Advice please - FTB Nationwide awaiting offer

Jkbc90 · 10 July 2017 at 5:22PM

Hi guys,

I'm sure you're sick of me posting so much :rotfl:

We had a DIP from Nationwide, all paperwork submitted, broker has just called us and said that Nationwide have contacted them and now are offering £4k less than had originally been agreed (on key facts etc) No mention of affordability (all paperwork matched the figures that were on the application)

Broker didn't say much, we were a bit taken aback. Now I have had a think, could this be a result of the valuation? (I know that's something I should have asked the broker but I was just a bit taken aback and they are closed now until Friday)

Apparently they're willing to give us the mortgage under the new amount.. totally baffled. First time doing this and feeling massively out of my depth.

Jkbc90 · 10 July 2017 at 7:24PM

Sorry I feel like I should add that we haven't been asked for any additional paperwork etc, I could kick myself now I've had time for it to digest that I didn't ask everything I'm thinking now.

I'm assuming my options are once I confirm wether this is valuation related or not we can ask the seller to drop the price or foot the difference?

LynnLegend · 10 July 2017 at 8:42PM

I would assume it's due to your lender having a lower valuation of the house than had originally been thought - a friend has just had the same thing and got the seller to drop the price accordingly. Once you know for certain you will know how to play it. Don't panic - £4K isn't much in mortgage terms and I'm certain the sellers will be accommodating. They're still willing to lend so affordability won't be an issue - you've got a mortgage offer on the table which is GREAT news!

Jkbc90 · 11 July 2017 at 8:29AM

Thanks for the reply Lynn. This is so nerve wrecking. I'm hoping its valuation related so we can maybe try to compromise some way. I'm glad it all worked out for your friend. It was confirmed they're willing to offer us that which is great news but not sure if we can stretch to the new figure

originally we thought we needed £5700, then it went to £12000 in the appointment with the broker and then when he applied for the DIP for us they came back and we needed £16k deposit. Which we have all ready to go (thanks to our families) I guess there's not much I can do until I confirm what has changed. Here's hoping we get the ball past the finish line x

LuckyG · 11 July 2017 at 4:53PM

It could be because of the valuation.

If this is the case, can you negotiate with the seller, maybe meet halfway and offer 2k less if you really want the property.

Hope it all works out.

Newtown · 11 July 2017 at 5:33PM

in same situation with Nationwide. in our case the difference is about £10,000

Purchase price 170K
valuation £160k

sadly our seller is not willing to drop a penny (will have to pay full asking. Property where we live goes very fast. (BH post codes))

Applied with Santander to see if they can offer full asking valuation. Failing that we will have to go with 10% deposit instead of 15% deposit as we will have to take 10K hit and then revalue it in few years.

Jkbc90 · 11 July 2017 at 5:56PM

Thanks LuckyG, I'm hoping we can sort something, we would be happy to meet half way, the whole £4 would eat up everything we have saved for solicitor and the essentials we would need to actually move. Fingers crossed, thanks for your reply x

Newtown I really hope Santander can help, we are so close but yet so far. To be honest I wasn't expecting this bump in the road, £10k is a massive amount of money. The house we are going for is £115k at the offer stage they declined £113k and £114k so I don't know if they would be willing to compromise but it's all guess work until I'm given the reason for why the offer dropped. Best of luck I hope it all works out x

LynnLegend · 11 July 2017 at 8:01PM

Jkbc90 - Whilst I know people on here will have a meltdown, but we used a 0% credit card for our solicitors fees because we had to stretch ourselves to get the house we really wanted - if it's a case of missing out on a house or putting a few grand on a credit card, I'd take the hit and pay it off I'm your own time, don't know if this is an option for you but something to consider. Please let us know how you get on - will be thinking of you!

Jkbc90 · 13 July 2017 at 11:26PM

Thanks Lynn, this could definitely be an option for us, we have plenty of available credit but afraid incase this would be frowned upon by the solicitor. I will run it past our broker.

Big day tomorrow, find out what caused the drop in the offer and what our options are. Everything crossed that we are able to sort whatever it is. I so hope this works out. X

SuboJvR · 14 July 2017 at 9:03AM

Solicitors may not let you pay their fee by credit card. Ours states in their terms not an option.

However I suppose you could shuffle other costs to put on card where possible such as removals etc.

Candyapple · 14 July 2017 at 1:40PM

SuboJvR wrote: »

Solicitors may not let you pay their fee by credit card. Ours states in their terms not an option.

However I suppose you could shuffle other costs to put on card where possible such as removals etc.

It's called a money transfer credit card:
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Advice please - FTB Nationwide awaiting offer

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