Getting a mortgage is one of the most significant financial steps you'll take, and understanding the process, especially with a major lender like Nationwide, is crucial. The question "How long does Nationwide take to approve a mortgage?" is a common one, and the answer, while not a single number, can be broken down into clear stages.
So, are you ready to navigate the exciting, yet sometimes intricate, world of mortgage approval? Let's dive in!
The Nationwide Mortgage Approval Journey: A Step-by-Step Guide
The overall timeline for Nationwide to approve a mortgage can typically range from around 9 to 13 working days from application to offer for straightforward cases, but this can vary. More complex cases might take longer, potentially up to several weeks. Here's a detailed breakdown of the process:
Step 1: The All-Important Decision in Principle (DIP) / Mortgage in Principle (MIP)
What is it? This is your initial assessment from Nationwide, giving you an indication of how much they might be willing to lend you. Think of it as a preliminary thumbs-up, based on a basic evaluation of your financial situation and creditworthiness. It's often referred to interchangeably as a DIP or MIP.
Engage with this step! Before you even start property hunting seriously, getting a DIP is a powerful first move. It gives you a realistic budget to work with, boosts your credibility with estate agents and sellers, and can even help you secure property viewings faster. Have you already considered getting a DIP? If not, why not make this your very first action?
How long does it take? Obtaining a Nationwide DIP is generally a very quick process. If you apply online, it can take as little as 15-20 minutes to input the necessary information, and you'll typically receive an instant decision.
What do you need for a DIP? * Personal details: Your name, date of birth, address history for the last three years. * Income details: Basic salary, and if applicable, details of bonuses, overtime, or commission. * Outgoings: Information on credit cards, loans, and other financial commitments. * Deposit amount: How much you plan to put down as a deposit.
Important Note: While a DIP is a great start, it is not a guaranteed mortgage offer. The final approval depends on a more detailed assessment and a valuation of the property you choose.
Tip: Reread complex ideas to fully understand them.
Step 2: Property Hunting and Offer Acceptance
Once you have your DIP in hand, you're in a much stronger position to begin your property search.
Finding your dream home: This is often the most enjoyable part! With a clear understanding of your budget, you can focus your search and confidently make offers.
Offer Accepted! Now what? Once your offer on a property is accepted, it's time to move towards the full mortgage application. It's a good idea to reassess current mortgage rates before proceeding, as they can fluctuate.
Step 3: The Full Mortgage Application
This is where the real detailed work begins. Nationwide will conduct a comprehensive review of your financial situation, credit history, and the property itself.
How to submit: You can apply directly with Nationwide, or often, a mortgage broker can handle the application on your behalf, potentially streamlining the process.
What documents will Nationwide need? This is critical to avoid delays. Having these ready will significantly speed things up: * Proof of Identity: A valid passport or driving license. * Proof of Address: Utility bills, council tax bills, or bank statements dated within the last three months. * Proof of Income: * Employed: Most recent 3-6 months' payslips and your latest P60. If you have bonus, overtime, or commission, they may ask for more payslips to show these. * Self-employed: Typically, a minimum of two years' certified accounts or SA302 forms from HMRC. * Bank Statements: Your latest bank statement, and potentially up to 6 months of statements, to assess your financial situation and expenditure. If you have large deposits, they will want to see the source. * Proof of Deposit: Evidence of where your deposit funds are coming from (e.g., savings accounts, gifted deposit letters). If it's a gifted deposit, Nationwide will require a specific form completed by the donor, confirming it's a non-repayable gift. * Proof of Existing Debts: Statements for any credit cards, loans, or other financial commitments.
Step 4: Underwriting and Valuation
This is the core of the approval process, where Nationwide assesses the risk associated with lending to you and on the specific property.
Tip: Keep the flow, don’t jump randomly.
Underwriting: * What is it? An underwriter at Nationwide will meticulously review all the documents you've provided. They'll assess your income, affordability, debts, credit history, and the property details. Their goal is to ensure that the loan is sustainable for you and a sound investment for Nationwide. * How long does underwriting take? For a standard (non-referral) case, the initial assessment typically takes around 2 working days. If your case is referred (meaning it needs a more in-depth look), it can take around 3 working days for the initial assessment. Any document processing, once received, often takes 2 working days. * Potential for further queries: The underwriter might come back with additional questions or request further documentation if anything is unclear or requires more investigation. Responding promptly and thoroughly to these requests is paramount to avoiding delays.
Valuation: * What is it? Nationwide will arrange for a valuation of the property to ensure it's worth what you're paying for it. This protects both you and the lender. * How long does it take? Nationwide aims to book and carry out 91% of valuations within 10 working days, subject to access and correct application submission. Once the valuation report is received by Nationwide, the assessment of the valuation typically takes 2 working days. * Potential issues: If the property valuation comes in lower than the agreed purchase price, it can cause delays and may require you to renegotiate with the seller or increase your deposit.
Step 5: Mortgage Offer and Completion
If all goes well, and the underwriting and valuation are satisfactory, Nationwide will issue your formal mortgage offer.
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How long from application to offer? Nationwide states an average of 9 working days from application to offer for standard cases, and around 13 working days for refer cases.
Offer Validity: A Nationwide mortgage offer for a house purchase or remortgage is typically valid for 180 days (approximately 6 months) from the date of the first offer. This gives you time to complete the legal process of buying the property. There's usually an automatic 15-day grace period beyond the stated expiry date for completion.
Post-Offer Assessment: There might be a post-offer assessment which takes around 2 working days.
New Build Extensions: If you're buying a new build, and your offer is nearing expiry, you can apply for an extension of 45 days (including the 15-day grace period). It's crucial to request this at least 15 days before expiry.
QuickTip: Re-reading helps retention.
Completion: Once your solicitor has completed all the legal work (conveyancing), and all conditions of the mortgage offer have been met, funds will be transferred, and the property will officially become yours! The overall time from offer acceptance to completion can vary significantly, often taking several weeks to a few months, as it involves many parties (solicitors, sellers, etc.).
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| How Long Do Nationwide Take To Approve A Mortgage |
Factors That Can Influence the Nationwide Mortgage Approval Timeline
While the averages provide a good guide, several factors can speed up or slow down the process:
- Completeness and Accuracy of Your Application: This is the biggest one! Any missing information, discrepancies, or errors will lead to delays as Nationwide will need to query them.
- Your Financial Circumstances: Straightforward employed income with a good credit history will generally be processed faster than complex income structures (e.g., self-employed with multiple income streams, or significant bonus/commission reliance) or applicants with adverse credit.
- The Property Itself: Issues with the property (e.g., unusual construction, legal complexities, or a down-valuation) can prolong the process.
- Nationwide's Workload: During peak periods, processing times might be slightly longer due to higher demand.
- Communication: Promptly responding to any requests for information from Nationwide or your mortgage broker is crucial.
- Using a Mortgage Broker: A good mortgage broker can often streamline the process by ensuring your application is complete and accurate from the outset, knowing Nationwide's specific requirements, and liaising with the lender on your behalf.
10 Related FAQ Questions (How to...)
Here are some quick answers to common "How to" questions related to Nationwide mortgage approval:
How to speed up my Nationwide mortgage application?
- Be prepared: Gather all required documents before you apply and ensure they are accurate and up-to-date.
- Be responsive: Reply immediately to any requests for further information from Nationwide or your broker.
- Consider a broker: A good mortgage broker can ensure your application is submitted correctly and proactively manage the process.
- Avoid big financial changes: Don't apply for new credit, change jobs, or make large, unexplained deposits into your bank account during the application process.
How to get a Mortgage in Principle with Nationwide? You can typically obtain a Nationwide Mortgage in Principle (DIP) online via their website or by speaking to an advisor in a Nationwide branch or through a mortgage broker. It involves providing basic financial and personal details for an initial assessment.
How to know what documents Nationwide needs for a mortgage? Nationwide provides a comprehensive "Mortgage Application Proofs Guide" on their website, detailing the specific documents required for identity, address, income (employed and self-employed), deposit, and existing debts. Your mortgage advisor will also provide a tailored list.
How to check the status of my Nationwide mortgage application? If you applied directly, you can usually track your application online through Nationwide's portal or by contacting their mortgage service team. If you used a mortgage broker, they will provide you with updates.
Tip: Reread key phrases to strengthen memory.
How to deal with a Nationwide mortgage application delay? The best approach is to contact Nationwide's mortgage team or your mortgage broker to understand the reason for the delay. Ensure you provide any requested information as quickly as possible. Patience is key, but proactive communication can help.
How to improve my chances of Nationwide mortgage approval? Maintain a good credit score, ensure stable income, minimize existing debts, have a clear and evidenced source for your deposit, and provide all requested documents accurately and promptly.
How to handle a gifted deposit for a Nationwide mortgage? Nationwide accepts gifted deposits. You will need to provide a completed gifted deposit form from the donor, which confirms the money is a non-repayable gift and has no conditions attached. Bank statements showing the source of the gifted funds may also be required.
How to appeal a Nationwide mortgage rejection? If your application is declined, ask Nationwide (or your broker) for the reason. Understanding the reason is the first step. Depending on the reason, you might be able to address the issue (e.g., clear a small debt, provide more documentation) and reapply, or seek advice from a specialist mortgage broker.
How to extend a Nationwide mortgage offer? For house purchases and remortgages, offers are typically valid for 180 days. For new build properties, if your offer is due to expire, you can usually apply for a 45-day extension (including the 15-day grace period). You should submit this request at least 15 days before the original offer expires.
How to prepare for Nationwide's affordability assessment? Nationwide will look at your income, outgoings, and overall financial commitments. Prepare a detailed budget, ensure your bank statements reflect responsible spending, and be ready to provide proof of all income sources and regular expenses.
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