Nationwide mortgage offer issued in 30 seconds for first-time buyer getting on the property ladder
Trinity Financial recently secured a mortgage offer in 30 seconds for one of our clients applying to Nationwide for Intermediaries.
The first-time buyer had agreed to purchase a property, was employed, had a 25% deposit, and opted for a three-year fixed-rate mortgage. He also had a clear credit history.
The lenders usually produce a mortgage offer in two or three weeks, although the process is significantly faster for some applicants through specific lenders.
Aaron Strutt, product director at Trinity Financial, says: "Some banks and building societies increasingly rely on online mortgage processing systems to produce mortgage offers. This includes verifying income and payslips online and checking the property using desktop valuation systems."
Nationwide has signed a partnership with data group Experian to read customer’s payslips digitally, which they say will speed up mortgage applications.
In many cases, applicants must be employed, have a larger deposit or lots of equity in their property, have a clear credit history, and have a relatively straightforward financial situation to secure a fast mortgage offer.
NatWest is trying to speed up the mortgage application process
NatWest has announced plans for mortgage applicants' income to be electronically verified via its automated process, meaning the bank will ask for less supporting documentation in many cases.
When uploading mortgage application documents to NaWest, brokers have been told only to send the documentation to bank requests. This will help its mortgage case assessors assess applications efficiently, meaning it can get customers' mortgage offers out more quickly.
Are there problems with free property valuations?
If your mortgage lender is doing a "desktop valuation" as part of the application process, you will unlikely get a report on the property and its condition. This means, in many cases, it is well worth instructing a home buyer survey, particularly if you are buying an older property.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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