Hello,
First time poster long time lurker. We applied for a Nationwide Newbuy mortgage about 3 and a half weeks ago. We're currently on Nationwide's BMR and also bank with them so wanting to port £140k of the £227k we need to borrow. We're buying a house with Charles Church for 250k. We already have a Newbuy mortgage offer with Santander, taken out just before Xmas; before Nationwide dropped their Newbuy rates.
As it's Newbuy, we had to fill in a paper application which went in on 24 Jan. Nationwide performed credit checks on us on 30 Jan and took the application fee and valuation fee the same day. We sent off 3 months payslips, p60s, and last three months bank statements (including for their flex account believe it or not!)
As at today, Nationwide still have not instructed the survey and I'm getting nervous as to why its taking so long. IFA said this afternoon that our application its still in the queue and that once they look at it it should go through fairly quickly but can't say when that may be :mad:. He's been saying that for 2 weeks.
I'm just stressed not knowing why it's taking so long and I'm worried that having already made a mortgage application with Santander is going to count against us. We both have squeaky clean credit profiles (I think, having seen our reports from all three CRAs); certainly no history of missed payments or defaults or anything like that; both been in permanent jobs 5 years and 10 years respectively, combined income of £90k. Minor credit card debt of £300 and £400 each (both on 0% cards for our car insurance). We have 2 children, one still at nursery so we both take childcare vouchers for fees and pay a bit on top (£300) and i have an income contingent stident loan. All this has been declared to Nationwide and our IFA told us that we're well within the max lending limit.
Is it normal for Nationwide to take so long to agree lending on Newbuy? I have heard that as people on BMR are losing them money, they're not keen to allow people to port, is this true? Part of me wishes if they're going to turn us down, that they'd just hurry it up and do it so that we can get on with our lives
Any insight, advice much appreciated. I know we just have to wait, but it's just so frustrating!!
First time poster long time lurker. We applied for a Nationwide Newbuy mortgage about 3 and a half weeks ago. We're currently on Nationwide's BMR and also bank with them so wanting to port £140k of the £227k we need to borrow. We're buying a house with Charles Church for 250k. We already have a Newbuy mortgage offer with Santander, taken out just before Xmas; before Nationwide dropped their Newbuy rates.
As it's Newbuy, we had to fill in a paper application which went in on 24 Jan. Nationwide performed credit checks on us on 30 Jan and took the application fee and valuation fee the same day. We sent off 3 months payslips, p60s, and last three months bank statements (including for their flex account believe it or not!)
As at today, Nationwide still have not instructed the survey and I'm getting nervous as to why its taking so long. IFA said this afternoon that our application its still in the queue and that once they look at it it should go through fairly quickly but can't say when that may be :mad:. He's been saying that for 2 weeks.
I'm just stressed not knowing why it's taking so long and I'm worried that having already made a mortgage application with Santander is going to count against us. We both have squeaky clean credit profiles (I think, having seen our reports from all three CRAs); certainly no history of missed payments or defaults or anything like that; both been in permanent jobs 5 years and 10 years respectively, combined income of £90k. Minor credit card debt of £300 and £400 each (both on 0% cards for our car insurance). We have 2 children, one still at nursery so we both take childcare vouchers for fees and pay a bit on top (£300) and i have an income contingent stident loan. All this has been declared to Nationwide and our IFA told us that we're well within the max lending limit.
Is it normal for Nationwide to take so long to agree lending on Newbuy? I have heard that as people on BMR are losing them money, they're not keen to allow people to port, is this true? Part of me wishes if they're going to turn us down, that they'd just hurry it up and do it so that we can get on with our lives
Any insight, advice much appreciated. I know we just have to wait, but it's just so frustrating!!