Nationwide Mortgage Declined just before COMPLETION

Simon_gloster

When does your time run out for this property?

If you apply elsewhere, get the giftors to each draft a letter saying its non refundable etc. At the end of the day the solicitor will have to know the origins of this money. Its standard money laundering checks by the solicitor on behalf of the lender.

If it took NW 12 days until offer, expect the sake sort of timescales again....and add on another week or 2. If the agenta arent happy with this...pull out.

Its not a cut and dry application this....so expect more questioninh again.

You need a very experienced mortgage broker.........and a time machine.

Thrugelmir

shamaila wrote: »

It's just that we are buying an auction property and have 28 days to exchange contracts which are nearly up.

How much deposit have you paid over?

As this is at risk.

Thrugelmir

shamaila wrote: »

Sorry no deposit was from family members but there were 7 different members gifting the deposit and i think nationwide found that a bit suspicious as to why there are so many people gifting, and as far as the letter goes i wasnt happy with it either

I suspect the issue is the number of different donors involved in the transaction and the lack of prior disclosure. The letter has no bearing on the decision.

How much of the deposit are you putting in yourselves?

shamaila

GMS wrote: »

Estate agent chain.

Where was your broker from? Nationwide, estate agent or independent?

i used an independent broker

shamaila

Simon_gloster wrote: »

When does your time run out for this property?

If you apply elsewhere, get the giftors to each draft a letter saying its non refundable etc. At the end of the day the solicitor will have to know the origins of this money. Its standard money laundering checks by the solicitor on behalf of the lender.

If it took NW 12 days until offer, expect the sake sort of timescales again....and add on another week or 2. If the agenta arent happy with this...pull out.

Its not a cut and dry application this....so expect more questioninh again.

You need a very experienced mortgage broker.........and a time machine.

Are we allowed to put in a fresh application with nationwide again?

also this time whoever we apply to when we submit the mortgage application can we also attach the gifted deposit letters same time so that it saves time instead of lender asking afterwards

what will they ask questions in regards to?

can you recommend an experienced broker who can work around this pretty fast please?

shamaila

Thrugelmir wrote: »

I suspect the issue is the number of different donors involved in the transaction and the lack of prior disclosure. The letter has no bearing on the decision.

How much of the deposit are you putting in yourselves?

why is the deposit at risk??

why are so many donors not allowed? is there max no we can use?

Simon_gloster

Deposits at risk as you may not exchange in time if you cant get a mortgage. Your bound to this deal in a round about way.

By the way avoid nationwide again. As you dont know the real reason they declined you, it would be wise to leave them alone.

Applinh again with a different application number and different info (source of deposit) may trigger alarm bells in their risk area (not that they will or allow anyone to tell you anyway)

You still haven't answeres my question, when do have to complete? Anytime before the 9th july is pushing it.

Dave_Ham

I think you need to be mindful that you may not still know the real reason.

Being paid in cash, could be an issue for Nationwide especially if audited. Or if your HMRC declared income is different to the payslips - they can now check.

Also, usually when someone gets picked up this late in the day there may be something lurking in the background you have not declared. Again not suggesting this is the case, but any frozen assets, b/ruptcy, cifas, fraud etc. on any of the donors may represent an issue to Nationwide - specifically if the broker told them it was coming from savings.

Nationwide was never going to be a good home for this sort of case.

This is a lot of grief for an auction property that you do not know what the price will end up at?

A good broker can get this done, but expect to pay a fee - also may be worth getting your fee back from the other broker as does not seem like they have done a good job - although you will need to check the fee declaration and refunds, which should be in the Initial Disclosure Document and Key Facts Illustration.

kingstreet

Have you actually purchased this property at auction without a mortgage offer in place on the auction day? :eek:

Would a bridging company provide the funds as a temporary measure to avoid the deposit being lost?

Dave_Ham

Ooops - never expected anyone to do that, but with the deadlines kind of makes sense (or not)