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  • FIRST POST
    • mustafa786x
    • By mustafa786x 5th Oct 17, 12:10 PM
    • 5Posts
    • 3Thanks
    mustafa786x
    Mortgage withdrawn 2 days before completion and exchange
    • #1
    • 5th Oct 17, 12:10 PM
    Mortgage withdrawn 2 days before completion and exchange 5th Oct 17 at 12:10 PM
    Afternoon Guys,

    First time poster and home owner.


    Background on this case,
    DIP accepted offered a mortgage of £201,000 borrowing at 88% LTV
    Offered on property sale price £150,000 with 88% LTV.
    Accepted all is well,
    Mortgage documents sent, payslips, bank statements, everything required all ok
    Suppose to complete and exchange tomorrow,
    called the solicitors yesterday to confirm everything and they called me back at 3pm stating that nationwide has refused to release funds due to a failed credit check?

    I haven't taken any credit out since the DIP or application, my credit score has actually increased from 933 to 963 in this time,
    They have increased my credit card limit from 11,000 to 13,800 nothing owed on it?
    No missed payments?
    Unsure why I have failed credit score?
    They have offered to lend to me 88% at £201,000 I have chosen to purchase at a much lower property.

    I am only taking out a mortgage of £133,000 not £201,000 well within my borrowing amount

    I have spoken to the broker who said that the underwriter for NW will review this within 24 hours, this was yesterday at 4pm.
    I am struggling to understand why they have withdrawn the offer this late stage 2 days before competing?


    What to do if they refused to lend?
Page 2
    • kinger101
    • By kinger101 5th Oct 17, 9:40 PM
    • 3,955 Posts
    • 5,413 Thanks
    kinger101
    Good news broker spoke to NW today who stated they had tech issues.
    Originally posted by mustafa786x
    Technical issues are fairly standard with NW.
    • HGW2012
    • By HGW2012 6th Oct 17, 9:00 AM
    • 91 Posts
    • 46 Thanks
    HGW2012
    Good news on getting it sorted!

    Good luck for exchange and completion.
    • mustafa786x
    • By mustafa786x 6th Oct 17, 9:47 AM
    • 5 Posts
    • 3 Thanks
    mustafa786x
    There was a charge of £60 to exchange & complete within 7 days of eachother but I needed this to be done ASAP.

    I initially placed a offer on this porerty and accepted in march and we are hopefully completing today.

    7 months, it was a new lease and I've learnt so much.

    Solicitors I used went the best (but apparently they are highly rated and were the most expensive on the list!) this shows that most expensive isn't the best!

    The next property will be a BTL.
    Anyone recommend any good solicitors?

    Should be getting keys today, got a text from NW.

    Nationwide here. Funds will be sent on 06/10/2017. If you're moving, this may be a day or so before you move. Other applications complete on this day.
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