Nationwide lending criteria - any brokers out there?

lafemme51

I've completed honestly the calculator for a nationwide mortgage and they told me what they would be prepared to lend me.

I found a house and have obtained a decision in principle for less than the amount they said they would be prepared to lend.

I've gone with nationwide because I am a single mum and have salary/maintenance and tax credits as my income and nationwide take this into account, however the split is about a third with wages maintenance etc and having given me a DIP having taken all my information aware how much wages maintenance etc each contributed to my income I have now read some small print about mortgages with benefits and maintenance being likely to be declined.

I have an excellent credit score and I have a 40% deposit but I am now worried they are going to turn around in my mortgage appt (a week on Saturday) and decline my application.

Does anyone personally have similar experience or is there a nationwide mortgage advisor on these forums or a broker who can advise.

I'm off to work now so won't be looking at this post for a bit but I feel quite sick now that having disclosed everything to my DIP and having got the DIP and put an offer in on a house it will all have been for nothing.

Thanks

OneEngland

Benefit income is treated differently to earned income by Nationwide. The underwriter will review the length of time the benefits will be due for and factor affordability on that basis.
Keep positive, there are alternative options to NW. If things do not work out with NW just speak to a broker who will place it elsewhere.

lafemme51

The DIP was approved straightaway without being referred or declined.

My youngest child is only 5 and another is 10 so it's not like I have two 13/14 year olds. I realise benefits are not guaranteed either but they will know the maintenance agreements are in place until children 18 (which will go up as ex has another child soon reaching 18 which will increase maintenance for our children).

I work part time but am going to be increasing my hours so I am trying to be positive.

Someone just told me it can take 31 days to get a formal offer after the three hour appointment so I am not sure how this will impact the house buying chain as I cannot go ahead incurring search fees etc if the NW could then say no. It just gets everyone's hopes up being able to print out a DIP certificate to show vendor for a few weeks later the whole thing collapses. Wish it was more straightforward.

Fingers crossed the underwriting process is quicker than 31 days.

I went with NW as I thought they took benefits and maintenance into account 100% not for there to be small print that these are likely to be declined!

lafemme51

A broker at countrywide via the estate agents said I was best off going direct to nationwide myself because of the tax credits and maintenance.

What company would you recommend as being friendly to people relying on maintenance and tax credits so I can look online?

Thank you

amylyn

I was in a similar position to you a few months ago. Single mum 3 kids 3,6,13, part time with tax credits and maintenance, also had a 40% deposit and good credit history. Went direct to natwest, as they take 100% of tax credits into account. All went well, just waiting to exchange now, so worth trying them?

lafemme51

amylyn wrote: »

I was in a similar position to you a few months ago. Single mum 3 kids 3,6,13, part time with tax credits and maintenance, also had a 40% deposit and good credit history. Went direct to natwest, as they take 100% of tax credits into account. All went well, just waiting to exchange now, so worth trying them?

Thank you. I had no idea NatWest did that as I had looked around. Will have a look at NatWest in case nationwide does not come good.

How long after your long appt did you have to wait to get a formal offer?

Thanks