Can someone or a broker with common sense help! PLEASE!

brightsprite

Hi,

Were banging our head against a brick wall with Nationwide and I'm desperate for some help.

We have got a DIP based on wage for what we need. NW have said to broker that we might get less than we need as the student loan payments don't stack up????

I get a salary of around £28000, and a guaranteed allowance on top for being on call of £3000 and extra if I get called out. Due to me being on maternity leave last year they got a reference to say the same from my employer and that the £3000 is guaranteed (Nwide will only take 50% into consideration though!? Even though two letters have confirmed I have received this for 3.5 years and it will continue.

In may this year I paid £140 student loan due to me doing a lot of on call. I got over £500 more in my pay that month after deductions. Now apparently NW has a policy of taking the highest student loan payment from payslips and putting it down for the full year. So that they are saying I pay £140 per month and there is nothing they can do!?!

If I did pay this I would be earning £38000 per year at least with childcare voucher deductions etc. But they won't listen to reason apparently according to my broker - who has tried he says!

Has anyone else heard of this before? It seems ludicrous!! They have other payslips that clearly show I pay around £90 - which is the £28000 and £3000 on top - anything over is because I am paid more!

Please help we applied for the mortgage in may and will lose this house.

Thanks so much

ShALLaX

I suppose their policy is their policy. It might be time to look for another lender.

brightsprite

Just to clarify my waffle... NW wont take the additional salary into consideration for that month and work it across the year, but are taking the highest student loan?!? Thanks

ValHaller

brightsprite wrote: »

In may this year I paid £140 student loan due to me doing a lot of on call. I got over £500 more in my pay that month after deductions. Now apparently NW has a policy of taking the highest student loan payment from payslips and putting it down for the full year. So that they are saying I pay £140 per month and there is nothing they can do!?!

They must be morons of the worst sort - doing as their computer says rather than making the computer do anything sensible. Or do you have a droid entering rubbish into the computer.

Yes it may be realistic that you have to pay 12 times £140 - but your pay is going to be that much higher to cover it.

Your only choice as I see it, confronted with this stupidity, is to look elsewhere for a mortgage.

brightsprite

Thanks

Bit late now I fear! The sellers won't wait longer.

The student loan payments are set above a certain percentage for a certain amount. It's ridiculous! Wouldnt have even been an issue if I hadnt been on maternity leave last year!

brightsprite

If they took everything into consideration and said we couldn't get enough then fine - if it was based on accuracy!

What's difficult is I have an 18month old work full time as does my husband and he earns a good wage and we have saved like troopers for a 10% deposit over the last three years and now this!! Xx

ACG

What your saying sounds correct.
It doesnt make sense but it is nationwides stance. Its like having their cake and eating it.

I agree with you, very frustrating but my experience with ntionwide is they have their stance and thats it.

brightsprite

Thanks for your reply - I wish we had gone elsewhere - but hindsight is a wonderful thing x

Dave_Ham

N'Wide are incredibly unlikely to budge, although I would be leaning on the BDM to pushback and apply some common sense.

How much will it leave you short by, what is the approx. balance on the student loan?

brightsprite

Apparently £18000????!!!??

Balance is approx £5500

Not sure how they work that one out really x

Dave_Ham

That does seem high.

Obviously you could tell them that you would clear the student loan prior to completion, one option but appreciate £5.5k is not small change (although cheaper than £18k)

Once you have pushed N'Wide as far as you can, you could approach the seller and state that they can accept an offer of lower, or you will pay what is agreed but you will require another lender.

Chances are this route will be dearer as the next best at 90% who are more flexible are priced higher than N'Wide.

Your broker should know the quickest, next best option where they will be quicker and more decisive.

Good luck