Nationwide Mortgages - Full Offer Withdrawn Without Reason

Jotter

We recently applied for a 90% ltv mortgage with Nationwide online. We obtained an agreement principle on 25th July and provided all requested document including statements linked to two buy to let properties.

We received a FULL OFFER on 13th August. When I called on 28th August to confirm we were ready to proceed I was told that the offer had been withdrawn. No-one had called, text, emailed or sent a letter!!

The reason given was an undeclared loan. This was confirmed as an error relating to a hire agreement and an appeal submitted following which I was told it should be OK.

The appeal was rejected but another reason given for the refusal. This time that they would only lend 85% ltv if buy to lets were owned. All of which were declared from the start!!!

They just seem to want to stick to their guns come what may but have offered no explanation or apology!!

The customer service is the most shocking I have experienced in years from any company. No-one takes responsibility and everything takes far too long to progress. The fact we have a house sale and purchase underway does not seem to register.

Now over 6 weeks later I have had no explanation of where we are and why. Staff seem confused or just indifferent.

I will never deal with them again!!!

Thrugelmir

Jotter wrote: »

We received a FULL OFFER on 13th August. When I called on 28th August to confirm we were ready to proceed I was told that the offer had been withdrawn.

Did you formally accept the offer and return the documents duly signed. Did your solicitor receive a copy of the mortgage offer.

Jotter

Thrugelmir wrote: »

Did you formally accept the offer and return the documents duly signed. Did your solicitor receive a copy of the mortgage offer.

Yes - A copy was sent to the solicitor. We also signed and returned the mortgage deed to our solicitor.

The offer itself stated "There is no need to sign and return this offer"

holly_hobby

Nationwide only lend 85% on 2nd properties - and if you have BTLs in the background, there you have it, this is completely separate to any non-disclosure issues there may have been.

If the BTLs were declared from outset, and if any fees have been incured as a result of them overlooking this in initially offering the 90%, then you may have an argument for their refund.

Hope this helps

Holly x

Thrugelmir

Jotter wrote: »

Yes - A copy was sent to the solicitor. We also signed and returned the mortgage deed to our solicitor.

The offer itself stated "There is no need to sign and return this offer"

So why did you call them to say you wished to proceed?

Jotter

holly_hobby wrote: »

Nationwide only lend 85% on 2nd properties - and if you have BTLs in the background, there you have it, this is completely separate to any non-disclosure issues there may have been.

If the BTLs were declared from outset, and if any fees have been incured as a result of them overlooking this in initially offering the 90%, then you may have an argument for their refund.

Hope this helps

Holly x

Thanks Holly - Will see what they say. Everything was fully declared from day one so definitely their issue. When I was first told about the withdrawal I asked if the 90% was the problem and told "it has nothing to do with the loan to value".

Frustrating!!!

holly_hobby

TBH - until you get to completion, a lender can withdraw an offer at any time, typically its due to non-disclosure or other factors of the case that were not correctly assessed at initial underwriting, and/or anything that pops is later revealled by pre-completion audit.

In this case they have revised the offer to 85% max lending .. so it hasn't been completed withdrawn just tinkered with.

H x

Jotter

Thrugelmir wrote: »

So why did you call them to say you wished to proceed?

We were just getting closer to completion so I wanted to make sure everything was in place. Good job I did really!

Jotter

holly_hobby wrote: »

TBH - until you get to completion, a lender can withdraw an offer at any time, typically its due to non-disclosure or other factors of the case that were not correctly assessed at initial underwriting, and/or anything that pops is later revealled by pre-completion audit.

In this case they have revised the offer to 85% max lending .. so it hasn't been completed withdrawn just tinkered with.

H x

Well, I suppose I will have to wait and see. They just withdrew it rather than adjusted it. I have asked if they would make a new offer at 85% but that is going a "Nationwide Speed"!!

holly_hobby

Ah, I see ..... have a pow wow with them re their 2nd property oversight, and see what happens.

Holly x