Nationwide Mortgage Application What are your thoughts?

kingstreet

Nationwide criteria on second property;-

Clients with Additional Properties

Where your client will own more than one property on completion of their new loan with Nationwide the maximum LTV is 85%. Purchase applications for these clients should be keyed as a Second Property to ensure the correct LTV limit is applied.

For information about products please see our products, loan size and maximum LTV criteria.If your client owns more than one property, we require all addresses and mortgage details.

Let properties are treated as self-financing where the rent received is at least 125% of the current mortgage payments.

Where let properties are mortgage free a percentage of the total monthly rent received will be treated as income.

Rent must have been received for a minimum of one month at the point the application was submitted and we will require up to date bank statements to confirm this.

A copy of the signed tenancy agreement is required.

If the property is covered by an accountant's certificate/2 years accounts, no tenancy agreement/bank statements are required and rental income, mortgage payments and mortgage debt for the let properties can be ignored. The net profit/director's remuneration or dividends figure should be used as income.

For properties let abroad do not use or key any rental income derived from them onto our systems. Key the mortgage details onto our systems only where the mortgage is continuing (if the mortgage debt is in a foreign currency it should be converted to sterling).

There is no requirement to obtain past payment history proof for foreign currency mortgages but normal requirements apply to mortgages in sterling secured on properties abroad.

If you already had an agreement in principle, the application should now have been submitted and the supporting documentation uploaded to the Nationwide system. The next milestone should be the valuer instruction. What are you expecting to happen next?

3conheo

Do not think we have a DIP as it sounds like his starting from the beginning

kingstreet

I worked from post #7.

The only way you're going to get a definitive answer is to get hold of the broker you have appointed.

3conheo

He did not mention any DIP

3conheo

Knew something not right he aint even started yet as something was wrong with his license so ge is trying to pass over to another broker to sort it out.
I told them to forget i will go to someone else who said they will give me an answer today

kingstreet

You can see if a firm is authorised by checking here;-

http://www.fsa.gov.uk/register/firmSearchForm.do

If you cannot find the firm here, stay away from it.

3conheo

Thank you have gone with L&C instead hopefully they are good enough