Nationwide Mortgage Declined just before COMPLETION

shamaila

Hi all..i just posted a few days ago regarding gifted deposit letters. Today i have just found out Nationwide have declined our case. :mad: The reason for declining our case was that we did not inform them when we applied for mortgage that we will b gifted some of the deposit. Last week when our solicitor sent them the letter to say we will have gifted deposit from so many people and of so much amount our letter was randomly picked and sent into headoffice for audit. Today the headoffice have declined the case just becasue of this :eek: my mortgage advisor then called them and asked them to look into the case again as last week we was told it had been approved and we just need to get everyone to sign a letter saying the deposit is non-refundable etc but now they have said nothing can be done.Can anyone who is experienced please guide as into the right direction as i dont want to loose out on mortgage and valuation fees that i already paid for. Is there any chance they can review the application again and approve it. Any advice would be grateful. Thanks in advance

GMS

Was any of the deposit coming from somebody who intended to reside in the property but not part of the mortgage?

Were all of the donors close relatives?

Dave_Ham

Something does not add up here..

Firstly you were way too worried about the letter, which in turn makes me worry.

If your broker knew it was a gifted deposit, why put savings?

Either your broker or solicitor have been exposed here, or you are pulling a flanker...

I hope you can get resolved but you need the truth from broker/solicitor to move forward...

AlexMac

Solicitor got you into it - tell him to sort it

especially if he's passing on a 'no' when the broker, with not much effort, gets a 'yes- on condition that the donors confirm 'no strings' in writing'

No point in post mortems... (what if, why, whether...) Everything (well almost) isn fixable with a few bits of lawyer's paper

dazzler44

Family gifted deposits and vendor gifted deposits are two i recall ......if you were getting it from a family member ( close family ), then a letter signed by them saying it was non refundable always sufficed...however, why has this only been exposed so late in the day ?the lender sourced by your MA would have been done so with a family gifted deposit in mind and will have been input on the AIP and full application form....i am amazed if this hasnt been the case and i can understand nationwides position because the product will have its own criteria for the persons applying......if you have done no wrong and are truthful about this,then your adviser needs a rocket up their jacksy.......if it is a family gift, try Nat west, from my experience they were always pretty accepting of them and a new app could be done quickly and an offer could be issued pretty quickly as well.......good luck

FraudBuster

Dave_Ham wrote: »

Something does not add up here..

Firstly you were way too worried about the letter, which in turn makes me worry.

If your broker knew it was a gifted deposit, why put savings?

Either your broker or solicitor have been exposed here, or you are pulling a flanker...

I hope you can get resolved but you need the truth from broker/solicitor to move forward...

Reading the other threads I suspect that the solicitor knows more than we are being told.

dazzler44

ps sorry to say you will probably have to pay for another survey....however if its the mortgage advisors fault then i would kick up an almighty stink and see if they can get paid for themselves ! i found that threats to report the company for poor service often resulted in management getting things like this done !!......

shamaila

Dave_Ham wrote: »

Something does not add up here..

Firstly you were way too worried about the letter, which in turn makes me worry.

If your broker knew it was a gifted deposit, why put savings?

Either your broker or solicitor have been exposed here, or you are pulling a flanker...

I hope you can get resolved but you need the truth from broker/solicitor to move forward...

Broker wasn't aware of this as he never asked me when filling in the application and I didn't know you have to fill this out in the application or else I would have mentioned it to him

GMS

shamaila wrote: »

Broker wasn't aware of this as he never asked me when filling in the application and I didn't know you have to fill this out in the application or else I would have mentioned it to him

Broker didn't ask the source of deposit?

Dear me. He needs shooting

Dave_Ham

Sounds like the handywork of my friends aat the Estate Agents!!!!

shamaila

Nope he never asked is there anyway nationwide can look into our case again?? It's just that we are buying an auction property and have 28 days to exchange contracts which are nearly up.

Also when my mortgage broker was looking for a deal for us we asked him to find us best possible lowest rate at a 2 year fixed deal and he had to also bear in mind that me and my husband get paid cash for our wages so he had to look not only for a good deal but a lender who would accept the fact that we get paid cash.

Is there any other lender who has a good rate and will accept cash wage payments?? Although we do have weekly wage slips to prove this.