Urgent mortgage help or sale might fall through :(

Supermario84

Hi there

I am in the process of buying my first house for me and my 4 year old son after a very difficult divorce, and nearly 4 years of living back at home with my son and parents (plus father has MND, but thats a whole other issue).

Anyway, mum is having to come on the mortgage with me as guarantor, to bump up the loan amount (I have a 40% deposit).

We had a mortgage in principal from Nationwide at the point of my offer on this flat being accepted, and have sent them all of the supporting documents. After 4 weeks of to-ing and fro-ing, they have just told me that all outstanding documentations from me and mum are fine, BUT that they cannot accept my mums bank statement as proof of her income because it doesn't look like a salary fed account (basically, her monthly salary payment on her statement appears as her employees bank account, rather than the name of her employer). Her account is a very old one (circa 30 years+!) with a passbook, and though she can access everything online, that is the only way we have details, so cannot see a way to update any item descriptions online...but like I say, it doesn't appear as her employer name, just a long number. She has spoken to her bank, and they have pretty much said that they cannot print the info she needs.

So nationwide have said that they cannot accept this as proof, and will not be able to lend me the money

Is there any way around this? If I go to an alternative lender, will I still have the same issue?

Please help!

Thanks!
Maria

haras_nosirrah

Does she not have payslips?

Supermario84

Yep, we have sent them payslips, and they are happy with those. When you match the bank statements and payslips, they can see that the amount and dates match up totally, but from their perspective they are saying that they cannot verify the amount going into her account is actually directly from her employer.

Arrrrgh:mad:

stator

You could try a letter from her employer confirming the employment, the dates of the payments and the account number which they paid the money into.

ACG

Sometimes you do need to spell things out for nationwide - is there anything on the payslip the correlates with the bank statement (other than the amount)?

If not, can they write to your employer?

If not, when I used to work for RBS we could go into transactions and find out a little more about them - usually the name of the company/address/type of business etc (that was always funny when "Adult" companies displayed something on bank statements that wasnt obvious and then people called up to query and you would say "its superhotblondes.com" and they would go "ok great thanks bye". Can your bank not do this and print it out? It sounds like not but you never know.

Thrugelmir

Supermario84 wrote: »

Her account is a very old one (circa 30 years+!) with a passbook, and though she can access everything online, that is the only way we have details, so cannot see a way to update any item descriptions online...but like I say, it doesn't appear as her employer name, just a long number. She has spoken to her bank, and they have pretty much said that they cannot print the info she needs.

The employer is the one who should be entering an adequate description when making the payroll payments.

Supermario84

Thanks for the advice all. I actually cancelled my Nationwide application, and got a much better deal elsewhere, which saved me over £100 a month and doesn't require my mum on the mortgage! Nice little lesson though, will never deal with Nationwide again!!