Thinking about buying your dream home or remortgaging your existing property? Nationwide Building Society is a popular choice for many in the UK, offering a range of mortgage products and expert advice. Booking a mortgage appointment is a crucial step in this journey, and while it might seem daunting, it's a straightforward process if you know what to expect.
So, are you ready to take the first step towards securing your Nationwide mortgage? Let's dive in and guide you through the process, ensuring you're fully prepared for your appointment!
Step 1: Understanding Your Needs and Getting "Mortgage Ready"
Before you even think about booking an appointment, it's essential to do some preliminary work. This will not only make your appointment more productive but also increase your chances of a smooth application.
1.1. Assess Your Financial Situation
This is the most crucial pre-appointment step. Lenders, including Nationwide, will want a clear picture of your income, outgoings, and financial habits.
- Income: Gather details of all your income sources – salary, bonuses, commission, benefits, pensions, investments, and any rental income. If you're self-employed, you'll need a solid two to three years of accounts or SA302 forms.
- Outgoings: Be honest and thorough about your monthly expenses. This includes bills (utilities, council tax), existing loan repayments (credit cards, personal loans, car finance), childcare costs, travel expenses, and even your regular spending on groceries and leisure.
- Debts: List all your outstanding debts, including credit cards, overdrafts, and loans.
- Savings/Deposit: Determine how much you have available for a deposit. A larger deposit can often unlock better mortgage rates. If part of your deposit is a gift, you'll likely need a gifted deposit form filled out.
1.2. Check Your Credit Score
Your credit score plays a significant role in a lender's decision.
- Obtain your credit report: Get a copy of your credit report from major credit reference agencies (like Experian, Equifax, or TransUnion) in the UK.
- Review for errors: Look for any inaccuracies or outdated information that could negatively impact your score.
- Improve your score: If your score isn't ideal, take steps to improve it. This could involve paying off outstanding debts, ensuring you're on the electoral roll, and avoiding new credit applications before your mortgage application.
1.3. Get a Decision in Principle (DIP)
A DIP, also known as a Mortgage in Principle (MIP) or Agreement in Principle (AIP), is a preliminary indication from Nationwide of how much they might be willing to lend you.
- What it is: It's not a guarantee of a mortgage offer, but it shows estate agents and sellers that you're a serious buyer.
- How to get it: You can often get a DIP online through Nationwide's website. They will perform a soft credit check for this, which does not affect your credit score.
- Information needed for DIP: You'll need your address history (past 3 years), income details, existing credit/loan details, details on outgoings, and your National Insurance number.
- Validity: A Nationwide DIP is typically valid for 90 days.
Step 2: Booking Your Nationwide Mortgage Appointment
Once you have a clear understanding of your finances and ideally a Decision in Principle, you're ready to book your appointment. Nationwide offers a few ways to do this:
2.1. Booking Online
While Nationwide's website focuses on applying for a Decision in Principle online, to book a full mortgage appointment for advice, the primary method is often by phone. However, if you've started an online application or received a DIP, you might be guided towards booking an appointment from there.
2.2. Booking by Phone
This is generally the most common and recommended way to book a mortgage advisor appointment with Nationwide.
- Call Nationwide's Mortgage Team: You can call their dedicated mortgage contact number. The official Nationwide website usually provides the correct number for mortgage enquiries. At the time of writing, it's often 0345 609 25 30 (Monday to Friday, 8 am to 6 pm; Saturday 8:30 am to 4 pm).
- Explain your purpose: Clearly state that you wish to book an appointment with a mortgage advisor for a new mortgage or remortgage.
- Choose your format: Nationwide often offers appointments over the phone or via video call. A video call can be beneficial for a more face-to-face interaction.
- Provide initial details: You'll likely be asked for some basic information to get started, such as your name, contact details, and a brief overview of what you're looking for (e.g., first-time buyer, remortgage).
- Select a convenient time: The advisor will offer you available slots. Try to pick a time when you can focus without distractions and have access to all your documents.
2.3. Booking in a Branch
While less common for initial mortgage advice due to the availability of phone/video appointments, you might be able to inquire about booking an appointment at your local Nationwide branch.
- Visit your local branch: Speak to a staff member about setting up a mortgage advisor appointment. They might be able to book it for you directly or provide the contact details to do so.
- Be aware of availability: Branch-based mortgage advisors may have limited availability, so phone or video appointments are often quicker.
Step 3: Preparing for Your Mortgage Appointment
A well-prepared appointment is a productive one. Gather all the necessary documents and information beforehand to avoid delays and ensure the advisor has everything they need.
3.1. Documents You'll Likely Need
Nationwide will require various documents to verify your identity, income, and financial stability. It's always better to have more than less.
- Proof of Identity:
- Valid Passport or UK Driving Licence.
- Proof of Address (from the last 3 years):
- Utility bills (gas, electricity, landline phone – typically less than 3 months old, not mobile phone bills).
- Bank or building society statements (less than 3 months old).
- Council Tax bill (for the current year).
- Proof of Income:
- Employed: Latest 3 months' payslips. If you receive regular bonuses, overtime, or commission, they may ask for more payslips (e.g., 6 months or even a P60 if your employer's name isn't on your payslip).
- Self-Employed: Two to three years' worth of certified accounts from a qualified accountant, or SA302 forms and a Tax Year Overview from HMRC.
- Pension/Benefits: Latest annual pension statement, pension payslip, or P60. For state pension, an annual statement from the Pension Service.
- Bank Statements: Your latest 1-3 months' bank statements for all current and savings accounts. Nationwide may ask for up to 6 months depending on your circumstances. Ensure they show your name, address, account numbers, and a running balance.
- Evidence of Deposit: Statements showing the source and amount of your deposit (e.g., savings account statements). If it's a gifted deposit, have the completed gifted deposit form ready.
- Details of Existing Debts: Statements for credit cards, personal loans, car finance, and any other outstanding credit agreements.
- Details of Outgoings: Be prepared to discuss your regular spending habits, including childcare costs, travel, and other significant expenditures.
- Your National Insurance Number.
3.2. Questions to Ask Your Advisor
This is your opportunity to get clarity. Don't be afraid to ask questions!
- What mortgage products are suitable for my situation?
- What are the interest rates and any associated fees (e.g., product fees, arrangement fees)?
- What is the total cost of the mortgage over its term?
- What are the monthly repayments?
- What is the Loan-to-Value (LTV)?
- Are there any early repayment charges?
- What is the mortgage application timeline?
- What type of survey do you recommend for the property I'm interested in?
- What insurance products do I need (e.g., building insurance, life insurance)?
- What is the next step after this appointment?
3.3. What to Expect During the Appointment
The appointment will be an in-depth discussion about your financial situation and mortgage needs.
- Affordability Assessment: The advisor will go through your income and outgoings in detail to determine how much you can realistically afford to borrow.
- Product Recommendations: Based on your circumstances, they will recommend suitable Nationwide mortgage products.
- Application Guidance: They will guide you through the full mortgage application process, explaining what information and documents are needed.
- Credit Checks: A hard credit check will be performed during the full mortgage application, which will leave a footprint on your credit report.
- Q&A: This is your chance to ask any remaining questions.
Step 4: Post-Appointment and Application Submission
After your appointment, the application process continues.
4.1. Reviewing the Mortgage Illustration
Your mortgage advisor will provide you with a Mortgage Illustration (also known as a Key Facts Illustration or KFI). This document outlines the details of the recommended mortgage product, including interest rates, fees, monthly payments, and any specific terms and conditions. Read this carefully!
4.2. Submitting Your Full Application
If you're happy with the Mortgage Illustration and want to proceed, your advisor will help you submit your full mortgage application. This will involve:
- Providing all the requested supporting documents.
- Completing and signing the application forms.
4.3. What Happens Next?
- Underwriting: Nationwide's underwriters will review your application and documents in detail.
- Valuation: They will arrange for a valuation of the property you intend to purchase (or your existing property for remortgages) to ensure it meets their lending criteria.
- Mortgage Offer: If your application is successful, you will receive a formal mortgage offer. This is the legal document confirming Nationwide's offer to lend you the money.
- Conveyancing: Your solicitor or conveyancer will handle the legal aspects of the property transaction.
By following these steps, you'll be well on your way to booking and successfully navigating your Nationwide mortgage appointment. Good luck with your mortgage journey!
10 Related FAQ Questions
How to prepare my finances for a Nationwide mortgage appointment?
- Quick Answer: Gather detailed information on your income, all outgoings (bills, debts), and savings. Check your credit score and address any inaccuracies.
How to find out how much Nationwide might lend me before an appointment?
- Quick Answer: Obtain a Decision in Principle (DIP) online through Nationwide's website. This provides an estimate based on a soft credit check.
How to book a Nationwide mortgage appointment by phone?
- Quick Answer: Call Nationwide's mortgage team (often 0345 609 25 30) during their operating hours to schedule your appointment.
How to prepare for a video call mortgage appointment with Nationwide?
- Quick Answer: Ensure you have a stable internet connection, a quiet space, and all your documents readily accessible in digital format.
How to know what documents Nationwide requires for a mortgage application?
- Quick Answer: Generally, you'll need proof of ID, address history (3 years), income (payslips, accounts), bank statements, and deposit evidence. Your advisor will provide a specific list.
How to get a gifted deposit form for a Nationwide mortgage?
- Quick Answer: Your Nationwide mortgage advisor will provide you with the necessary gifted deposit form as part of the application process.
How to check the status of my Nationwide mortgage application after the appointment?
- Quick Answer: Nationwide often provides an online mortgage hub or you can contact your advisor or their mortgage team directly for updates.
How to understand the mortgage illustration provided by Nationwide?
- Quick Answer: The Mortgage Illustration (KFI) details the interest rate, fees, monthly payments, and terms. Don't hesitate to ask your advisor to clarify any points you don't understand.
How to appeal a declined Nationwide mortgage Decision in Principle?
- Quick Answer: If your DIP is declined, speak to Nationwide or a mortgage broker to understand the reasons and explore potential next steps or alternative options.
How to find a Nationwide branch to inquire about a mortgage appointment?
- Quick Answer: Use the "Branch Finder" tool on the Nationwide Building Society website to locate your nearest branch and their opening hours.