FTB: Nationwide mortgage, searches & Gifted Deposit

lucy_l0cket

I am clutching at straws now, but is there any way we might be able to use a guarantor? How would that even work?

I am struggling to understand the maths of it - the on call allowance equates to about £2000pa, so if they are only using 50% of it then it reduces to £1000. How on earth does that reduce the figure they can lend us from £139,000 to £118,000 :huh: (Based on the basic salary of £36,200pa)

I'm so annoyed about this, throughout the process the oncall payment has been included in the basic wage, the mortgage advisor we saw in the branch checked twice with different underwriters that this was correct and ensured we had the employers reference to confirm this. It's a guaranteed allowance and not overtime :mad: And there I was worrying about the red herring of the deposit source!

lucy_l0cket

That's it. We've lost

Thrugelmir

Suggest you tackle the issues that preclude you from going on the mortgage. As no doubt with you as an applicant this may well make matters easier. From an underwriters perspective there may be combination of factors that led to the decline.

lucy_l0cket

Suggest you tackle the issues that preclude you from going on the mortgage. As no doubt with you as an applicant this may well make matters easier. From an underwriters perspective there may be combination of factors that led to the decline

.

My credit rating is shot to pieces, I am on a DMP which I only started just over a year ago. So no-one will touch me with a bargepole for the forseeable future. With me as an applicant they will run a mile.

H4rrykebab

lucy_l0cket wrote: »

Hi All... long time lurker, first time poster!

Husband and I have had an offer accepted on a house of £165,000. Applied for a mortgage through Nationwide for £139,000 and have an AIP. The mortgage is to be in OH's name only as I have poor credit history, however the deposit is coming from my mum. Is this likely to be an issue with the application? We have submitted a letter saying the amount is gifted and non-repayable, but I wondered if it may have implications as my mum is not technically a family member of my husband.

Also, we looked at a different house back in March and visited Nationwide to make initial enquiries as to what mortges were available etc. It turns out that, including that house and the current one, Nationwide have done 9 searches on OH's credit file. We have only gone as far as applying for an AIP once, so why have they done this? Will it have any impact on the current full application? It passed the credit check at AIP stage, so are they likely to do another one?

The full application was submitted on 20 June, so we are still waiting to hear whether we have the mortgage offer or not. Survey/valuation completed 21 June and the branch say it is allocated to someone in 'Head Office', which is a good sign apparently. However, even though OH submitted all payslips, P60, etc at the time of application, when I called for an update yesterday they asked for his most recent payslip and P60 again as they say they are missing.

I know asking how long this will all take is like asking the length of a piece of string, but if they are losing paperwork, is it likely to delay things?

Sorry for all the questions in my first post. Am an ever so slight control freak and can't stand leaving things up to other people to sort out, it's so frustrating having to wait! (yes, I know it's not been very long yet )

Thank you.

Hi - please can you help. After reading your situation its almost the same as for me and my girlfriend - we had our offer to buy accepted on the basis that we are renting a bungalow so could move quickly and the family selling the house are moving abroad and need to sell very very quickly. The problem we have is that the family selling their house don't know the reason why its taking so long to exchange so they are now threatening to pull out of the deal because it has been going on for more than 2 months and we still can't say for sure if Nationwide will not agree to parents gifted deposit and then cancel our mortgage offer. How are you keeping your sellers at bay please. We really want this house, somewhere we can get married and start a family but I don't know whether I should be telling the sellers the truth or leave it another week and keep delaying things until we know. The other problem is that the family selling want 2 or 3 weeks between exchange and completion so they can book their possessions onto a shipping container to be sent abroad so the suggestion of exchange and completion on the same day isn't going to work for us. Help Lucy! (incidentally same name as my GF)

lucy_l0cket

Hi H4rry, I wish I could give you some good advice, but I'm really not experienced in these matters at all. Perhaps you should start your own thread and see if the mortgage brokers on the forum can offer some advice?

All we have done is be fairly up front with the vendor's estate agent, just saying that we haven't received our formal mortgage offer yet. We have had to start from scratch with another application, but we were told by Nationwide the decline was not due to the gifted deposit (obviously I can't say whether that's 100% true or not, but only going on what we were told).

We are applying through a broker now and I am happy to have some guidance by someone experienced. He says it's a tough market and the estate agent won't want to lose a buyer, so not to worry too much about timescales just yet. Easier said than done I know. I am staying in regular contact with the estate agent to let them know we are committed to the house no matter what and are doing everything we can to hurry things along.

Personally, I don't like all this game playing when trying to buy a house, I would rather everyone was honest, but it doesn't seem to be the norm unfortunately.

Good luck, I hope it works out for you and your girlfriend. It's a horrible feeling when you think you may lose the house of your dreams.

H4rrykebab

Hi thanks for that. I still think we are going to lose the house because whilst I have been honest with the sellers estate agent your broker is right about the agent not wanting to lose a sale because the agent has deliberately been keeping the family in the dark so the sellers don't know any of our problems. Agree with you - I hate this sort of thing - I would hate someone to do it to me - keep me hanging on for months thinking I had sold my house only to find out I hadn't. Good luck - hope your broker sorts things out. bye

lucy_l0cket

If I were you, I'd be on the phone to Nationwide daily asking for updates. Have they given you any indication as to what's happening with your application and why it's taking so long?

Yorkie1

Harry, please start your own thread as it is more likely to be seen and dealt with rather than confusing issues with Lucy's (sorry to hear your latest news Lucy)

lucy_l0cket

Thanks Yorkie. We are consulting a mortgage adviser at the moment and have another AIP with Abbey at the moment. Not getting our hopes up about getting the full offer though and have mostly detached myself from the house emotionally. My main concern is the vendors wont want to wait much longer, but then the house has been empty for 6 months already so hopefully another few weeks wont make too much difference. Fingers crossed (still!). I dont know much about Abbey's criteria or how favourably they will look on our situation, glad to have a professional to guide us though.