Nationwide Subjective Decline

MoneySaverMick

Eventually LandofWood decides to give some good advice without sarcasm. Bravo!

I'd ring around a few brokers, explain your situation and see who seems most confident then can find you the mortgage your looking for. Worth spend a few hundred pound in this situation.

amnblog

This business of buying your 'home' when it is not in commutable distance from your work will cause lenders concern.


They have to consider:


1. Are you actually intending to let it out, not live in it?
2. Are you intending to change jobs and if so how what will the terms be, and can you then 'afford' the mortgage?
3. Are you buying the property to install another member of your family in it?


All of these scenarios cause them a problem, and the underwriting team has to answer to the regulator, and their shareholders (or members) if they get it wrong.


This is once again a mortgage best arranged by a mortgage broker who can handle it appropriately.


Nationwide can consider these cases but clearly what has been discussed here has given them concerns.


The OP should engage a broker without delay.

Jambo5

I'm not sure how this works Abletonguy, but this has me slighty worried as I wish to buy 350 mile away back in Darlington, currently live in Elgin and Im in forces. My wife will give her job up so its all on my wage 27k...so we plan to wipe all debts but will have a 10k 10% deposit. I hope I can do it. However there seems to be Zero mortgage advisors available up here, I will need one as I have had bad past credit.
What is strange is guys who I work with buy and move their wifes home regualarly(my plan), so the guys have to commute. We do in the forces get a GYH pay which for my journey(hopefully) be around £300 a month extra on salary. So tge only thing I can think of is if the underwriter thinks you have extra commintmens as in traveling, accomatation etc. Seems very unfair if this is what you have been doing for years. If I was you I would employ a Broker, I will be if I can find one up here!!

Malmo

Jambo5 wrote: »

However there seems to be Zero mortgage advisors available up here, I will need one as I have had bad past credit.

Have you considered working with a broker remotely by telephone, if you're finding it difficult to find one locally in Elgin? My first mortgage was dealt with over the phone, with adverse history.

Jambo5

Ok thank Malmo. I will be honest, I have oy looked on unbiased. But could not locate one. Still got no idea were to start. Sorry the hi jacking of this tread.