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MrsWW
MrsWW Posts: 27 Forumite
in Mortgages & endowments
Evening all,

I found out this afternoon that Nationwide have received the valuation (agreed at asking) and my husband's proof of address. Do any of you have any idea how long it might be until we get a decision?

We are so afraid that it will be a decline - I feel physically sick!
Original Mortgage: £276,899
Nov - Regular over-payment of £210 set up
November 11th balance: £272,380

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  • chunkytfg
    chunkytfg Posts: 844 Forumite
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    MrsWW wrote: »
    Evening all,

    I found out this afternoon that Nationwide have received the valuation (agreed at asking) and my husband's proof of address. Do any of you have any idea how long it might be until we get a decision?

    We are so afraid that it will be a decline - I feel physically sick!

    Nationwide were really quick with mine but I bank with them so that may have sped it up a bit. We were approved about a week ago. From application to approval was 6 days.

    Did you go through a broker or do it yourself online? If online you should be able to see the progress on the application page.

    Other than just a simple fear do you have any reason to think they might say no? Barely affordable repayments? Bad history? borrowing right at nationwide limit? etc etc?
    Those who risk nothing, Do nothing, achieve nothing, become nothing
    MFW #63 £0/£500
  • MrsWW
    MrsWW Posts: 27 Forumite
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    We are going through a broker. We were only just starting to think about buying as an option when a perfect property unexpectedly came onto the market. We decided to go with a broker as my husband doesn't have a credit score (he has never had any credit) and mine is only at the top end of fair. The plan was to get the credit scores up and save as much as possible before even looking but this property forced our hand!

    We earn £80,000 per year combined and have few outgoings so the monthly payments are affordable. I think I'm just worried as I didn't feel like we were in a strong enough position to be applying in the first place! The broker has said that the application was declined once but he lowered the LTV from 90% to 89% and that seemed to get things moving again.

    This whole process is totally alien to me and I really want this place but feel like I'm setting myself up for a fall by getting my hopes up.
    Original Mortgage: £276,899
    Nov - Regular over-payment of £210 set up
    November 11th balance: £272,380
  • helejenkins1
    helejenkins1 Posts: 227 Forumite
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    We completed with a nationwide mortgage on Thursday. We have however been a customer for 6 years. We went from application to offer in 3 days which I was really surprised at.
    I find nationwide really easy to deal with. As long as you anticipate your house purchase to be straight forward, I wouldn’t worry.
    Make £10 a day in May- £90/£150
  • kingstreet
    kingstreet Posts: 38,767 Forumite
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    If your application was accepted when it was submitted, only two things can now go wrong;-

    your documents don't confirm the application data
    the valuation shows issues with the property.

    If neither happens, your offer will go out a couple of days after the valuation is assessed.
    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.
  • ironmanjason
    ironmanjason Posts: 135 Forumite
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    MrsWW wrote: »
    Evening all,

    I found out this afternoon that Nationwide have received the valuation (agreed at asking) and my husband's proof of address. Do any of you have any idea how long it might be until we get a decision?

    We are so afraid that it will be a decline - I feel physically sick!

    In our case valuation was done on a friday and we received text on wednesday evening to confirm valuation has passed. Then on friday afternoon to say mortgage was approved (it was 14th working day after the application was submitted). As mentioned above they would not reject once its gone to underwriters without them clarifying I think.. they might ask for documents to your Mortgage adviser and then take another 3 days after you provide them to assess them.. wish you best of luck :)

    Make £2019 in 2019 Challenge - £272.48/£2019
  • LMS94
    LMS94 Posts: 40 Forumite
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    We were advised that once they instruct a valuation - they should be happy with everything else. Subject to them being happy with the valuation, you should get your offer shortly.
  • ironmanjason
    ironmanjason Posts: 135 Forumite
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    LMS94 wrote: »
    We were advised that once they instruct a valuation - they should be happy with everything else. Subject to them being happy with the valuation, you should get your offer shortly.

    Dont think thats the case with Nationwide. They order valuations on the first day of application.. there are some banks which i have heard will do a valuation only after they are happy with the rest of the application..

    Make £2019 in 2019 Challenge - £272.48/£2019
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