Nationwide refused mortgage last min with strange excuse - help!

JimmyTheWig

sweetpeagreen wrote: »

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?

I'd agree with you going back to L&C. They are generally well thought of and at least have a moral duty, if nothing else, to you after what has gone wrong.
Whether you want to use the same advisor or someone new is up to you. Getting the ball rolling today (while your original advisor is away) might be a convenient way of getting a different advisor without having to ask.

sweetpeagreen

This forum is amazing can't believe I haven't been on here before! You have all been very helpful xoxo

sweetpeagreen

JimmyTheWig wrote: »

I'd agree with you going back to L&C. They are generally well thought of and at least have a moral duty, if nothing else, to you after what has gone wrong.
Whether you want to use the same advisor or someone new is up to you. Getting the ball rolling today (while your original advisor is away) might be a convenient way of getting a different advisor without having to ask.

Thank you any ideas on how I can placate the solicitor and estate agent when they next ask for updates? I'm not entirely sure it's worth our while being too honest at this stage. But if we end up applying for another mortgage this could delay things to a point where they may start to get suspicious...after we were told our offer from nationwide would be with us in 48hours, i told both the sol and estate agent that we should have it in place by the end of this week and I'll update them as soon as I hear (i.e. today)!!!! :eek:

PasturesNew

sweetpeagreen wrote: »

Thank you any ideas on how I can placate the solicitor and estate agent when they next ask for updates? I'm not entirely sure it's worth our while being too honest at this stage. But if we end up applying for another mortgage this could delay things to a point where they may start to get suspicious...after we were told our offer from nationwide would be with us in 48hours, i told both the sol and estate agent that we should have it in place by the end of this week and I'll update them as soon as I hear (i.e. today)!!!! :eek:

Your solicitor, be honest and tell them you're stalling the EA with the following story:
EA - tell them you're waiting for some paperwork originals, which hopefully will arrive soon.... and sound light and breezy.

Dave_Ham

Nationwide have been really slow lately and the EA will know this.

Tell them that Nationwide have been slow on the admin side and you do not really understand why. Tell them you will keep chasing them...

sweetpeagreen

PasturesNew wrote: »

Your solicitor, be honest and tell them you're stalling the EA with the following story:
EA - tell them you're waiting for some paperwork originals, which hopefully will arrive soon.... and sound light and breezy.

I'm wary of telling the EA and sol different stories because they have a close working relationship...but I think to tell them both that nationwide are going to take longer with paper work than they initially promised sounds believable, as like you say Dave Ham, it's known they have been very slow of late...:T

JimmyTheWig

sweetpeagreen wrote: »

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...

The "right" thing to do would be to keep them up to date with what is happening. But personally I'd stall them until I knew what was happening.

sweetpeagreen

Just had a call from L&C supervisor. He said that in his honest opinion he thinks they will just refund the survey money and offer 85% still. However, he did also admit that Aaron's father owning another home isn't a risk to them as it's mortgage free (his mother will still continue to live in the property), so therefore perhaps they will honour their original agreement of 90% based on this. It sounds like them offering 85% max to property owners is 85% because they had to 'draw a line in the sand' somewhere for their criteria...let's hope because the property is mortgage free and so not a financial risk will go in our favour. I've been told I should get an answer/resolution by this afternoon...

If not...new mortgage application and complaint here I come woooooo! That's if there is another lender out there for us...

Simon_gloster

I posted a reply on the other nw thread sorry!!!!

85% is generous on LTV for a second home application, lots are 75% or so. I wouls plan b it just in case as getting them to look at it, go through senior underwriters etc will easily go into next week and you know you'll get loads of calls from the ea before then.

sweetpeagreen

Simon_gloster wrote: »

I posted a reply on the other nw thread sorry!!!!

85% is generous on LTV for a second home application, lots are 75% or so. I wouls plan b it just in case as getting them to look at it, go through senior underwriters etc will easily go into next week and you know you'll get loads of calls from the ea before then.

Thanks Simon for your message. I'll wait to hear what the supervisor says when he calls this afternoon...if not positive resolution, or it looks like getting one could take some time, I'll advise him that to find other lenders for us that we could make a quick application to in the mean time.

Just wondering, why is there a limit to what they would lend someone who already owns a property (despite the property being mortgage free)? Or is it just a case of them having to draw a line somewhere for the sake of creating criteria to work to?

:think:

Thank you