The wait is killing me!

sheffield_soldier

I know I am being super impatient because the application only went was submitted last Monday to Nationwide. But the waiting is really getting to me and I find myself having trouble sleeping.

The valuation is booked for tomorrow. Does anybody know how long after the valuation I can expect to hear something and what the next steps are?

I'm more worried that something is going to fail due to a bankruptcy 12 years ago, although I have been perfect ever since with zero outstanding debt. Mortgage advisor says there is going to be no problems but I can't help but worry. She thinks if they have sent for valuation then credit checks will already have been done but I can't see anything other than soft on credit files. 

london21

Be patient and try to take your mind off it, depends on so many factors.  If they were going to decline you straight away they would not have booked valuation.  "Average number of working days for document processing

5 days*

Valuation assessment (if required) once received by Nationwide

5 days*

Average number of working days from app to offer

Standard 
(non-refer cases) 14 days
Refered cases 22 days "

https://www.nationwide-intermediary.co.uk/placing-business/service-updates 

Windofchange

Can only echo the above. I would note from my experience a couple of years ago the mortgage application and approval part was the least stressful bit of the whole lot. If you have a broker and they say all is ok, then all will be ok I would have thought in 99% of cases. We were with Halifax, but the mortgage offer was received about 5 days post valuation, so it got turned around pretty fast. Then Covid hit, our vendor lost her house, the whole thing was on / off for a few months as she wanted to find somewhere else before proceeding, lots of paperwork, something went wrong with our proof of funds which delayed exchange. The whole process is one great big flipping nightmare, and I don't even think that we had a particularly stressful route to home ownership when reading some of the threads on here. 8 months start to finish and the best advice I can give you is try to forget about it. This does become easier the further down the line you get I think as at the start there is a flurry of activity, mortgage offers, solicitor communications, lots of paperwork to sign and then it just goes quiet for a number of months until the stress about exchange dates comes up. 

I don't want to do it again for a long long time. 

sheffield_soldier

Windofchange said:

Can only echo the above. I would note from my experience a couple of years ago the mortgage application and approval part was the least stressful bit of the whole lot. If you have a broker and they say all is ok, then all will be ok I would have thought in 99% of cases. We were with Halifax, but the mortgage offer was received about 5 days post valuation, so it got turned around pretty fast. Then Covid hit, our vendor lost her house, the whole thing was on / off for a few months as she wanted to find somewhere else before proceeding, lots of paperwork, something went wrong with our proof of funds which delayed exchange. The whole process is one great big flipping nightmare, and I don't even think that we had a particularly stressful route to home ownership when reading some of the threads on here. 8 months start to finish and the best advice I can give you is try to forget about it. This does become easier the further down the line you get I think as at the start there is a flurry of activity, mortgage offers, solicitor communications, lots of paperwork to sign and then it just goes quiet for a number of months until the stress about exchange dates comes up. 

I don't want to do it again for a long long time. 

Thanks.

I think I will be more relaxed once the mortgage offer has been received. Just really nervous about this part.
Rest of the process 'should' be plain sailing because there is zero chain. 

amnblog

Nationwide should not have a problem with a discharged bankruptcy.

Stressing out in the first week after full application is a problem you are creating for yourself. It does take time for the valuation to be completed and returned and the team to assess the application. Even if they get the result of the valuation this week, they may not review it until next.

Look at it this way:

You have been told not to expect a problem and you have passed credit score with the Lender. If your income proof stacks up there is little else to be a concern.

This leaves you with the valuation.

A sound valuation and you will have your formal mortgage offer.

An issue with the valuation might be resolvable, but at worst it means that you are stopped from purchasing a property that will be a problem for you in the future. It will not stop you purchasing an alternate property.

sheffield_soldier

amnblog said:

Nationwide should not have a problem with a discharged bankruptcy.

Stressing out in the first week after full application is a problem you are creating for yourself. It does take time for the valuation to be completed and returned and the team to assess the application. Even if they get the result of the valuation this week, they may not review it until next.

Look at it this way:

You have been told not to expect a problem and you have passed credit score with the Lender. If your income proof stacks up there is little else to be a concern.

This leaves you with the valuation.

A sound valuation and you will have your formal mortgage offer.

An issue with the valuation might be resolvable, but at worst it means that you are stopped from purchasing a property that will be a problem for you in the future. It will not stop you purchasing an alternate property.

You are so right, I know I am creating worry myself. Can't help it though.

Certainly not a problem with income - broker said they only need to take in to account mine, and not the wife's.
Not at all concerned about the valuation either as we have got an absolute steal! If anything it is worth a good 20 more. 

24Sevenx

I recently applied with Nationwide through a broker and it's taken just over a month from application to offer, which I received today.

Good luck!

cosh25

I applied through a broker with Nationwide. Application went in last Tuesday. Homebuyers and valuation carried out last Friday. Email and text received this morning advising they received homebuyers and valuation, 5 minutes later text and email advising offer issued. Good luck!