Nationwide New Rules Any Flexibility?

Thesnowman_2

Hi, our property is under offer and there is a house we have seen that we really want to purchase. However, there is a bidding race and to make our position as strong as possible we have to be able to proceed as if we're not reliant on the sale of our house. Up until today, we were able to do this, however we've just discovered the fact is due to these new rules Nationwide will lend us £30k less than last month!

Would Nationwide take into account that our house (unencumbered) is under offer, a few weeks away from exchange and basically as soon as our sale completes we could throw 50% of the money we get from our sale into a "no ERC" tracker mortgage and therefore lend us the extra we require?

Do they ever talk to customers and offer flexibility or is it as we're finding "computer says no".

Thanks:mad:

kingstreet

There is no flexibility to lend more if you may be able to pay the mortgage down in a few weeks, as the lender is unable to force you to do this.

Therefore, the affordability model determines what you can borrow based on your current circumstances.

You may wish to find an alternative lender.

Thesnowman_2

It's so frustrating, in a matter of weeks we would be able to half our new mortgage by 50%. We were going to go with NW as all our savings with them, no credit issues etc, found them to be very efficient in the past.

Are all lenders going to go on current circumstances or please can you name any that may show a degree of flexibility to our circumstances.

Many thanks.

kingstreet

No lender is going to flout FCA affordability guidelines the week MMR is adopted.

Other lenders are more generous than Nationwide though.

House.buyer.sarah

I have exciting offer due to complete on Wednesday will this be pulled due to these changes ??

kingstreet

No. The OP has not applied yet.

Presumably, you have a formal mortgage offer.

Yorkie1

House.buyer.sarah wrote: »

I have exciting offer due to complete on Wednesday will this be pulled due to these changes ??

Honestly, you have been repeatedly reassured on other threads about your position. Stop worrying.

kingstreet

I wonder what makes the offer exciting?

House.buyer.sarah

Haha I know I'm
A worry wort x been stressed out the entire time don't know how people do this lots lol . As for my exciting offer I ment existing but have fat thumbs and an iPhone. Ok I'm reassured I promise il disappear on Wednesday when I finally get keys , felt like I've been a board pest now but I'm single parent selling and buying my first house no one else for me to pester for advice x