nationwide mortgage cancelled after DIP

lalab3

Hi there
After 7 agonising weeks Nationwide cancelled our
Mortgage application as 1 of our 3 current bank statements
Did not show a rental deposit we get from our other property.
We explained that our tenant had a great deal of things to fix and change this month and that we would deduct from the rental payment. We have 10 rental payments showing on all our statements apart from September! But the underwriters will not even consider them. Our deposit is 45% £275000
And our earnings above £60000, credit report perfect but one month does not have a rental payment!
We are using a broker but to be frank she hasn't been great unfortunately
Any underwriters for nationwide on this? Or any advice will be appreciated please!

amnblog

Why have you not changed broker if the one you have does not know what she is doing?

The Nationwide criteria states that they require 3 months bank statements showing rental income. Lenders hands can often be tied as they make submissions to the FCA as to how their will evidence various criteria. It is often not as simple as taking a sensible view.

lalab3

We haven't changed broker yet as we were waiting it out.
I thought that the 3 months would be crucial as I read it myself!
What should our next step be from here? As Nationwide have said everything was perfect besides the bank statement they required. This through us off affordability as they cannot use the rental income to cover the rental property until all 3 bank statements have the amounr on them.
What should my mortgage broker be doing at this stage?
Thank you!

Thrugelmir

lalab3 wrote: »

We explained that our tenant had a great deal of things to fix and change this month and that we would deduct from the rental payment.

The lender may well take the view that the rental payment has been missed.

lalab3

Can nationwide keep our application open until our dec rental payment comes in on our statement? We'd have 3 months consistent for them then. How long can any lender keep the application open as our vendor of the property we want to buy is happy to wait for us?

oli_ro

Why not try another lender in the meantime and keep the NW one going as well ?
Your broker could check beforehand the lenders conditions to make sure you don't waste your time and end up with unnecessary credit checks.

lalab3

That is possible I suppose. .... but would another lender do their own valuation too on the property? As nationwide already did one and it came back fine? trying to save on any additional costs. Also will the new lender see nationwides search and assume the worst?

Thrugelmir

Our deposit is 45% £275000

How much are you looking to borrow? You'll struggle if it's over 5 times income. Which the above figure suggests it is.

lalab3

Deposit £275000
Want mortgage for £325000

Our broker knows that our figure is easily obtainable

amnblog

oli_ro wrote: »

Why not try another lender in the meantime and keep the NW one going as well ?
Your broker could check beforehand the lenders conditions to make sure you don't waste your time and end up with unnecessary credit checks.

Idea one - NO


Idea two - A BIT LATE NOW

lalab3

What do you suggest our next course of action is? Not sure where to continue now.....:(