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Author Topic: House Mortgages  (Read 2457 times)

Offline dan930

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House Mortgages
« on: October 14, 2016, 02:22:05 pm »
Long story..my brother is in the process in getting a mortgage from nationwide
Nationwide gave him a mortgage promise 3-4 weeks ago,& after the application
& seeing loads of paperwork etc etc,they gave him a mortgage offer yesterday
My brother would like to know is there still a chance that nationwide will decline
the loan before exchange of contracts with solicitors & the current house owner?
He's getting really stressed up for the pass few weeks
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Offline lukemk5gti

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Re: House Mortgages
« Reply #1 on: October 14, 2016, 02:47:44 pm »
Typically mortgage approval only lasts a set period of time but it depends on the bank. Can be anything from 30 days upward.

I wouldn't worry too much though, if they approved him in the past and circumstances haven't changed then he'll get approval without any issue second time around. Think there might also be a retention or extension application available.
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Offline garrardrj

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Re: House Mortgages
« Reply #2 on: October 14, 2016, 05:45:49 pm »
Why not ask them how long it lasts for? If they have made an offer they can still refuse if anything is not correct on the application.
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Offline TAPPY

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Re: House Mortgages
« Reply #3 on: October 14, 2016, 06:02:42 pm »
On their website it says

How long are offers valid for?
Remortgage offers are valid for 90 days.
House purchase offers are valid for 180 days. This includes applications for new build properties (whether completed or not).

If unsure of anything I would tell him to call nationwides mortgage advisor and speak to them as they should have enough given him contact details ( well the did for me) hope this helps

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Offline Degudodger

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Re: House Mortgages
« Reply #4 on: October 17, 2016, 09:48:37 pm »
Our offer was extended twice was valid for 6 months!

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Offline stealthwolf

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Re: House Mortgages
« Reply #5 on: October 24, 2016, 06:09:01 pm »
You've got more chance of being gazumped than of nationwide pulling the mortgage. They do a lot of checks before they even given an offer.
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Offline barelyrelevant

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Re: House Mortgages
« Reply #6 on: November 22, 2016, 06:49:38 pm »
I assume Nationwide have seen the house he is buying and given him a mortgage specific to that house rather than a mortgage in principle thing or whatever they are called where it's purely hypothetical based on salaries/outgoings?
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