof of deposit  - not asked for every case and literally just checking its available and looks like it has come form the source as declared .  Maybe a gifted deposit form if over £10k gifted deposit
2. Latest 1 or 3 payslips - 1 if its just basic salary, 3 if it varies (they arent taking variable pay at the moment so probably just one payslip).   All they are checking is that the gross pay x12 equals the salary keyed on the system.  
3.  1 or 3 month bank statements -  just checking for no undeclared commitments that wouldnt show on a credit report. maintenance,  childcare payments etc

Big lenders run at very small profit margins and they cant afford to look through each case for hours at a time.  The computer makes most of their decisions and nationwide just check the computer had the right information to make its decision. 

Very interesting to get an insight into how it works, thanks for that!
I have only been in my current role for just shy of 3 months and the amount on each of my payslips so far hasn't been my agreed monthly salary and I am wondering if this would be questioned by NW? The different pay amounts was due to back pay from a missed payroll deadline when I very first started and then subsequent tax code changes due to working from home relief. 
That will be my last question, you have been really helpful and alleviated some of my concern. 

[Deleted User]

Thats probably why they havent done auto income verification then as that usually works for a lot of employed people.   If your broker has keyed a salary but the payslips dont show that salary then i assume there is also something being sent to them to confirm what the actual salary is and a cover note so explain?   Nationwide will happily take a contract of employment to clarify payslips so shouldnt be too hard to move past the discrepancy

holmc

Deleted_User said:

Thats probably why they havent done auto income verification then as that usually works for a lot of employed people.   If your broker has keyed a salary but the payslips dont show that salary then i assume there is also something being sent to them to confirm what the actual salary is and a cover note so explain?   Nationwide will happily take a contract of employment to clarify payslips so shouldnt be too hard to move past the discrepancy

Thank you for your reply.
I am actually unsure if our Advisor has done that but will enquire. I probably sound silly for not asking! 
Glad it won't be too much of an issue. Thanks again!