Nationwide refused mortgage last min with strange excuse - help!

sweetpeagreen

Dave_Ham wrote: »

... are now at 85% LTV max for being on a second mortgage.

...

Thank you. Yet just with regards to the above, it's not a 2nd mortgage, as the mortgage on his current home was pid off some years a go (or am I miss understand what second mortgage means)?

Thank you

Dave_Ham

No my mistake, I meant second property - you are correct..

Best of luck

sweetpeagreen

I'm concerned that there isn't a plan B. When initially speaking with the broker he advised that there was a lot less out there available for us than he thought there would be. I felt that Nationwide were our only hope. Also, finding an extra £11.5k (5%) is pretty much impossible. I'm the kind of person who thinks there's always a way...but I'm struggling to find one...

Dave_Ham

What are just your and OH incomes?

sweetpeagreen

Dave_Ham wrote: »

What are just your and OH incomes?

OH earns 24k, I work part time earning 8.5k, hence why we jumped at the chance of buying with and moving in with his dad (who earns 45k+)...

Dave_Ham

I thought as much, no other income that can be included?

sweetpeagreen

Just an update - I've spoken to the case manager (there was a mortgage advisor and case manager assigned to us). The advisor is now on holiday until tues, and the case manager had no idea she is now dealing with this in his absence...great! She has promised to speak to her supervisor and and give me an idea of timescales they will be working to in order to gain a response/resolution from nationwide - at my request. I followed this call up in writing, to confirm I will be awaiting the call as promised, and requesting a copy of the telephone transcript that they have sent to nationwide (apparently proving their agreement to 90% despite my father in law owning another property), asn asking for the supervisors contact details, the compliance officers contact details, and the managing directors contact details. I hope all of this makes them think they're better to get on the case as I'm not going to sit by twiddling my thumbs. She replied with none of the above, just that the supervisor will be in contact with me today...

In the mean time, I am considering asking them to find another suitable mortgage to apply to (although I am slightly loathe to ask them, but as they already have certified ID etc from us thought it may speed up the process compared to going elsewhere). However, I think I'd be wise to wait until Monday perhaps?

Dave_Ham

Start to find a solution now, with or without L&C

Nationwide are incredibly unlikely to buckle as it is their policy rather than a judgement call.

L&C may wield some power with Nationwide though, so you just never know...

sweetpeagreen

Dave_Ham wrote: »

I thought as much, no other income that can be included?

Unfortunately not...I do do some freelance work outside of my part time job, but this is a new business started only a few months a go, so nothing worth counting at this stage, and I know it won't be considered anyway.

I wonder if there are any other lenders out there that would consider us...?

I just hope a bank can for once honour what was said and take a humanistic approach, although I know, not likely...what a disgrace, messing with people's lives like this.

sweetpeagreen

Dave_Ham wrote: »

Start to find a solution now, with or without L&C

Nationwide are incredibly unlikely to buckle as it is their policy rather than a judgement call.

L&C may wield some power with Nationwide though, so you just never know...

Thank you Dave for taking the time to help me with this - you have been very helpful. yes you're right, why wait? I'll see what the supervisor has to say when he/she calls (if they do), and suggest to them that whilst they are trying to gain a resolution from nationwide, they search the market again for me for a suitable lender, and asap, so I have an option in the pipeline should nationwide not honour their agreement...best plan?

My only concern then is timescales if applying for a different mortgage, I've run out of things to say to the solicitor/estate agent...this could delay things by weeks or more...