Changing Application Criteria

uniquelyweirdbroccoli

Hi All,

I am in the middle of a mortgage application with Nationwide.

On my application I put an estimated bonus but I can't prove that estimation.

Even without the bonus, I still should be able to afford the mortgage (based on their basic online calculator etc) so I (My Mortgage Advisor) have asked if the application can continue without the expected bonus being taken into consideration.

My questions are:

• How likely do you think they are to continue with the application?
• If they are not prepared to continue and reject the application, without reviewing if I can still get it without the bonus money, would it be a bad idea to reapply straight away without the bonus money?
• They have also scheduled a valuation. If they value the house and that's all fine, would I need to pay for another valuation if I was to reapply immediately?
• Has anybody been in the situation of not being able to prove an aspect of their income but could still afford the mortgage without it? What happened to you?

Thanks for any feedback.

Cheers

ACG

Your broker should have asked you to prove your bonus before submitting (by way of payslips or P60).

Most lenders would just reassess on whatever income they allow, nationwide in certain circumstances ask for the application to be resubmitted with the correct info (not being a massive user of nationwide im not sure where this would sit). Im sure the valuation can just be carried over as its recent.

uniquelyweirdbroccoli

Thank you for this, ACG.

The mortgage adviser did raise it as a concern, but still went ahead with the application including this anyway...

Fingers crossed it doesn't effect the application and they will continue to assess without this bonus.

ACG

My theory is if we do not need it, do not include it.
If it passes without then its one extra thing that needs to be evidenced for no reason which is more work for everyone - hey ho it is what it is.

Your broker should really be asking nationwide though if hes not sure of their processes, I dont know their processes that well having only used them 2-3 times in the last 12 months, so I would be on the phone so I can tell the client and everyone stops worrying (or worries a little less).

betmunch

Hang on, your advisor checked the payslips and said, you cant prove this bonus, then added it in anyway?


If that's right that's shocking!


Was it a bank adviser or a broker?

Rollinghills

We had to provide bonus confirmation for the past 2-3 years to nationwide. They will probably go by the past amount of bonus you got , not any future wishful thinking / promises that the company may or may not fulfil. I'm sure the application asked for the bonus in the past, not a prediction.

ACG

betmunch wrote: »

Hang on, your advisor checked the payslips and said, you cant prove this bonus, then added it in anyway?


If that's right that's shocking!


Was it a bank adviser or a broker?

I was being a little more tactful
But I do agree.

betmunch

ACG wrote: »

I was being a little more tactful
But I do agree.

No time for tact, I've only got until I get through the hold music to a lender to reply!!!

uniquelyweirdbroccoli

betmunch wrote: »

Was it a bank adviser or a broker?

Independent Broker.

ACG

betmunch wrote: »

No time for tact, I've only got until I get through the hold music to a lender to reply!!!

Depending on the lender that could be a while.

uniquelyweirdbroccoli

As an update to the case. Nationwide are continuing to assess my outgoings so I'm hoping they just ignore the bonus and I can chalk this up to experience.