Mortgage Hold Up

[heidbuttsupper]

I wonder if anyone has ever been in a similar situation?

I am a first time buyer, no chain and 30% deposit. Offer accepted all good. Arranged a mortgage through a broker, best one was with Nationwide. That was on 20th April, credit search was done on 6 May and valuation report received by Nationwide on 13th May. I still haven't had confirmation that my mortgage is in place.

My broker is chasing this up twice weekly and reported back on 20th May that they had escalated it to the Nationwide business development manager. Got an update today (25th) to advise it still hadn't been reviewed.

Has anyone experienced this before? I feel like pulling the plug on the Nationwide mortgage and going elsewhere. My move in date is provisionally 15 July so there is time.

I should also add that I'm in Scotland and the house is around 6 years old.

Any ideas?

Similar problems here with Nationwide.

Ours is a remortgage, with 50% equity, wanting to increase so we have a 63% LTV for an essential renovation (essential as in extra bedroom for disabled child, not a problem with the property itself). Valuation was done a week ago, valuer told us they didn’t find any issues and their report would be in by the end of the day, but we haven’t heard a thing from Nationwide since.

We went with them based on our broker’s advice, but they have been extremely slow and really awkward with us. AIP was fairly quick, although for some reason they will only offer 2.6 x dh’s salary, but can’t/won’t give us a reason why. We have no debt and are financially secure, with ‘excellent’ credit scores. I honestly have no idea what the problem is, either with how slow things have been or why they are so cagey about lending to us.

Nationwide are normally fairly quick but they all seem slow at present
I don’t think the timescale for you is unreasonable in the current times

@TranquilBlue oh sorry you are facing difficulty too! My broker was so sure everything would go through quickly and Nationwide were apparently working to a 10 day turn around. I suppose we'll just have to be patient!

@user1487194234 thanks that's reassuring, I'm a first time buyer so feel really out off my depth!

We got told it can take up to 5 weeks - we were going with nationwide but found a better deal with accord and it just took 8 days! So quick!
however I do think there’s hold ups and annoyingly I think it has the potential to drag on :(

Thanks @WoWsers16 I think I'll see if I hear anything tomorrow and approach my broker about going with someone else

I got mine with Nationwide, it took 3 weeks from application in to accepted. That was slow for them but others are reporting even slower on the money saving expert nationwide mortgage thread. It really varies!

Oh thanks @Butitsnotfunnyisititsserious I'll take a look on the forum

Accord sorted ours in a week

We have been with NW including mortgage (now paid off, 7 years early) for decades, DS went with them, living at home for credit checks, accepted no problem. DD tried to go with them through a broker, also living at home, , told they broker they were going to reject her, she had an excellent credit rating but had saved most of her deposit in a LISA with Skipton, the rest with NW. didn’t say why, broker went with Skipton who welcomed her with open arms. Two weeks after her Skipton offer, NW offered to discuss and review with the broker. But it was too late, I’m still really disappointed with their approach but it’s their loss.

the rate with Skipton was better and I’ve since opened accounts with them myself. I still can’t see any difference between DS and DD as customers, other than DD saved her deposit with Skipton as NW didn’t do LISA at the time.

it was as though DD was penalised for managing her deposit for the best gains.

I got my mortgage over today just over 5 weeks from application

Still waiting here, four and a half weeks since we applied, lots of messing about, refused first amount we wanted with no explanation, then changed their minds and made a second offer of the full amount.

Valuation was a week and a half ago and total radio silence ever since. Our broker seems to have gone awol as well now though. Didn’t hear from them at all last week, chased them on Thursday, just before we went away for the weekend and still haven’t had a response.

Dh is about to go abroad with work for a couple of weeks and we expected to at least have everything agreed and progressing by the time he has to go, but it’s not looking likely now.

Dh has just spoken to our broker, who checked with Nationwide and got back to us.

Apparently there are no more problems or hold-ups, they are drawing up the paperwork and would have expected it all to be ready by the end of this week at the latest but, due to the bank holiday, it won’t be until next week now. Bizarrely, they seem to have suddenly decided that the initial figure we asked for is fine now as well, so it’s looking hopeful that we will be able to afford to do all the work we need to do after all.

I’ve applied for additional borrowing on mine.
credit checks and affordability check were all fine when they ran automatically on application.

valuer came out last Friday (I got no confirmation that they’d received the report) called them to chase whether they had the report and they told me they had but that it hadn’t been reviewed yet (said current lead time was 12 working days for document review and 13 WD for valuation report review) but they told me the number and it sounds like it should be fine for them to make us an offer on.

im hoping they don’t come back and ask for additional documentation like bank statements as their service level is so slow atm it’s just hold up after hold up. I totally all they asked for was payslips to prove our salary (were existing customers so I assume they won’t need bank statements) has anyone who’s borrowed extra been asked for bank statements after the initial application?

I think I found a table with their current service level by just typing in nationwide current service level… it’s slow, and was last updated June 17th so is pretty recent

This is the table I found

Yes, we had multiple delays because they kept requesting more documentation and each time that took another 12-13 days for them to process. We finally got our offer, via email from our broker, on 10th June. The official offer letter Nationwide posted to us arrived four days later.

They made us jump through so many hoops and the whole thing took ages, but oddly they then came back wiling to lend us the top amount we asked for, which they initially refused. We were never told what their actual valuation came in at, but it must have been in the right area, because they were happy with it.

Still, the offer is in place and we have the money to do our extension and renovations. Now if the solicitors would just get off their backsides…

I can’t believe how long everything is taking. We have no chain as it’s a remortgage (although in reality buying a family member out of an inheritance share) so there is literally no reason for it to be dragging on and on like this. Latest news was that the family member we’re buying from’s solicitor hasn’t produced the contract yet. At this rate it won’t be completing until Christmas!

That last two houses we bought/sold took 6 weeks from offer to moving in. It seems things are very different, and a lot worse, now than they were in the 90’s.

And now I’ve just had a text saying decision in principle has been approved and that I can complete my full application online (I can’t because their website won’t log me in and all they keep saying is “yes that’s a common error”. But I have already had my DIP approved and submitted the full application, perhaps if they could sort out their apparent IT issues they’d be less busy firefighting problems and less busy on the phones 🤦🏼‍♀️

We submitted our full application at the start of may and we still dont know.

the bank keep asking for more and more paperwork - we are now waiting for a letter from hmrc which the bank insisted we needed in paper form - the also wanted paper copies of bank statements etc. since we had set things to paperless we had to send off for copies of it all the hmrc one says has been a week so far but we were advised to wait 3 before calling back.

we are applying for an easily affordable mortgage (less than 2 times our income) i honestly dont know why this whole process is so hard. The sellers are getting very grumpy about our lack of progress !

searches etc are all done we are literally waiting on the mortgage. I am about 50% convinced they will just turn around and say no at this point after so many random requests!

at one point i had to send in evidence (paper of course) of my daughters dla even though that cant be included in affordability calculations anyway.

i havent started thinking about moving at all because it seems like we will never move!

I’m hoping that because ours is just additional borrowing, and doesn’t take us anywhere near 90%Ltv that they’ll be satisfied with just the payslips and house valuation that they asked for in the first place 🤦🏼‍♀️

Ours took about 5 wks, FTBs 30% deposit. Apparently there is a lot of work with everyone buying it trying to remortgage

We had to give payslips, bank statements, p60s & a letter from work.

we had an issue where the mortgage company were chasing up a letter that they already had but it took the broker 2 weeks to get them to understand it.