Nationwide procedure & timeline?

SameOldRoundabout · 15 January 2020 at 11:23PM

Anyone applying for a mortgage via NW at the moment? What have your timelines been like?

Also, we had AIP approved via a broker, does that mean a hard check has been done already? Annoyingly credit reports haven’t updated with January’s stuff yet. Do they approve the paperwork before valuation? Not had call to survey yet, it’s been 3 days but they only acknowledged receipt of application today so I am probably rushing. I’m hoping they do the checks prior to survey, so once we get the survey call we’re on the way...,overly wishful?!

[Deleted User] · 16 January 2020 at 11:06AM

Step1: AIP - hard search. At the end of the AIP a list of documents required for full application will be requested. This will also show on the AIP certificate if you were given one
Step2: You find a property, AIP updated with the property address and the system does a background check to see if a valuation is required or if it can be done through data already held by their systems (this is quite rare on a purchase, relatively common on a remortgage)
Step 3: Application submitted, valuation instructed immediately and broker uploads documents requested.
Step4: A team checks the documents received are the same as the ones requested and then they are passed to an underwriter. Official timescales are 2 days for documents to be approved and 2 days for underwriter to pick up.
Step 5: Underwriter approves case/declines case/requests more info (you then go back to upload docs, someone checks them, and passes to underwriter so takes a few days).

If approved and the valuation is back it is passed to generate offer documents (might take a day)
If approved and valuation not back yet it is held in a queue waiting for the valuation.

All being well it is very possible for Nationwide to offer (or agree subject to val) a case on first touch. They clearly spell out what documents are needed and as long as they are uploaded and any anomalies explained with a note they rarely have questions.

kingstreet · 16 January 2020 at 11:08AM

Natiowide DIP is now soft search.

[Deleted User] · 16 January 2020 at 11:26AM

kingstreet wrote: »

Natiowide DIP is now soft search.

Is it really? I must have missed that.

Although it makes sense as I see on the website they are now saying to do a DIP to get the borrowing amount when consolidating unsecured debt. Cant be having hard searches when encouraging dips for affordability cheks

Crumble2018 · 16 January 2020 at 2:58PM

Ours was full application to offer in less than a week (last summer). Application went in on the Monday, valuation was booked for the Friday, and we got the offer on the Saturday. They'll send you text messages at each stage. (or they did us anyway!)
Oh, and you get a lovely welcome box full of goodies delivered on completion day!!

SameOldRoundabout · 16 January 2020 at 3:06PM

Hmm. Maybe they’re super busy right now. Application went on via broker on Monday, had a text yesterday acknowledging receipt but nothing since. No survey or valuation call yet, even though broker asked them to go ahead and instruct valuation yesterday. I’m only panicking because the agent of the house we are purchasing rang yesterday saying a higher offer had been made (the gazumping cretins!) but the guy was sticking with the deal we made but wanted to see that progress was happening our end. I can’t do anything whatsoever so I’m finding it very stressful. All documents are in and I’m literally just waiting for all the bits at their end.

My worry is I’ll pay out for a £600 survey and then be rejected and unable to buy the house. I’d hoped DIP was a hard check so it’s more likely to have had a good look.

SameOldRoundabout · 16 January 2020 at 3:08PM

I don’t think it makes a difference but we already have a NW mortgage, are porting the balance over and adding another lump on top.

kingstreet · 16 January 2020 at 5:51PM

It doesn't matter if the DIP is a soft search once an application has been submitted because at that point a hard search is done and you haven't been declined!

MrsR1234 · 16 January 2020 at 6:42PM

Our full application went in last Wednesday afternoon via broker.

Had a text to say valuation booked later that afternoon for Monday 13th. Received a text at 10am Tuesday 14th to say mortgage offer had been issued. Valuation with nationwide was free, but we paid for homebuyers survey which was done on the 13th also.

SameOldRoundabout · 16 January 2020 at 7:20PM

Oh lucky you, that’s super quick. I’m so on edge with the waiting, especially as our buyer applied after we did but our current home has already been surveyed while our own application sits there doing nothing. Fingers crossed tomorrow we get the survey text, I’m waiting for that as we’re choosing a full building survey too.

I wish I knew at which point we as buyers were cleared and it rested on the valuation. It would be handy to know if they do the personal and financial checks first then valuation or whatever. Hoping for an update tomorrow.

SameOldRoundabout · 17 January 2020 at 4:28PM

Tiny update. They’ve come back and queried an incoming payment, which is annoying because it’s clearly explained in the documentation already, they just haven’t read it properly. Broker has gone back and told them so I’m hoping it won’t be too long but I think it’s going to be a very very long weekend waiting.

Nationwide procedure & timeline?

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