Worries - Nationwide Mortgage

scrivomcdivo

Having gone back to see our mortgage advisor for a final decision, we have decided to take a 95% 2-year fixed rate mortgage for just under £85000 with Nationwide.

Now, our mortgage broker has asked us to return a few bits of paper on Monday before application is submitted. The broker said he was unable to get us a mortgage in principal as Nationwide don't offer this facility.

Anyway, here's my two worries:

1.) I've just been on the Nationwide website and used their calculator to work out what they would give us (just to play about). Anyway, it said that it could not offer us a mortgage given our total income and outcome (we have combined income of £37000 a year and outgoings are £350 a month on loands - with only one year left on loans to repay). So, although the website has said we are not eligible (without entering personal details in), does this mean we will automatically be rejected or will they consider our full application more carefully?

2.) I have not been on the voters register for the past 18 months - moved in with girlfriend and didn't think to notify local council as I didn't know it affected your credit rating. Anyway, my driver's licence along with my bank statements are all in my mum's address and so, I am using this on my application. Will there still be complications on my credit check given this?

I'm really worried now as we've put an offer in that has been accepted but just don't want the hassle of being rejected and then the vendors losing faith in us and putting the house back on the market. Our broker has said it all should be fine, but I just want to double check.

Thanks (and sorry to ramble)

movingforward2010

our original application with RBS was declined , but the under writing team looked at our case in detail and gave us a mortage. They can offer mortgages based on each own merit, try not to worry:)

scrivomcdivo

wxmlad, many thanks. Much appreciated. So it can be rejected but appealed if you like? How long did your review take out of interest?

AndrewSmith

scrivomcdivo wrote:

Now, our mortgage broker has asked us to return a few bits of paper on Monday before application is submitted. The broker said he was unable to get us a mortgage in principal as Nationwide don't offer this facility.

This is absolute poppycock. Nationwide DO offer an agreement in principle facility. It is done either using 'Mortgage Trading Exchange' or by the broker faxing an AIP form to his/her usual Nationwide Processing Centre.

http://www.nationwide.co.uk/NR/rdonlyres/D891314A-318B-4799-B0A1-9AB612BA506C/0/MP02Sep06FSA3.pdf

This is a link to where the broker would download the AIP form from. Do not attempt to complete the form and submit it yourself, it is only to be used by intermediaries. Merely shown to illustrate that Nationwide do offer AIP's.

In a case such as yours I would say that it is essential to complete an Agreement In Principle prior to submitting a full application. Go back to your broker immediately and ask why he feels you do not qualify for an AIP. Print the form off and show it to him if you like.

movingforward2010

well we applied, we never actually found out untill it was going to the offers team lol, our broker phones us said that our multiples of our income only enabled us to lend £145k not £180k , but RBS just looked at our case and agreed it, i think the multiples it just a guide really. Also there was issues with my brothers address as he wasnt on the voters roll either ( went to live with dad, but my dad didnt add him even tho he was there for 3 yrs:rolleyes: ) but the address with work on his p60 was my dads/bros current address and his bank statements to the same effect, there didnt seem to be a problem.

im sure your broker wouldnt let u go for a mortgage if he knew there was no chance of it.

Ian_W

Call me cynical if you must, scrivomcdivo, but after what Andrew has said above I'd be getting a few alarm bells about the broker.

Is s/he independent with "whole of market" access or with an EA chain perhaps with access to only a small panel of lenders? The latter can often describe themselves, quite legit, as whole of market but only get incentives from their employers if they use certain lenders.

Ask, as Andrew suggests, why no AIP. If you don't, don't be surprised if they suddenly tell you the NW won't accept you but they've come up with this other deal from blah blah lender that you'd better accept or your sale may fall through etc. Pannicking you into something that's good for them but may not be as good for you.

homer_j_3

Smells a bit more than poppycock Andy!!!!

I personally wouldn't go back to the broker to shove a piece of paper under their nose straight away.

I would ask the question again with regards to why an AIP cannot be done to ensure that the broker doesnt try and twist words etc and say that you have misunderstood.

If they are still adament that you are not going to get an AIP from the NW. I would then take the piece of paper and put it under their noses and ask them to explain.

You have to remember that you are dealing with what will be most likely the biggest financial transaction you will make and you need to ensure you have 110% faith and trust in your broker.

If they cannot be honest with something as simple as doing an AIP then you must question what else they may be deceiving you with.

trets77

Total rubbish we have had a agreement in principal for a mortgage twice with Nationwide before we purchased or made a offer and we were first time buyers 1st time as well

go to a diiferent IFA or Nationwide direct see what they say. hell your paying for the privledge of making thumping great intrest payments with the arrangement fee for crying out loud.

herbiesjp

scrivomcdivo wrote:

Now, our mortgage broker has asked us to return a few bits of paper on Monday before application is submitted. The broker said he was unable to get us a mortgage in principal as Nationwide don't offer this facility.

Thanks (and sorry to ramble)

Firstly, don't apologise - that is what the board is here for.

Nationwide don't do AIPs eh? Rubbish!

As has been said previously, there are two ways it can be done.

It does not sound like the broker knows what they are talking about unfortunately, and this would make me question how he would handle your whole application if he cannot get something as basic as that right

scrivomcdivo

Our broker was recommended to us to be honest my two family friends who had both used him. He does seem very knowledgable.

kenshaz

This could all be down to communication,the broker was recommended and is local surely he/she has just not conveyed the information over in an understandable manner.I would talk to /him /her ,listen to the other point of view,then if you are still not happy ,state what you know.