Nationwide advising mortgage brokers not to call for case updates if an application has been submitted within the last 20 working days
If you are in a hurry to secure a mortgage offer, it is probably best to avoid Nationwide Building Society for a while.
A note on the Nationwide website explains the building society is "currently receiving a high number of calls, so please don't call for a case update on an application you have submitted within the last 20 working days."
The lender is taking an average of nine working days to assess documentation and 22 working days to produce a mortgage offer. If the mortgage application refers and it needs an additional assessment, the lender will take an average of 33 days to produce an offer.
Aaron Strutt, product director at Trinity Financial, says: "Nationwide is one of the few lenders offering 10% deposit mortgages, and it has some great acceptance criteria, the issue is the society is too popular at the moment. The ongoing pandemic has meant many of its staff are still working from home at a time when there is unprecedented demand for its mortgages.
"We recently had an enquiry from someone who applied for a mortgage through Nationwide, but he asked us to find him another lender because he could not wait any longer for his mortgage offer. After contacting Trinity and providing us with all of the forms we needed, and our broker submitted an application with a large bank still offering mortgages with 48 hours. The borrower had a large deposit, he was employed and required a four-times salary mortgage."
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