Nationwide mortgage - what's next and how long?

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littlesparkles
littlesparkles Posts: 380 Forumite
in Mortgages & endowments
The full mortgage application started to be processed on 26th July and the valuation took place today. When can I expect to hear back about the valuation? And what happens next?
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Comments

  • R_P_W
    R_P_W Posts: 1,505 Forumite
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    I think it depends on the complexity of your case. It took me and the wife 9 weeks from application to get the written offer.
  • littlesparkles
    littlesparkles Posts: 380 Forumite
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    What could make it complex or not so complex?
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
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    If the valuation took place today, the application has been agreed subject to valuation, Nationwide are slow at the moment, so I would expect you to get your offer towards te end of next week.
    I am a mortgage adviser.
    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.
  • littlesparkles
    littlesparkles Posts: 380 Forumite
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    Oh really? I didn't realise this was the case that it will hr been approved subject to the valuation. This is pretty quick if that is the case seeing as the valuation was booked within 2 hours of me receiving a text to say the full application had been received.
  • Shmo
    Shmo Posts: 53 Forumite
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    I'm in the same position with Nationwide. Application was received and valuation booked on 19th July. Sent in a bunch of documents to London & Country broker which was received on 24th July. Now I'm waiting, which is annoying, as I keep seeing better mortgage deals to the one that I applied for.

    L&C have been pretty good, but I might have been able to save myself at least £500 by going direct at this point.
  • littlesparkles
    littlesparkles Posts: 380 Forumite
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    I initially spoke to a broker but went direct in the end to get a better deal. I opened an account with Nationwide to get a 'flexclusives' mortgage. £99 booking fee with free valuation (and free legal but I didn't use this). They dropped their rate just after the application but agreed to change it when I asked. I notice that it has dropped again slightly in the last few days!

    Fingers crossed it all goes through smoothly.
  • lucy_l0cket
    lucy_l0cket Posts: 32 Forumite
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    Wh05apk wrote: »
    If the valuation took place today, the application has been agreed subject to valuation, Nationwide are slow at the moment, so I would expect you to get your offer towards te end of next week.

    I'm not a professional but in my recent experience Nationwide do the valuation before agreeing the application rather than agreeing subject to valuation. In our case the valuation was instructed automatically before we had even fully completed the application and was carried out the following day. In the end our application was turned down (well at least they offered us less than we needed - nothing to do with valuation results!)
  • Jamman960
    Jamman960 Posts: 21 Forumite
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    Our application was also submitted(via broker) around June 20th, it took them until this Wednesday to get the offer through but we've had to wait a little longer while they re-issue at the lower rate

    Ours as far as I'm aware isn't a particularly complicated case but they're taking around 6 days to do anything and seem to hit a wall, request further paperwork then wait till they get that back before processing the rest, why they can't go through everything then request all the further paperwork they need I don't know :mad:

    We ended up calling them direct and were told that they had managed to get back to a 24hr turn around so maybe things are improving although with the rates being lowered I can't imagine they're going to get any less busy!
  • Shmo
    Shmo Posts: 53 Forumite
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    Just to update, received my mortgage offer today (3rd August). After reading Jamman960's post I contacted London & Country asking to apply for a product with a lower rate which they did very quickly, so hoping for another offer next week sometime.

    Full marks to L&C, they've been very easy to deal with. Good luck on your mortgage littlesparkles!
  • pinky83
    pinky83 Posts: 23 Forumite
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    We were nearly 4 weeks from application to formal offer from Nationwide. I think it depends on how much information on your application they need to verify. e.g. a proportion of my husband's income is made up of regular overtime, so they had to write to his employer to confirm that this is the case and will be ongoing (ie. not just something he did in the run up to the application to make it look like he earnt more than he really did!).

    Give it until mid way through next week and chase them if no news.

    Good luck!!
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