Mortgage Advice Needed - Input error!!

Wabby

Hi,

Recently applied for a 75% mortgage with Nationwide. (On a new build, yet to be complete inside)
Application got agreed in principle, and ball started rolling.

Spoke with mortgage advisor etc who said that as long as all the information given to the company is correct, there will be no problem with the mortgage.

So we go and pcik options on new house, and pay for the etc (Totalling almost £1300).

Got a call from Nationwide saying they incorrectly input my details into the system on the first attempt, and that the underwriter is now asking for a reason for adverse credit.
I explain the only reason known to myself (Which was a T&C breach of a mobile phone company, not my fault), and now they are saying that the mortgage may not go ahead.

Is there any channel I can go down if they do not go ahead with the mortgage, in relation to getting the £1300 in total that I have spent?

Many thanks :mad:

maninthestreet

What detail did they input into system incorrectly first time - and how does it relate to the 'adverse credit' the underwriter has referred to?

Wabby

They input the previous address in incorrectly. This is where the address was for the mobile phone company dispute.

mic200202

The Nationwide uses a credit scoring system that can sometime work quite bizzarly - it is very sensitive to changes in data input, and can knock down your score into a fail with very few changes. Since the fault in this case lies not with your data given to them but in their processing, then you should certainly seek to get this situation resolved ASAP. What seems to have happened is that they have credit scored you at the previous address as being your main residence. Since you have supplied them with a previous address it usually means you have had more than one address within last 3 years, so they would have 'seen' the credit problem in any case.The main difficulty is down to them inputting this as main address.This was not your fault.

Your mortgage advisor should have been contacted about this as well and should be able to make representations on your behalf - be wary of trying to sort out too much on your own account. I think you need to complain about this right away before they get to a 'no' decision and try to nip this in the bud.

Wabby

They have already referred the application to their (head office?) due to the data input error. Our mortgage advisors informed us of all of this, but their communication skills are extremely poor (Stating they will ring you back when they get off the phone. No call for 3 hours, you ring back and they answer etc).

Hope this all gets resolved!

Any advice on the already laid out money path, just incase?

Cheers

Wabby

Anybody?

delusiond

Your situation is the exact same as mine with halifax, Everything was going ahead fine buying a new home 75% shared equity, Told everything was fine to reserve my house payed to reserve our home, Phone call was told i had something on my credit file was told to use equifax to check it out, Checked it out and a couple of late payments to carphone wharehouse, The only reason why they were late is because i changed my payment method from card to in store and wasnt told i had to pay in store a 4-5 days before my new month had started. I couldnt believe it. And im worried i may loose this house, me and my partner are expecting our 1st child in 3 months and we have no home.

mic200202

You will have problems in getting redress on any monies laid out. However, you may want to check carefully the wording on the decision in principle, ie does it say something like ...'subject to full underwriting...' etc? Your mortgage advisors should be thinking of a plan 'B' in case this won't work. I would still be minded to complain about this now rather than wait for a yes or no.

Conrad

'Agreement In Principle' means exactly that, it's merely an in principle decision but of course subject to all sorts of double checking. If it was simply down to a computer decision, then lenders would have no need to employ armies of Human underwriters.

I realise it is worrying but people have to get it into thier heads that there can never be an excuse for late payments.
Underwriters themselves have thier own direct debits to pay, but typically they will never be late or allow an error / problem to affect thier credit.

I'm the same as them. The way in which I never get a payment issue is to run my life in an organised manner - meaning I treble check there will always be sufficient funds in place to cover everything no matter what.

You cant blame switching payment methods caused a late payment (delusiond).
I've had to switch payment method myself in the past but I recognise it is MY responsibility to ensure the payment is made on time and no one elses. The credit agreement you sign does not say "you can pay late and we wont blame you if there is a debit mix up", it does say you must pay on time in full.

Of course I too get debit mix ups, but I stay non top of it and pay any payment that might be late by card just in case the debit is missed on the change over.

If these excuses were valid then all of us would have the same entries on our credit files.

In a nutshell it comes down to not being organised and or being over optimistic - life experience should teach us to EXPECT things to go wrong and in this way we can plan for them.

Sorry, but thats how lenders think. You cant blame others for your mistakes and lack of organisation.

Wabby

mic200202 wrote: »

I would still be minded to complain about this now rather than wait for a yes or no.

We are complaining now - But our mortgage advisor seems to be a little to complacent for my liking!