FTB: Nationwide mortgage, searches & Gifted Deposit

lucy_l0cket

Simon_gloster wrote: »

Agree with Tulip, on the application state that its gifted from a family member....you may have done this already.

Is it his mother in law or his partners mum? If MIL (ish) this will be more robust as opposed to your mates mum giving them the deposit which it technically is.

Nationwide hate false info when it comes to deposit as you have seen on that other thread.

We have done that - it's my mum, so my husband's (the applicant) mother in law. We gave them the letter, typed and signed by my mum, that stated it was a gifted deposit, not to be repaid.

Check and check again with Nationwide on this. You will be residing in the property without being party to the mortgage and you will be classed as having provided the deposit.

Speak to your chosen conveyancer before doing anything to make sure they are aware of the transaction and ensure they are happy with it.

Nationwide gave me a 'Deed of Consent' to sign, which has something to do with this I think. The solicitors said they don't need it until the official offer comes through, but they are aware of where the deposit is coming from and that the application is soley in my husband's name - he's had to give his permission for them to talk to me about it.

You may well get a mortgage offer only to find it is pulled during the conveyancing process.

Bloody hell, I hope not. That would be a nightmare and would send me over the edge, I already feel like I'm having a nervous breakdown!

Simon_gloster

The deed of consent is nothing to do with deposit. Its a form sent by the lender to anyone 17 or over going to live in the property for you to sign to waive any interest you have in the property so repossession is simpler.

GMS is spot on....check again. They can withdraw the offer up to a day before you move in.

lucy_l0cket

The deed of consent is nothing to do with deposit.

I realise that, I just meant it had to do with what GMS said about me residing in the property without being party to the mortgage and classed as having provided the deposit.

Well, we are still waiting. All we have heard so far is them requesting another copy of the employers reference as the original wasn't signed... even though it clearly was signed :huh: The branch mortgatge advisor has been on holiday, the person dealing with it in head office has been on holiday, everything is dragging on and we are swiftly losing our appeal of being able to move quickly.

Nationwide still say the deposit is not a problem, however the longer we wait for a decision, the less hopeful I am. And even if we get the offer, they can apparently still change their minds and withdraw it What happens if they do that once contracts have been exchanged? Are we liable for the vendors costs or anything?

GMS

If you have any concerns about offer withdrawal then ask the solicitor to exchange and complete simultaneously.

Have they confirmed there is no issue with the deposit. Solicitor will need to disclose the source to them so make sure you are 100% accurate with information provided up front

lucy_l0cket

GMS wrote: »

If you have any concerns about offer withdrawal then ask the solicitor to exchange and complete simultaneously.

Thanks, we will request that.... if we ever get to that stage. I have concerns about everything, I am a paranoid mess at the moment!

Have they confirmed there is no issue with the deposit. Solicitor will need to disclose the source to them so make sure you are 100% accurate with information provided up front.

They've known the source from the first moment we went into the branch, they've taken a copy of the savings book that the money is in as well as having had the non-repayable gift letter. I've subsequently checked again and they say there is no problem with it. We have provided every bit of infomation we could think of upfront, not to mention the same information again when they've asked for it (or lost the original)! Nationwide and solicitors have all known from the get-go where the deposit has come from.

I hope I am worrying about nothing, but as I say, the longer it takes the less confident I feel.

Is it possible that the wage allowance is more of an issue than the deposit source?

lucy_l0cket

I have an answer to my own question... It is the wage allowance. They are refusing to use it as guaranteed income and will only consider it as overtime. Therefore only using 50% of it and reducing what they will lend by 21k. The mortgage advisor we saw in branch has asked for it to be referred to a senior underwriter as she was advised twice, when checking about this with the underwriters? that as it is a guaranteed allowance and not overtime it can be included in full. So waiting to hear back again now. Dont know how likely it is that anything will change. I am utterly gutted.

lucy_l0cket

Does anyone have any advice please? Is it worth trying somewhere else? I suspect my husband's credit file will be a problem with all the searches from Nationwide now. I guess we are likely to come up against the same problem with the wage allowance too. So sad to lose the house

Thrugelmir

lucy_l0cket wrote: »

It is the wage allowance. They are refusing to use it as guaranteed income and will only consider it as overtime.

Is the "allowance" a variable sum of money? Depending on shifts worked.

lucy_l0cket

its an on call allowance that he gets for being on call out of normal working hours. It is a set number of days, nights and weekends every week but is not past of the contract. As it is worked weekly it shows as different amounts on his movil wage slip but it is not overtime and we have the employers reference to verify and confirm this

lucy_l0cket

sorry... Bloody phone. That should say 'part of the contract' and 'monthly wage slips'