Nationwide mortgage declined - advice!

jonathan_1983

Thanks vindicated, I did check the Lend a Hand scheme previously but it is not applicable in my area.

When I carry out searches using the 'moneysupermarket calculator' and 'tesco mortgage search' there are more than enough lenders @ 10% deposit who are apparently suitable. Obtaining the mortgage is obviously the next thing...

jonathan_1983

Thanks GMS. I did check everything with Equifax and it's all fine and up to date.

I will speak to the mortgage advisor on Monday to enquire about this Nationwide affordability problem.

Theoretically speaking though, with my lack of credit cards and everything always paid on time, am I likely to obtain a mortgage at a reasonable rate based on my information?

vindicated

No problem, my info might be of no use in your paritcular area but its worth some investigation, they may have opened up the eligibility based on the current market!

You'll often find many lenders saying " We only look for a 10% deposit" etc but its when it comes down to the individual application that the true light becomes apparent!

I dont know what its like now, but back in Bankings hayday, compared to the risk involved and average return based on the banks own "investment" in the property mortgages werent actually considered top earners for the banks (only what i heard could be completely wrong)

GMS

jonathan_1983 wrote: »

Thanks vindicated, I did check the Lend a Hand scheme previously but it is not applicable in my area.

When I carry out searches using the 'moneysupermarket calculator' and 'tesco mortgage search' there are more than enough lenders @ 10% deposit who are apparently suitable. Obtaining the mortgage is obviously the next thing...

Products are one thing, criteria is another completely different beast.

A good broker should be able to help you through it. Anybody relying purely on a sourcing system is out of touch.

GMS

jonathan_1983 wrote: »

Thanks GMS. I did check everything with Equifax and it's all fine and up to date.

I will speak to the mortgage advisor on Monday to enquire about this Nationwide affordability problem.

Theoretically speaking though, with my lack of credit cards and everything always paid on time, am I likely to obtain a mortgage at a reasonable rate based on my information?

You have no adverse data and a steady job which is good.

Are you on the voter's roll? Have you moved address a lot?

There are many variables to be taken into account for a lender so it would be unfair of me to say whether or not you could obtain a mortgage as I do not know enough about you.

Given the information you provided I would not have applied to Nationwide as there was an affordability issue based on their own calculator.

Go back to the broker and see what they say. Could be alternatives for you but make sure you see a print out of an affordability check prior to any application.

jonathan_1983

Well I hope I can get a mortgage, very frustrating after having the offer accepted. The reason I went with this mortgage advisor was that he said he would see it through within the 28 days deadline as it's a repossession as he works at the estate agent's office but is paid by his own company, not the estate agent.

jonathan_1983

GMS - Yes I am on the electoral roll, have been since I was 18 and lived at the same address for the past 8 years.

GMS

jonathan_1983 wrote: »

Well I hope I can get a mortgage, very frustrating after having the offer accepted. The reason I went with this mortgage advisor was that he said he would see it through within the 28 days deadline as it's a repossession as he works at the estate agent's office but is paid by his own company, not the estate agent.

How can somebody state that?

1/ No mortgage offer
2/ No idea of what a solicitor will find during the conveyancing process


Go back to him and remind him of his promise.

I would never state I could do something out of my control. Give you a lift somewhere I can promise, start to finish with a mortgage in 28 days I would try my best but certainly not say I could do it.

I have done plenty in the past with tight deadlines but all were taken on without promises. If it was my money I could promise, when it is somebody elses I can only try my best!

jonathan_1983

I shall let you know the outcome of the conversation haha, in fact I think he works Saturday mornings so will find out what the deal is.

Thanks again for all your replies!

vindicated

GMS makes a valid point, promising something outwith their control is very bad, unsure on the legality of it regarding brokers but I'd imagine its strongly discouraged.

I would do as GMS has stated and remind the broker of his promise.