Do we have to mention maintenance?

purplepatch

We have this weekend filled in a Nationwide remortgage application form. The form is going via an intermediary who will no doubt give us this advice anyway, but thought I'd run it by the board.

Hubby has to pay £200 per month child maintenance, which is our only real monthly commitment other than household utility bills, no loans or credit card debts will be in existence at the time of remortgage.

It is apparently very close to the mark as to whether Nationwide will lend exactly what we are asking for, but having filled out their form, there was absolutely nowhere to put details of the maintenance outgoings. They asked for annual gross income from employer. The outgoings they specifically ask for are loans, credit cards or HP agreements. Nothing else whatsoever. There is nowhere that it asks a general "if there's anything else you think we should know" type question. The declaration that you both have to sign at the end of the form does not include anything that sounds relevant either.

I really can't see why we should actually flag it up if they don't ask for the info. Are we doing anything wrong by not putting details of it?

I should probably mention that the LTV is only 43% and we know that we can afford the repayments as we've paid considerably more than that in the past so we're not risking overstretching ourselves.

Thanks in anticipation.

plane_boy2000

I guess the risk is that they may ask for a bank statement and query the regular transaction?

Ian_W

There is that risk but I would have thought it pretty unlikely, I've had quite a few mortgages over the years and never been asked for bank statements. If you've answered all the questions honestly I don't think you have to volunteer info they haven't asked for. Child support payments aren't exactly obscure or unusual, in fact I'm sure some of the comparison sites ask for them, so if NW haven't asked they mustn't be concerned about them would be my view.

AndrewSmith

I would tend to agree with Ian W.

If you are not asked the question then do not volunteer the information. By completing the for this way you are doing nothing wrong.

Also even if they do ask for your bank statements (at 45% LTV very unlikely) they will only be looking for general account conduct and that your mortgage/rent is being paid regularly, and that your salary is genuine.

I think you have nothing to worry about here.

Andy

stanmoresaver

purplepatch wrote:

I really can't see why we should actually flag it up if they don't ask for the info. Are we doing anything wrong by not putting details of it? QUOTE]

Have to agree with Ian and Andy!

No- If they don't ask the question- don't offer it.

Even if they ask for a bank statement, which is a rarity this day, i would not worry- they didn't ask! People spend there money on many different things-

purplepatch

Many thanks for your replies. I'm glad you agree with me.

They have only asked for payslips and identification stuff for money laundering purposes. I figured that even if they did ask for bank statements and they spot the regular outgoing, all they'll do is ask what it is and we tell them truthfully. Like stanmoresaver says - they haven't asked for it on the form, so we haven't mentioned it.

Only thing is that the broker we're using has already been in contact with them to get an offer in principle (is that the term?) and he did include the maintenance in this. From what I gather the guy he dealt with at the Nationwide reckoned the actual application would probably go through ok but that they might want an employers reference to confirm re bonuses. Not sure whether they would tie up the first exercise with the full mortgage application and therefore already know about the maintenance deductions. Does anyone know? Assuming I'm making any sense!!

MortgageMamma

How refreshing is this I usually get questions from people trying to disguise maintenance!

purplepatch

My broker agreed with everyone on here and the maintenance hasn't been mentioned on the application form .

It was sent off to the Nationwide today, so just wondering how soon I'm likely to hear if successful. Can anyone advise?

Also, if Nationwide have to request confirmation of bonuses from the employer, does this hold things up much does anyone know (assuming the employer sends the info straight back of course)?

MortgageMamma

HI there, Nationwide usually just telephone employers if you give them payslips good job your application went in today as their rates change as of 5pm tommorow. make sure your advisers submitted the app through the mortgage trading exchange or get him to phone nationwide and confirm receipt before lunchtime.

purplepatch

MortgageMamma wrote:

HI there, Nationwide usually just telephone employers if you give them payslips good job your application went in today as their rates change as of 5pm tommorow. make sure your advisers submitted the app through the mortgage trading exchange or get him to phone nationwide and confirm receipt before lunchtime.

Thanks MM, I will check with him. Assuming the rates go up, do they honour the previous one if application is received before the change happens? What about if they received but didn't process until Thursday?

I take it the rates are definitely going up? If they went down, what then?

MortgageMamma

they will honour any application received before 5pm tommroow. if he rates went down before the received your app, they wouldjust request authorisation from your broker to change you to the lower rate.