stressed out - Nationwide Application

lynnandroo

Hi,

So after waiting weeks for an appointment with a mortgage advisor, we finally went last week to make application. Took all docs as requested. Everything seemed ok. Were applying for c. £80k less than the max they were willing to lend. Application sent off for processing. Got told it was all in process of being done... Then yesterday get a call from mortgage advisor to say theres a problen, she didnt include student loans in calculation, can I email bank statements for last 3 months. Had another query so called mortgage processing centre to be told we failed final credit check coz didnt declare student loans and application now has to go to head office for consideration, along with bank statements.

Our date of entry is at the end of this month and now im stressing that because the advisor didnt include student loan repayments we might be knocked back for mortgage and wont have time to organise an alternative! Anyone had similar experience or have any advice?

Thanks!

kingstreet

You've already been knocked back for the undeclared credit and the process you're now in is effectively an appeal to an underwriter who will hopefully sort it out and get you back on track.

Three months bank statements is so often a requirement these days, I'd have advised you to take them with you, even if they weren't requested.

smcqis

Our broker told us we didnt need to declare student loans and we with Nationwide

Jojo1daffy

Student loans don't show on your credit file... I think they just don't want to give out mortgages or something at the moment and instead of being honest and saying so they are blaming people's credit files when there's nothing wrong with them.

lynnandroo

Thanks for the replies guys!

Just worried becuase - as far as we are being told, this is all down to an ommission by Mortgage Advisor in branch at N/wide.
Hoping that this 'appeal' isnt just going through the motions and doesnt mean we will be knocked back anyway!?!? - anyone know whether thats the case, or is it really just more detailed look before a decision made? If it was a striaght 'no' I would rather just know!!

Am hoping that, given we are taking around 55% - 60% of the maximum we were offered, things will work out ok - just take longer to get there. Again, anyone know how much time can be added on to process if things been referred?

Thanks again!

Jojo1daffy

My application was declined because my credit score indicated I was overrun with credit when what I have is one credit card with a balance of £200. I've appealed and sent them my spotless credit file and so far I've been waiting 4 weeks. They did forewarn me it could be this long and they did say that most applications are being referred to the underwriter nowadays.

ruggedtoast

Have you tried ING? Just got my mortgage with them.

Buddabing buddaboom. No messing around, one phone call, one payslip, one credit check, one valuation, one mortgage offer, one week.

madmish00

We were asked about Student Loans by our mortgage advisor at Nationwide when we did our mortgage app yesterday. But I remember when we did our app with them in 2006 we didn't have to give details. To be fair it does affect the 'affordability' calculation as obviously your salary will have 'x' amount deducted by the SLC before you get it so you have less disposable income. BUT if you had to supply pay slips then it should show on there how much is deducted and it is not like you have hidden it.

Seems they are finding any reason they can to refuse things these days.

We were also told the current turn around time from application to offer is about 2 weeks. I was slightly concerned though as she only took copies of our March payslips, last years P60 and proof of deposit. I was expecting at least the last 3mths payslips and maybe bank statements.

Fingers crossed!

TrickyDicky

Have you exchanged contracts yet? if you havent, you just move the move in date further back while you secure a mortgage elsewhere.

If you have exchanged contracts and you get refused, this is going to be a very expensive lesson.

lynnandroo

Thanks to all for your replies!

Panic is over. All approved and offer in the post. Were back on track! :-)

kingstreet

lynnandroo wrote: »

Thanks to all for your replies!

Panic is over. All approved and offer in the post. Were back on track! :-)

Excellent news.