Nationwide mortgage with underwriters....almost accepted?
Discussion
Hi,
going through mortgage application with Nationwide as a 1st time buyer. Having spoken to them they do all their credit checks first before doing the survey (as shown up on my Experian account). Survey was done on Wednesday and report came back saying they valued it at the agreed purchase price which is good news and now it's with the underwriter.....
Anyone know how this works? If they've done their credit checks, the property has been valued at the agreed purchase price.....I want to ask "what could possibly go wrong?" but is there something that could still c*ck this up?
Anxious to hear from them, but apparently they're running a bit behind schedule at the moment with their mortgage stuff, which doesn't make it any less stressful!
going through mortgage application with Nationwide as a 1st time buyer. Having spoken to them they do all their credit checks first before doing the survey (as shown up on my Experian account). Survey was done on Wednesday and report came back saying they valued it at the agreed purchase price which is good news and now it's with the underwriter.....
Anyone know how this works? If they've done their credit checks, the property has been valued at the agreed purchase price.....I want to ask "what could possibly go wrong?" but is there something that could still c*ck this up?
Anxious to hear from them, but apparently they're running a bit behind schedule at the moment with their mortgage stuff, which doesn't make it any less stressful!
E65Ross said:
Hi,
going through mortgage application with Nationwide as a 1st time buyer. Having spoken to them they do all their credit checks first before doing the survey (as shown up on my Experian account). Survey was done on Wednesday and report came back saying they valued it at the agreed purchase price which is good news and now it's with the underwriter.....
Anyone know how this works? If they've done their credit checks, the property has been valued at the agreed purchase price.....I want to ask "what could possibly go wrong?" but is there something that could still c*ck this up?
Anxious to hear from them, but apparently they're running a bit behind schedule at the moment with their mortgage stuff, which doesn't make it any less stressful!
Just relax going through mortgage application with Nationwide as a 1st time buyer. Having spoken to them they do all their credit checks first before doing the survey (as shown up on my Experian account). Survey was done on Wednesday and report came back saying they valued it at the agreed purchase price which is good news and now it's with the underwriter.....
Anyone know how this works? If they've done their credit checks, the property has been valued at the agreed purchase price.....I want to ask "what could possibly go wrong?" but is there something that could still c*ck this up?
Anxious to hear from them, but apparently they're running a bit behind schedule at the moment with their mortgage stuff, which doesn't make it any less stressful!
Trust me, no news is good news, there are procedures that have to take place in addition to thousands of other applications that may be before yours......
Edited by Sarnie on Monday 2nd October 18:33
Sarnie said:
Just relax
Trust me, know news is good news, there are procedures that have to take place in addition to thousands of other applications that may be before yours......
Everyone is telling me to chill etc but it's hard to until you get the all-clear, as it were Trust me, know news is good news, there are procedures that have to take place in addition to thousands of other applications that may be before yours......
Hopefully won't be waiting too much longer now.
Liam, how do you know what price level of property to go shopping for if you don't know whether or not you're going to actually get the loan they've indicated in the DIP?
They give you a DiP, you go hunting, you get a property, they accept your offer, you take it to the lender and then they turn round and say no. Bit of a depressing waste of everyone's time isn't it?
What was the prob with the old way of giving a mortgage certificate with an irrevocable offer for a limited (3/6 month?) period that has led to the 'new' trickier method?
They give you a DiP, you go hunting, you get a property, they accept your offer, you take it to the lender and then they turn round and say no. Bit of a depressing waste of everyone's time isn't it?
What was the prob with the old way of giving a mortgage certificate with an irrevocable offer for a limited (3/6 month?) period that has led to the 'new' trickier method?
drainbrain said:
Liam, how do you know what price level of property to go shopping for if you don't know whether or not you're going to actually get the loan they've indicated in the DIP?
They give you a DiP, you go hunting, you get a property, they accept your offer, you take it to the lender and then they turn round and say no. Bit of a depressing waste of everyone's time isn't it?
What was the prob with the old way of giving a mortgage certificate with an irrevocable offer for a limited (3/6 month?) period that has led to the 'new' trickier method?
A DIP is pretty meaningless.They give you a DiP, you go hunting, you get a property, they accept your offer, you take it to the lender and then they turn round and say no. Bit of a depressing waste of everyone's time isn't it?
What was the prob with the old way of giving a mortgage certificate with an irrevocable offer for a limited (3/6 month?) period that has led to the 'new' trickier method?
It's just;
I earn X
My deposit is Y
I want to lend Z
And then a credit score, which is granted if you pass.
No documents or verification is provided at this point.....so the DIP is only as good as the information provided.
I could get someone a DIP for millions of pounds if they gave me the right numbers for their income.......it's the evidencing of that where it will fall down.
I never advise my clients to get a DIP before having an offer accepted, it's just a waste of time and a credit footprint on your credit file.
I've been doing this for 16 years and there has never been a process like you described, in mainstream lending.........its always been .....Property > Mortgage > Offer.....................not ............Mortgage > Offer > Property..................a formal Offer can't possible be issued without the property details......
To avoid wasting peoples time, there is a wealth of information out there on the net, some useful, some not..........carry out as much due diligence as possible........you could actually speak to the lender before hand........you could complete the affordability calculators they have........or, you could speak to a decent broker if you know or could be recommended one by friends, family or work colleagues.
Hmmm. .....once upon a time I'm sure the only condition to advancing the agreed (DiP) amounts was satisfactory survey.
Mind you I'm thinking more like 25-30 years ago when, if s-e you phoned your business manager who got a bloke from the mortgage unit to phone you and ask how much you wanted and then you got him to phone your accountant to tell him the amount he needed to put on the 'verification of affordability' letter.
Also, back then lenders and mortgage brokers worked together, and certain brokers had what was called "the underwriter's pen". Basically, lending was as advised by brokers.
Happy days!
Mind you I'm thinking more like 25-30 years ago when, if s-e you phoned your business manager who got a bloke from the mortgage unit to phone you and ask how much you wanted and then you got him to phone your accountant to tell him the amount he needed to put on the 'verification of affordability' letter.
Also, back then lenders and mortgage brokers worked together, and certain brokers had what was called "the underwriter's pen". Basically, lending was as advised by brokers.
Happy days!
drainbrain said:
Hmmm. .....once upon a time I'm sure the only condition to advancing the agreed (DiP) amounts was satisfactory survey.
Mind you I'm thinking more like 25-30 years ago when, if s-e you phoned your business manager who got a bloke from the mortgage unit to phone you and ask how much you wanted and then you got him to phone your accountant to tell him the amount he needed to put on the 'verification of affordability' letter.
Also, back then lenders and mortgage brokers worked together, and certain brokers had what was called "the underwriter's pen". Basically, lending was as advised by brokers.
Happy days!
..............times have changed! Mind you I'm thinking more like 25-30 years ago when, if s-e you phoned your business manager who got a bloke from the mortgage unit to phone you and ask how much you wanted and then you got him to phone your accountant to tell him the amount he needed to put on the 'verification of affordability' letter.
Also, back then lenders and mortgage brokers worked together, and certain brokers had what was called "the underwriter's pen". Basically, lending was as advised by brokers.
Happy days!
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