Nationwide mortgage process?

ryanm8655

Hi there,

I've applied for a mortgage through a broker with Nationwide as a FTB with a 10% deposit.

So far I've sent 3 months bank statements and payslips.

A valuation is booked for this week.

What else will they ask for/need?

I think I've got about £400 of deposit left to pull together but not even sure of the length of the chain or whether it is complete yet, so will just top it up when it needs to be. No stamp duty to pay. Will have about £1200 of legal fees to pay as and when.

One concern is that my last 3 months of bank statement I have more or less spent what I earned, through a combination of taking advantage of having a lot of spare money before I move (done quite a few trips away lately) and also clearing down debts. I'm living with family at the moment so paying low rent but also living with family means I do eat out/go away a lot more. Is this likely to cause issues or will they be understanding of that?

Moreover, most of my discretionary spending is on a credit card that I pay off each month (use it for points), are they likely to want to see what I spend on that? I am about to book a couple of short trips with friends, hence asking...

The other thing is, the broker left off a chunk of income because I earn enough without it and he said it's just easier as will mean I have to supply less evidence, it isn't difficult to provide evidence for to be honest but I went along with what they said. Could this cause issues?

My deposit is in a LISA, some of it was from inheritance but years ago, I've paid about £6k in over the past 6 months.

Thanks,
Ryan

ryanm8655

To add to the above I can also see they've done the hard credit check on the 3rd of this month.

EDIT:

Broker have said "it seems case has been approved subject to satisfactory valuation" does that mean they aren't going to ask for more information assuming the valuation is fine?

Thanks!

ACG

If the app went in on the 3rd, I imagine you are safe subject to valuation. Unless your case is pulled for audit which is unlikely then you should be fine. 

ryanm8655

ACG said:

If the app went in on the 3rd, I imagine you are safe subject to valuation. Unless your case is pulled for audit which is unlikely then you should be fine. 

Just surprised it was so quick and no scrutiny of bank statements.

ACG

There will have been, but they are more concerned about income and that your not going overdrawn on bouncing DDs/Gambling/undeclared commitments. 

ryanm8655

ACG said:

There will have been, but they are more concerned about income and that your not going overdrawn on bouncing DDs/Gambling/undeclared commitments. 

That makes sense.

For the last 3 months I have been spending what I've earned but it has been on clearing off credit cards/putting money into LISA for deposit and a couple of big one off purchases and a holiday, so I guess they could see that.

There were a couple of small deposits to gambling sites but much bigger withdrawals (I do value betting using software so on average make a small amount of money from it).

I thought they might scrutinise some of that stuff but I guess they weren't concerned.

Thanks,
Ryan

ACG

With gambling its more a case of if there are multiple amounts going a few days a week. 
If they can see £1, £1, £1, £1, £1 - 3-4 times a week, they are more likely to be concerned by that than £50 every saturday. The amounts can be a problem but I think its more about how often, is there an addiction and are you chasing the money etc. 

ryanm8655

ACG said:

With gambling its more a case of if there are multiple amounts going a few days a week. 
If they can see £1, £1, £1, £1, £1 - 3-4 times a week, they are more likely to be concerned by that than £50 every saturday. The amounts can be a problem but I think it’s more about how often, is there an addiction and are you chasing the money etc. 

Yeah, there were probably about two deposits in that 3 months. I usually withdraw anything over £100 but sometimes can have a bad run or lots of bets that haven’t settled yet that mean I need to top up temporarily.

For anyone searching this in future, valuation was on Friday and I had the mortgage offer on Monday. The whole process took 11 days or 7 working days. I used a broker, so don’t know if that helped.

Worth noting I wasn’t pushing my limits on the mortgage but around £100k or so below what I could afford. I do have debts though.