How Long Does a Nationwide Mortgage Application Take? Your Comprehensive Guide
Thinking about buying a home or remortgaging with Nationwide? Exciting times! But let's be honest, the thought of a mortgage application can sometimes feel like navigating a labyrinth. One of the most common questions that comes to mind is: "How long will this actually take?"
While there's no single, definitive answer, Nationwide is quite transparent about its service levels. Generally, you can expect the process from application to offer to take around 9 working days for standard cases and up to 13 days for more complex "refer" cases. However, the entire journey, from your initial thoughts to getting the keys, involves several stages, each with its own timeline.
This lengthy guide will walk you through the Nationwide mortgage application process step-by-step, helping you understand what to expect at each stage and how you can help speed things along.
Step 1: Are You Ready? Initial Preparation & Understanding Your Borrowing Power
Let's start by getting you in the right mindset! Before you even think about Nationwide, have you considered what you truly need and what you can realistically afford? This foundational step is crucial and can significantly impact the speed of your application.
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| How Long Nationwide Mortgage Application |
Sub-heading: Assess Your Financial Health
- Understand your income and outgoings: Take a deep dive into your finances. How much do you earn consistently? What are your fixed expenses (bills, existing loan repayments) and variable expenses (food, entertainment)? Nationwide, like any lender, will scrutinise your affordability.
- Check your credit score: Your credit history is a major factor. Ensure there are no errors on your credit report. You can obtain free copies from credit reference agencies. A strong credit score demonstrates reliability and can lead to a smoother, faster application.
- Gather preliminary documents: Start collecting essential documents early. This includes proof of identity (passport, driving license), proof of address (utility bills, council tax statements), and income verification (payslips, P60s, self-assessment tax returns if self-employed). Having these ready can prevent significant delays later.
Sub-heading: How Much Can You Borrow? (The Mortgage Calculator)
Nationwide offers online mortgage calculators that can give you a rough idea of what you might be able to borrow and what your monthly payments could look like. This is a great starting point to set your expectations.
Step 2: The Decision in Principle (DIP) / Agreement in Principle (AIP)
This is often the first formal step with Nationwide and is a crucial part of the process.
Sub-heading: What is a DIP/AIP?
A Decision in Principle (sometimes called an Agreement in Principle) is a preliminary assessment by Nationwide of how much they would potentially be willing to lend you. It's based on the information you provide and involves a soft credit check, which does not affect your credit rating.
Sub-heading: The DIP/AIP Timeline
- Online Application: You can usually complete Nationwide's online DIP application in about 20 minutes.
- Instant Decision (often): Many applicants receive an instant decision.
- Referred Cases: If your application is more complex (e.g., specific income structures, unique property types), it might be referred for further review, which can take up to 24 hours.
Sub-heading: The Benefits of a DIP/AIP
- Confidence: It gives you a clear indication of your borrowing power, making your property search more focused.
- Credibility: Estate agents often prefer to deal with buyers who have a DIP, as it shows you are a serious and viable candidate.
- Rate Reservation: Nationwide often allows you to lock in an interest rate and secure your DIP for up to 90 days. This means if interest rates rise during this period, you can still benefit from the rate you reserved. Be mindful that the mortgage offer must be issued within these three months to secure that rate.
Step 3: Finding Your Dream Property & Making an Offer
This stage is largely outside of Nationwide's direct control, but it's a vital part of the overall timeline.
QuickTip: Read in order — context builds meaning.
Sub-heading: Property Search
With your DIP in hand, you can confidently start your property search. Take your time to find a home that fits your needs and budget.
Sub-heading: Offer Acceptance
Once you've found a property you love, you'll make an offer. The time it takes for your offer to be accepted can vary greatly depending on the seller's circumstances and market conditions.
Step 4: The Full Mortgage Application
This is where the real work with Nationwide begins! Once your offer has been accepted, you're ready to submit your full mortgage application.
Sub-heading: Submitting Your Application
You can often continue your saved online application or complete a new one. This involves providing more detailed information about yourself, your finances, and the property you intend to buy.
Sub-heading: Documents, Documents, Documents!
This is arguably the most critical stage for influencing the application timeline. Nationwide will require a comprehensive set of documents to verify all the information you've provided. Providing all required documents accurately and promptly is key to avoiding delays.
Here's a general list of documents you'll likely need (this is not exhaustive, and specific circumstances may require more):
- Proof of Identity: Valid passport or driving license.
- Proof of Address: Recent utility bills (not mobile phone), council tax statements, bank statements (usually less than 3 months old).
- Proof of Income:
- Employed: Latest 3 (or sometimes up to 12) consecutive payslips, P60 for the last tax year. If you receive bonuses, overtime, or commission, they may require more payslips (e.g., last 8 for weekly pay, last 3 for monthly).
- Self-Employed: Latest 2-3 years of certified accounts, SA302 forms (tax calculations) and tax year overviews from HMRC.
- Bank Statements: Typically, your latest 3 months' bank statements for all accounts. They'll be looking for consistent income, regular outgoings, and proof of your deposit.
- Proof of Deposit: Bank statements showing your savings. If your deposit is a gift, you'll need a gifted deposit letter from the donor confirming it's a non-repayable gift.
- Proof of Existing Debts: Statements for credit cards, loans, car finance, etc.
- Existing Mortgage Statements (if applicable): If you're remortgaging or porting your mortgage.
Sub-heading: Initial Assessment & Document Processing
- Initial Assessment: Nationwide aims for an average of 2 working days for initial assessment of standard (non-refer) cases. "Refer cases" may take around 3 working days for review.
- Document Processing: Once documents are submitted, Nationwide aims for an average of 2 working days for processing them.
Step 5: Valuation & Underwriting
Once your application and documents are submitted, Nationwide will proceed with the valuation and rigorous underwriting.
Tip: Stop when you find something useful.
Sub-heading: The Mortgage Valuation
Nationwide will arrange a mortgage valuation of the property you intend to buy. This is to ensure the property is worth the amount you're paying and provides sufficient security for the loan.
- Timeline for Valuation: Nationwide aims for 91% of valuations to be booked and carried out within 10 working days, subject to access and correct application submission.
- Valuation Assessment: Once the valuation report is received by Nationwide, they aim to assess it within 2 working days.
- Important Note: This valuation is for the lender's benefit. It is highly recommended that you also arrange your own independent home survey (Level 2 or 3) to check for any potential issues with the property itself, as the mortgage valuation is not a detailed structural survey.
Sub-heading: Underwriting
This is the most in-depth part of the process. Nationwide's underwriters will thoroughly review all the information you've provided, your credit history, income, outgoings, and the property valuation to make a final lending decision. They may come back with further questions or request additional documentation during this stage.
Step 6: Receiving Your Mortgage Offer
This is the moment you've been waiting for!
Sub-heading: From Application to Offer
Nationwide's stated average time from the full application to receiving a mortgage offer is:
- Standard (non-refer cases): Approximately 9 working days.
- Refer cases: Approximately 13 working days.
Remember, these are averages, and individual circumstances can vary.
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Sub-heading: Mortgage Offer Validity
Once you receive your mortgage offer, it will typically be valid for 180 days (approximately 6 months) for both new-build and older properties. This gives you time to complete the legal process. If you're approaching the expiry date, you may be able to request an extension (usually around 45 days) if needed, but it's best to try and complete within the initial validity period.
Step 7: Conveyancing (The Legal Bit) & Exchange of Contracts
While Nationwide handles the mortgage, the legal transfer of property is managed by your solicitor or conveyancer.
Tip: Watch for summary phrases — they give the gist.
Sub-heading: Legal Work
Your solicitor will handle all the legal aspects, including:
- Carrying out searches (local authority, environmental, water, etc.).
- Reviewing the contract.
- Liaising with the seller's solicitor.
- Addressing any legal queries.
The speed of this stage can significantly impact the overall timeline and is often where delays occur due to search results, queries, or complexities with the property title.
Sub-heading: Exchange of Contracts
Once all legal checks are complete, you and the seller will exchange contracts. At this point, the purchase becomes legally binding, and you'll typically pay your deposit.
Step 8: Completion Day!
The final exciting step!
Sub-heading: Funds Transfer
On completion day, Nationwide will transfer the mortgage funds to your solicitor. Your solicitor will then transfer the full purchase price to the seller's solicitor.
Sub-heading: Getting the Keys
Once the funds are received by the seller's solicitor, the property officially becomes yours, and you can collect the keys!
Tips to Speed Up Your Nationwide Mortgage Application
While some aspects are out of your control, you can significantly impact the speed of your application:
Tip: Context builds as you keep reading.
- Be Prepared: Have all your documents ready and organised before you even start the DIP.
- Accuracy is Key: Double-check all information you provide on your application forms. Errors lead to delays.
- Respond Promptly: If Nationwide or your solicitor requests additional information or documents, provide them as quickly as possible. Delays here are often the biggest cause of a protracted timeline.
- Maintain Good Communication: Stay in regular contact with your mortgage advisor (if using one) and solicitor.
- Avoid New Credit: Try not to apply for any new credit (credit cards, loans, car finance) during your mortgage application, as this can impact your credit score and affordability assessment.
- Be Transparent: Disclose all financial information accurately. Trying to hide anything will only cause issues and delays later.
- Consider a Mortgage Broker: While you can apply directly, a good mortgage broker can often streamline the process. They know Nationwide's criteria inside out, can help you gather the right documents, and act as an intermediary, chasing updates on your behalf.
Frequently Asked Questions (FAQs)
How to apply for a Nationwide mortgage?
You can apply for a Nationwide mortgage directly through their website or by speaking to one of their mortgage advisors. Many also choose to apply through a qualified mortgage broker who can guide them through the process.
How to get a Decision in Principle from Nationwide?
You can get a Decision in Principle (DIP) online via Nationwide's website. It typically takes about 20 minutes to complete the initial application.
How to track my Nationwide mortgage application?
Nationwide usually provides an online case tracking facility where you can log in and view the progress of your application. Your mortgage advisor or broker will also be able to provide updates.
How to speed up the document submission process for Nationwide?
Ensure you have all required documents scanned or photographed clearly in advance. Upload them immediately when requested, or if using a broker, provide them all at once.
How to handle a gifted deposit with Nationwide?
If your deposit is gifted, Nationwide will require a gifted deposit letter from the donor, confirming it's a non-repayable gift and not a loan. They may also request bank statements from the donor.
How to understand Nationwide's income requirements for self-employed applicants?
Nationwide typically requires at least two years of self-employed accounts (certified by an accountant) and your corresponding SA302 forms/tax year overviews. They assess your net profit and potentially director's salary/dividends.
How to prepare for the mortgage valuation with Nationwide?
Ensure the property is accessible for the surveyor. While you don't typically need to be present, make sure arrangements are made for access. The valuation is for Nationwide's benefit to confirm the property's value.
How to get an extension on my Nationwide mortgage offer?
Nationwide mortgage offers are typically valid for 180 days. If you are nearing the expiry and need more time, you may be able to request a 45-day extension. It's crucial to request this well before the original offer expires.
How to avoid common delays in the Nationwide mortgage application process?
The most common delays are due to incomplete or inaccurate documentation, slow responses to requests for further information, and issues discovered during the property valuation or legal searches. Being proactive and organised is key.
How to switch my existing mortgage deal with Nationwide (remortgage)?
If you're already a Nationwide customer, you can usually switch your existing deal through their online portal or by speaking to their advisors. The process for a remortgage can often be quicker than a new purchase, especially if there are no significant changes to your circumstances.
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