nationwide mortgage cancelled after DIP

boxrick

I recently purchased my second home and am renting the first house my partner and I purchased.

We had a good deposit, decent finances and everything seemed ok. It took us 6 months from start to finish and was an absolute nightmare.

Ultimately I went with a bad broker at first ( L&C ) then after this direct to the BS and finally used a well reviewed broker ( Allinsons Financial ) up in St Helens.

The first two mortgage disasters took weeks of tooing and froing, and wasted about 2-3 months? When I went with a decent broker from applying to getting the FULL mortgage offer took 7 days, and whilst it wasn't the headline topping rates of the first two was quite reasonable.

Simply put, get a good broker, pay them a little bit and start from scratch. You should know what documents they will request now which will help speed things up.

Good luck!

lalab3

Sounds just like our situation at the moment!
We've now spoken to our brokers manager who is taking over
Our case. Nationwide are now happy to proceed to reviewing the application once our december statement showing the rental income comes through. This will give nationwide 3 consecutive months of rental income and our earnings are excess of £75000 per year.
My only concern now is 1. Our dip is for £325000 if a mortgage offer is given would it be to this value?
2. As december is xmas month our tenant will be depositing rent earlier than usual app 1.5 weeks early, will this matter?
But nationwide assure us that an offer can be made 2 days after they receive that December statement.:eek:
Also how do I check what info was submitted on our application when the dip was given? As I want to make sure that the information was correct.

Thrugelmir

lalab3 wrote: »

Our broker knows that our figure is easily obtainable

Brokers don't lender money.

lalab3

I know brokers dont. Nationwide does. But our brokers manager has spoken to the underwriters.... something nationwide will not allow us to do. I suppose will we know shortly.