Nationwide - Shifting the goalposts

Scottishrob79

We going through the process of getting a mortgage through Nationwide, via a broker. When we applied I showed evidence that I earn an extra £9000 a year on my basic through permanent overtime, but the broker based the application on my basic plus my wifes basic, which he said we could afford. This was at the start of January.

Last week the brokers co-ordinator emailed to say that my work had returned the mortgage reference needed by nationwide, but it only mentioned my basic pay, but they want a breakdown with overtime. I thought this was strange on the part of my employer, but couldn't see why this would be a problem seen as it was meant to be based on my basic and I've also submitted the 3 month's payslips proving I earn the overtime.

Then I get another email from broker co-ordinator to say they haven't received the revised employers reference yet (with overtime showing), but as long as I get my wife's latest (Jan) payslip to them, to then forward onto Nationwide, they will offer the mortage without the reference. They received the payslip on Monday.

Today the broker is now saying they now need my emplyer reference with OV showing, because otherwise the mortgage offer will be £7000 less than what we require.

Anyone else been this messed about with Nationwide like this?????

Thrugelmir

What's permanent overtime?

Lending criteria can change at any time during the application process. Only an underwriter will give the final decision based on the facts once they have them.

Scottishrob79

We have overtime at our place that we have to regularly do at the same times, rather than the type of one off's where you might get paid extra for staying a bit later for instance. I should of said guaranteed overtime

Thrugelmir

Seems as if your employer does not regard the overtime as contractual pay therefore not guaranteed.

Lenders have to take a conservative long term view. Not one based on a short period of time.

Scottishrob79

The thing is it is contractual overtime. My employer says if the Nationwide want a breakdown of my overtime, they'll have to refer to my payslips, which they seem to be ignoring.

The next installment in the saga is that they have lowered the offer by another £6500, because my wife, who works for the emergency services, has transferred to another county, but Nationwide regard that as actually changing jobs. The broker, who works for people in the emergency services can't believe they cannot tell the difference between transferring and actually changing jobs. Originally, the Nationwide offered us the full amount because she was transferring, due to earning more (and yes, they based the original decision on the knowledge of the transfer)

To make it even more laughable the reduction is also due to her being paid less this month due to starting her new position a week into January, so not a full month's pay, but Nationwide think it is, even though it actually says on the payslip its pro rata!!!!

I really am starting to wonder who are these people who make the decisions for whether you get the mortgage or not. I think I'd hold more trust with trained monkeys

EMac_2

Nationwide's underwriting can be pretty frustrating. Maybe you could provide a copy of your contract to show the contractual nature of the over time and refer then to the payslips again. Typically when you move from 1 job to the other but its the same occupation they are fine with this but its a bad time to shift about when you are trying to get a mortgage sorted. The can and do shift the goalposts all the time and when its a high loan to value and/or tight income you can get the feeling they are trying to make you walk away. I'd suggest supplying them with both your contracts with the payslips and this should convince the underwriter to agree the case. Best of luck

Scottishrob79

I have got 14 years worth of payslips with my overtime going back years, so hopefully they might consider them

kingstreet

A couple of P60s should suffice. These will show your full years' earnings, on top of the current year's figures they can get from your current payslips.

The broker should put this to Nationwide as an alternative before you provide them. If he doesn't they'll carry on requesting the same stuff they've decided they need, even if you've supplied an alternative.

If you can email them to your broker by scanning them as greyscale .tiff files of less than 2 megs each. Your broker will love you for that.