Nationwide -Mortgage Porting

Thrugelmir

If you have a payment plan with NW for unsecured debt. Unlikely they are going to view your mortgage application positively.

the rent pays the rent

Are you declaring the rental income for tax purposes? If you are not. Potentially you are creating yet further problems.

dwill1503

Thanks Thrugelmir. Yes we have of course been declaring to HMRC.
When you say they won't view positively, have you had experience of them in this situation? We would clear the debt we hold with them with the proceeds of the sale.

dwill1503

Another question, would NW not take into consideration that our LTV was 90% and it is now 43%? Or is it irrelevant?

djedga

The LTV will affect what rate you get, but the affordability will determine whether they will offer you a mortgage at all.

On a side note porting through Nationwide (going through this ourselves), appears to be slow and with little feedback like you would normally get in an application process.

It requires a paper application through a separate team, and seems to end up being sat in someone's in tray for long periods of time between each step!!

We had our valuation done before the bank holiday and although we keep getting told it will go to offer, there are no issues with affordability, or the application, or the valuation, we have yet to hear back with our offer. :mad:

kingstreet

If you've got your "M3" application number, there is a limited tracking facility for paper apps here;-

https://mats.nationet.com/mortgages/intermediaries

djedga

kingstreet wrote: »

If you've got your "M3" application number, there is a limited tracking facility for paper apps here;-

I don't, but if I did I would probably only be obsessively refreshing that page!

dwill1503

So, a quick update - I found a broker, gave lots of info & then today said we would like to port with NW, not borrow more, reduce LTV from 90% to 47%. I asked if we should do this given we have adverse credit or if we should just forget NW. I was simply told they should accept us but they might not. This is really frustrating! We just want to know if we are still within NW's criteria - I don't want to waste an application and as NW have said we can't get a DIP until an offer is made, we dont want to waste our time viewing houses if we can't buy it.

kingstreet

dwill1503 wrote: »

So, a quick update - I found a broker, gave lots of info & then today said we would like to port with NW, not borrow more, reduce LTV from 90% to 47%. I asked if we should do this given we have adverse credit or if we should just forget NW. I was simply told they should accept us but they might not. This is really frustrating! We just want to know if we are still within NW's criteria - I don't want to waste an application and as NW have said we can't get a DIP until an offer is made, we dont want to waste our time viewing houses if we can't buy it.

As I said previously, the only option here is a paper decision in principle. The broker could do this quite easily if he wanted to. The only downside is the thirteen pages to complete as it is the first part of a paper application.

If you are saying you don't want Nationwide to credit score you, there is nothing else to suggest. That is exactly what the DIP is.

djedga

djedga wrote: »

I don't, but if I did I would probably only be obsessively refreshing that page!

That link proved most helpful in the end!

The wife got fed up and phoned Nationwide direct got the M number and we were able to see yesterday that the mortgage has been approved and offer is on the way!

Transpired that the survey didn't get to the underwriter until this Monday - although we were told they had it two weeks ago. Any way panic over all sorted for us. Porting application took about a month in the end from start to finish (should have the offer in the post today/tomorrow) with a bank holiday in the middle.