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 technologically advanced 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 partnered with data group Experian to read customers’ payslips digitally, which they say will speed up mortgage applications.
In many cases, applicants must be employed and have a larger deposit, a clear credit history and lots of equity in their property to secure a fast mortgage offer. It also helps if they have a relatively straightforward financial situation.
NatWest aims 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.
When uploading mortgage application documents to NatWest, 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 performs a "desktop valuation" as part of the application process, it is unlikely you will get a report on the property and its condition. This means that, 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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