Nationwide mortgage in principle expired (Help)

jblakes

Good evening, 

We applied for a mortgage in May and due to Nationwide faffing around the mortgage in principle has now expired. We have put a complaint in,  but wondering if there is something else we can do. 

First of all we had a thr mortgage in principle, which required a valuation,  this took a few weeks to book.
Next the valuation came back more than we put,  so nationwide said we could kindly change mortgages product (even though it had gone up 1%). We eventually got them to honour the mortgage rate we applied for,  again taking a couple of weeks to finally get over the line.

Next one,  the affordability came back lower and so had to reduce the mortgage amount (this was due to getting a kitchen on a credit card,  but I proved I had the funds in shares that will mature i october to pay it) again this took nationwide a few weeks to finally commit.

We then had a few other bits and bobs to sort.  Nationwide are terrible at communication.  

The final bit was to send proof we had lowered our cc balance. Sent this and then found out they required my wife to have zero balance on her card. Although they said just lower amount of both cards so I paid mine off and lowered hers to 1k.  So had to pay off this and finally send the zero balance.

Everything was sent 5days before the end of the offer expiry date,  but because its 8days for them to review it will expire.

Then got it confirmed by email from a senior mortgage representative that we had a 15day grace period. Only to find out this isnt in place for a mortgage in principle.

I feel like they have purposely dragged there feet to make the offer expire, we have nothing that would suggest we wouldn't get the offer.  We have out a complaint in,  but would like to know if anybody has managed to get a product waiver (or thats what they called it), or if there is something else we can do.

Kind regards 
James

[Deleted User]

Hi sounds like a pain. Nationwide are an absolute nightmare, Is your mortgage in principle not agreed though up to the date you need to move to full application for , and not for receiving a full offer by ? 

jblakes

I believe it was valid for 90 days,  but like I said before,  they decided to faff and cause this date to pass,  we have stuck a complaint in,  but hoping there is something else we can do.

Kind regards
James

london21

Sounds like a mortgage application has been made for a survey to have been conducted.

Contact them, they will likely be able to do something.

But if just agreement in principle, this does not secure the rates until full application is made.

 

"What’s the difference between a mortgage in principle and a mortgage offer?

There’s a big difference between a mortgage in principle and mortgage offer. A mortgage offer is official confirmation from a lender that it will give you a mortgage for a particular property. A mortgage in principle is an estimate of the amount a bank or building society could lend you based on what you’ve told it about your finances.

 

You can make an offer for a property based on a mortgage in principle. Once accepted, you’ll need a full mortgage offer to go any further.

 

To get a mortgage offer you’ll have to complete the full mortgage application process and provide all the information the lender requires to carry out its underwriting checks and conduct a valuation of the property."

jblakes

Sorry I may have not explained it correctly,  we had the mortgage in principle (our wherever its called as we are remortgaging)  we were going for the mortgage offer, but you only have a set time frame to obtain the offer,  I believe 90 days from the start of the application.  Due to the info stated above,  this has now expired and all we have been told to do is pick another product (and I believe continue the application) 

K_S

@jblakes I regular use the Nationwide 90 day reserve-product-at-DIP feature for clients but haven't yet had a situation where the underwriting has gone on for so long that it's expired. In recent months, due to the poor service levels at Nationwide, I've always made sure the client's full application goes in with at least 60 days left on the product reservation and properly packaged to minimise to and fro.

It's not clear whether you're using a broker or not, but if not, and you think the delays are due to Nationwide errors, you've already put in a complaint so I guess that's all you can do.

Good luck, I hope you are able to keep the rate.