Nationwide FTB mortgage - random audit

giggsy07

Hi guys,

We are in the process of buying a house for £205k. We have a 20% deposit and so are looking to borrow £164k from Nationwide for which our broker has secured an AIP. The valuation survey has been done and passed and we have provided all of the relevant documents requested by Nationwide, i.e. payslips, bank statements, etc.

Our salaries are £36,750 and £29,000. I both have student loans. I have an unsecured loan with HSBC which I pay off at £190/month and also a car loan at £190/month which is soon to end (November). We have just got married so have been in and out of our overdrafts recently (both individual accounts), however both are clear now. Credit reports both show excellent although I have been told this counts for nothing.

Our mortgage advisor emailed today to say that Nationwide have informed him that our application has been selected randomly for audit and this will take 72 hours from yesterday. He is instructed to chase them on Friday if he has not heard anything.

Does this mean that we have been referred to an underwriter or does it mean that it is a general audit to cover the Money Laundering Regulations, etc.

Our mortgage advisor has said he has only ever had 2 applicants 'audited' and both were passed okay, however I do not know what their circumstances were or if they were FTB's. He seems to think we will be okay but as you can imagine we are both extremely nervous! :eek:

Any previous experience or advise would be much appreciated.

Kind regards
Giggsy07

Thrugelmir

giggsy07 wrote: »

He is instructed to chase them on Friday if he has not heard anything.

Auditors will take as long as is necessary to complete their enquiries. Chasing them will have no impact at all.

Senior_Paper_Monitor

We had a complicated interest only divorce case (buying out the husband) pulled by Nationwide for head office audit on the day solicitors requested funds - caused a few palpitations here (and we are as straight as its possible to be) - duly passed no problems. This all happened just as the new interest only neurosis broke and criteria were being revised left right and centre.

As long as your broker has not embelished anything and you have been truthful with the broker then nothing to worry about (but that's easier said than done)

giggsy07

Thrugelmir wrote: »

Auditors will take as long as is necessary to complete their enquiries. Chasing them will have no impact at all.

This is not chasing them, they have said it will take 72 hours and so Friday will be after this 72 hours. He was told by Nationwide to call them on Friday if he had not received an update prior to then.

giggsy07

Senior_Paper_Monitor wrote: »

We had a complicated interest only divorce case (buying out the husband) pulled by Nationwide for head office audit on the day solicitors requested funds - caused a few palpitations here (and we are as straight as its possible to be) - duly passed no problems. This all hapepned just as the new interest only neurosis broke and criteria were being revised left right and centre.

As long as your broker has not embelished anything and you have been truthful with the broker then nothing to worry about (but that's easier said than done)

Thanks SPM. Hopefully nothing to worry about! Never realised that buying your first house could be so nerve wracking!! Haha. On a plus side, if the mortgage offer is accepted (fingers, toes and everything else crossed!! ), then the remainder of the purchase should be fairly easy as there is no chain and we have had a building survey which has come back fine. I believe the solicitors have commenced with the searches, etc. so should merely be a case of exchanging the contracts.

giggsy07

Anybody else had any issues with this?

Many thanks in advance.

Conrad

If you watch Question Time look out for when someone says it's good we're returning to strict lending, and note how the crowd applaud loudly at this. Yet when people encounter the effects of this strict lending in thier own lives, all of a sudden they ain't so happy.

giggsy07

Conrad wrote: »

If you watch Question Time look out for when someone says it's good we're returning to strict lending, and note how the crowd applaud loudly at this. Yet when people encounter the effects of this strict lending in thier own lives, all of a sudden they ain't so happy.

Thanks you for that pearl of wisdom Conrad! I am all for stricter lending, I was just wondering if there was anyone on the forum who has been through this same audit and what their experiences were.

giggsy07

Update - 72 hours for the audit expired on Friday. Still no word. Hoping to hear from mortgage broker today with some news - the wait is not nice at all! _pale_