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Nationwide DIP Referred
Laurs1987
Posts: 1 Newbie
Hi all, we had a previous DIP for a house that we unfortunately didn’t win on offer wise which was for 90% Loan amount, but we have just had an offer accepted on another house but we would have to do 95% loan this time as it’s more expensive and stamp duty etc. We will be borrowing the maximum they will lend us. Our mortgage advisor has advised it’s been referred which is worrying me a bit, so my question is - is it common for this to refer if it’s for a 5% deposit deal? Do they usually lend you the max amount? I’m so worried about it all as we love the house it’s perfect for us!
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We had ours referred, not for a 5% deposit deal but our broker said there could be a whole host of reasons why it's deferred, we were approved the next day. It's easy for me to say now but try not to worry!
House sale/purchase progress (we're selling our rental property and currently living in rented so no pressure to complete both on the same day).
2/6 - Accepted offer on our house.
15/6 - AIP in place with Halifax
18/6 - Offer accepted on our dream home!
19/6 - Solicitors instructed
23/6 - Broker applied for AIP with Nationwide to allow us 23 years due to hubby's age - AIP referred!
24/6 - AIP approved
5/7 - Full application finally in with Nationwide & valuation booked within 2 hours
6/7 - Valuation
12-13/7 - Hard credit searches on both of us with TransUnion (Credit Karma)
13/7 Hard search Equifax (ClearScore)
14/7 Proof of deposit requested in a different format
19/7 Gifted deposit form requested for non-sale part of the deposit - funds were from some inheritance, not gifted - deed of variation sent.
2/8 Text and email saying offer issued, details to follow in the post!
21/9 Exchanged on both properties
24/9 Completed on sale
14/10 Due to complete on purchase0 -
App to offer average timescales go from 15 days to 20 days on cases referred at DIP stage;-
https://www.nationwide-intermediary.co.uk/placing-business/service-updates
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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