Relocating, difficulty getting a mortgage due to change in Nationwide Criteria

Monkey_Money

We are in the process of relocating, our house sale is going through & we've seen a house to buy HOWEVER we can't get a mortgage. We are currently with nationwide & have never gone in to arrears & have good credit history etc
We have used 2 mortgage brokers & contacted the banks directly.
My partner is recently self employed & I'm in the process of moving from a part time to full time job. We've been told we can both get separate mortgages but jointly is proving difficult.
All the banks seem to have their own systems, criteria & when it comes to self employed accounts they use different data.
We were told by nationwide they would give us a joint mortgage for the amount needed, but following a meeting yesterday they now tell us their policy had changed & they won't take in to account my new job offer.
If anyone could please offer advice or know at other options would be much appreciated!

Dave_Ham

Hi there and welcome.

There are lots of lenders and many brokers, you will need to be careful not to be blindly attacking a lender and them credit scoring you each time.

So your credit score appears to be ok, it is just the income.

So, what are the exact specifics of your situation.

How much is your job offer for, when does it start, what is the probation period?

What is your deposit and agreed purchase price?

How recently is partner self employed?

Will hopefully be able to give some perspective on the overall opportunity with these for you...

Money_Monkey_5

Thanks for your reply!
Job starts at beginning of May, 35k with a 6 month probation, however despite the relocation & change of employer it is technically the same organisation. The trouble is my current part time salary shown on my pay slips is significantly lower.
Partner has SA302 forms for last 2 years (i think) but not 2012-2013 yet & has been tax efficient with setup! some lenders want to calculate salary & dividends, others just 1, so it's varied what income they calculate him on but jointly we have around 70k income!

Looking at 20% deposit with 80% mortgage!!

Need to borrow about £240k

Our house sale is proceeding with exchange in April, but the house we are looking to purchase is vacant, if necessary we are contemplating renting if mortgage can not be agreed!

Dave_Ham

Subject to the detail of the data, this looks like it should be achievable.

I assume you have got a letter of appointment, or suchlike.

I genuinely believe a decent broker will be able to sort this.

Good luck

Monkey_Money

Having gone to a different branch of nationwide, a review of their handbook & call to underwriters, I walked out with a DIP!! Perseverance pays off!!!