Mortgage Application - Undeclared Commitment

BOBBIs_MUMMY

holly_hobby wrote: »

Where any of the 7 accounts declared within the app ?

Or were they all excluded due to their nil debit balance ?

H

I won't know until I speak to the broker tomorrow, emailing him a copy of the report

holly_hobby

Ok, as nothing unknown has reared its head (which is great !), it appears that the decline was solely due to the non-disclosure mentioned by NWide, relates to the nil balance accounts - so at least you now know what you're dealing with.

The advice given, re putting to the lender the explanation, as to why they weren't initially included in the app, is an option to explore .... but they may choose not to re-assess regardless (which is their pergoative I'm afraid !).

Take it up with your broker and see what can be done.

Good luck

Holly x

BOBBIs_MUMMY

holly_hobby wrote: »

Ok, as nothing unknown has reared its head (which is great !), it appears that the decline was solely due to the non-disclosure mentioned by NWide, relates to the nil balance accounts - so at least you now know what you're dealing with.

The advice given, re putting to the lender the explanation, as to why they weren't initially included in the app, is an option to explore .... but they may choose not to re-assess regardless (which is their pergoative I'm afraid !).

Take it up with your broker and see what can be done.

Good luck

Holly x

Thank you for your time and advice, will update the thread as and when we hear something from him. Fingers crossed x

BOBBIs_MUMMY

Good news, have spoken to our broker and the application has been re submitted and approved in principal - turns out one of the figures on the application was entered in error. As soon as the typo was noticed he re submitted and they said yes!! Thank you all for your help yesterday

Thrugelmir

Reason is so vague as to suggest that the Nationwide are declining business.

As the number of lenders contracts then those that remain are overwhelmed with application.

Available funding is finite and set to fall over the medium term.

sockpuppet

Great news! :T

at least with Nationwide it is fairly easy to amend a dip and resubmit it so you get a quick decision

good luck with the rest of the application, let us know how you get on

BOBBIs_MUMMY

sockpuppet wrote: »

Great news! :T

at least with Nationwide it is fairly easy to amend a dip and resubmit it so you get a quick decision

good luck with the rest of the application, let us know how you get on

Will do!! our broker has to submit the application for our buy to let mortgage on our other property Monday, fingers crossed that will go smoothly too

holly_hobby

Thats fantabulous news ... !!

You also have a BTL going through ..... just a note re NWide criteria in this situ ... which (if your BTL completes before your resi application will certainly apply), in that they will limit LTV on your residential mge to 85%. (which may or not be an issue ?). Now their criteria clearly states "Where your client will own more than one property on completion of their new loan with Nationwide the maximum LTV is 85%".

Of course the easy answer could be to simply complete after your NW mge - but whether that will clear things and keep the app compliant, as there is a simultaneous alternative BTL app, going through at the same time as your resi, may need to be checked out with NWide.

Was this declared by your broker for transparency on the DIP ?

Mentioned, not to be a bloomin wet blanket, but just in case there is any further ad hoc status checks pre completion, which will reveal a further lender search conducted after your resi app, and during the processing of your NW resi app, which may again raise disclosure issues.

Mentioned for thoroughness, and because I want to avoid your NW app falling out of bed at the last minute !

Might it be an idea to delay submitting your BTL app until your NW mge ahs completed and the dust settled ?

Chat it through with your broker, who should guide.

Hope this helps

Holly x

BOBBIs_MUMMY

holly_hobby wrote: »

Thats fantabulous news ... !!

You also have a BTL going through ..... just a note re NWide criteria in this situ ... which (if your BTL completes before your resi application will certainly apply), in that they will limit LTV on your residential mge to 85%. (which may or not be an issue ?). Now their criteria clearly states "Where your client will own more than one property on completion of their new loan with Nationwide the maximum LTV is 85%".

Of course the easy answer could be to simply complete after your NW mge - but whether that will clear things and keep the app compliant, as there is a simultaneous alternative BTL app, going through at the same time as your resi, may need to be checked out with NWide.

Was this declared by your broker for transparency on the DIP ?

Mentioned, not to be a bloomin wet blanket, but just in case there is any further ad hoc status checks pre completion, which will reveal a further lender search conducted after your resi app, and during the processing of your NW resi app, which may again raise disclosure issues.

Mentioned for thoroughness, and because I want to avoid your NW app falling out of bed at the last minute !

Might it be an idea to delay submitting your BTL app until your NW mge ahs completed and the dust settled ?

Chat it through with your broker, who should guide.

Hope this helps

Holly x

Thank you for all your thoughts, most appreciative. The Nationwide are fully aware of our BTL property and since saying yes in principle have now asked for a current mortgage statement for the BTL property as well as bank statements showing rental income. Our residential property is worth £225,000 our current mortgage application is for £86,000 which is LTV of 38% - please correct me if I'm wrong I only dabble in these things every couple of years thank god!! Our residential mortgage fixed rate expires 30th April 2013 and the BTL one on 1st June 2013. Our broker sorted out the mortgages for both 2 years ago so is fully aware of the situation we are in, hopefully Nationwide will continue to say yes :think:

holly_hobby

Great, they are aware of the 2nd property, and with such a low LTV (and if self supporting), it won't negatively affect your new mge NW app - so thats grand !

Just raised as I wanted to ensure that there was nothing else to rear its head - which appears your broker is on the ball, and its now all sailing along nicely (after the initial hicccp !)

Good luck with your apps ....

Holly x