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Right royally screwed by MMR

Halle71
Posts: 514 Forumite

So, we started our mortgage process about 6 weeks ago
We are adding 30k to our current mortgage, bringing it to a total of £155k on a £650k house. LTV 24%, joint income nicely above £100k and no other debt, even on credit cards.
When I did the final part of my phone application I told them that we have £256k outstanding on a BTL mortgage with another lender. I accidentally ommitted the £1495 fees that were added, with a terrifying result.
Because we started before 26.4 but this discrepancy has come to light after 26.4 they cannot amend our file. And because they cannot amend our file we must start our application again. First available appointment 23.5. We are aiming to complete that day. The chain is aiming to complete that day.
I know I made a mistake, maybe they even thought I was lying but surely this is beaurocracy gone mad? I gave them the accurate btl mortgage repayments and rental income (more than double mortgage payments). We have offered to pay off the additional £1495 or to simply port our mortgage and pay the additional £30k out of our renovations budget. I've offered them our children. But they are not budging.
The decision will take an additional 6 weeks so, unless Katie at Nationwide who I cried and hyperventilated on, can work miracles, we have pretty much lost our house as we are in a hot area of SW London.
We are adding 30k to our current mortgage, bringing it to a total of £155k on a £650k house. LTV 24%, joint income nicely above £100k and no other debt, even on credit cards.
When I did the final part of my phone application I told them that we have £256k outstanding on a BTL mortgage with another lender. I accidentally ommitted the £1495 fees that were added, with a terrifying result.
Because we started before 26.4 but this discrepancy has come to light after 26.4 they cannot amend our file. And because they cannot amend our file we must start our application again. First available appointment 23.5. We are aiming to complete that day. The chain is aiming to complete that day.
I know I made a mistake, maybe they even thought I was lying but surely this is beaurocracy gone mad? I gave them the accurate btl mortgage repayments and rental income (more than double mortgage payments). We have offered to pay off the additional £1495 or to simply port our mortgage and pay the additional £30k out of our renovations budget. I've offered them our children. But they are not budging.
The decision will take an additional 6 weeks so, unless Katie at Nationwide who I cried and hyperventilated on, can work miracles, we have pretty much lost our house as we are in a hot area of SW London.
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Comments
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Just find a faster way to reapply?
A broker could do this for you without that kind of delay. It does mean a paper application if you are porting the rate from the current mortgage, but it is a whole new application when you move house, regardless of staying with the same lender.
Even with MMR delays, I'd still reckon you'd have a mortgage offer in three weeks, or less.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
That sounds awful. Totally out of proportion and quite ridiculous.
I don't know what to advise you, but I hope you get it sorted. Keep notes. If the worst thing happens then you should write to the ombudsman and the bank and complain because 1495 of fees is totally irrelevant in your case. You are a million miles from being a borderline credit risk to them.0 -
Great idea kingstret - I'll start that tomorrow and luckily we have a broker from the btl.
Katie has escalated our case to a specialist team and we will know within a couple of days whether or not we can work something out. Too stressful.0 -
We had an app in pending, before 14/4.
The employer returned a reference without a date and signature on 11/4.
Nationwide cancelled the application on 14/4.
The correct reference arrived on 14/4.
We have had to re-apply, but they now only request an employer's reference if the applicant is an agency worker. We are now having to obtain two full years' payslips to evidence variable but guarantee bonuses.
This policy change was never notified to us before it was introduced.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »We had an app in pending, before 14/4.
The employer returned a reference without a date and signature on 11/4.
Nationwide cancelled the application on 14/4.
The correct reference arrived on 14/4.
We have had to re-apply, but they now only request an employer's reference if the applicant is an agency worker. We are now having to obtain two full years' payslips to evidence variable but guarantee bonuses.
This policy change was never notified to us before it was introduced.
Why are they being like this with existing applications?
It's so frustrating. Feels very much like 'computer says no'. I feel that if a human looks at our case we may have hope, if its a computer no hope. Unfortunately we can't even move from Nationwide because of a £4k ERF.
Even more frustrating is that we went into branch about 4 weeks ago so they could fax all our documents but when I chased over two weeks later they hadn't done anything with them. They had scanned everything in and put them on our file but admitted they hadn't marked them as 'received' so the next part of the process wasn't triggered. If it wasn't for that delay we wouldn't be in this position now.0 -
Katie at nationwide sounds useless, I bet you wouldn't get this from Howard at Halifax0
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Thrugelmir wrote: »There's nothing to stop you paying the ERC. With potentially a £1 million in property and over £400k of debt. £4k is a small price to pay.
They are suggesting that the only possible way (and still no guarantee) is if we pay off the extra £1495 outstanding on the mortgage.
But you're right. I will talk to a broker tomorrow and see what they suggest.0 -
I would recommend London & Country, have found them utterly brilliant (and super fast, even chased sellers estate agent). Good luck!0
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I would recommend London & Country, have found them utterly brilliant (and super fast, even chased sellers estate agent). Good luck!
Thanks
Does anyone know if I can start with a mortgage broker while still continuing to see if Nationwide come through? Or will I contravene some unknown mortgage bylaw ;-)
I was thinking last night that, had our BTL been repayment not interest only, I wouldn't have known the accurate outstanding balance anyway. Whenever I've remortgaged I've always guesstimated outstanding balance and they've understood. Grrrrrrr. No sleep last night.0
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