Nationwide Concerned about financial associates

Joanne22

Hi, I am in the process of applying for a shared ownership mortgage (30% of a property).


The mortgage is 75% LTV and I am only borrowing £68K.


The application is in my name only and it has been referred to an underwriter due to the fact that Nationwide are concerned about my financial associates.


My husband doesn't have a good credit history but he is not on the mortgage application. Will this association mean that my application will be declined?


It has been almost a month now since I submitted the application so they are taking their time to make a decision.


Thanks in advance.

Thrugelmir

Joanne22 wrote: »

My husband doesn't have a good credit history but he is not on the mortgage application. Will this association mean that my application will be declined?

Where's the deposit originating from, joint funds?

Joanne22

Hi, the deposit is coming from my bank account.


We do not have a joint account for this reason.

Dave_Ham

Some lenders are fussier than others on sole applications when married front.

Unfortunately Nationwide are not typically as flexible as a few other lenders on this matter.

Does not mean a decline for sure, but well worth having a contingency plan.

Good luck

kingstreet

We got a sole application in similar circumstances declined recently.

Dave's idea of a fall-back position is advisable.

Joanne22

Thank you for the replies, I may have to consider another lender if this one falls through.

Joanne22

Kingstreet - how long does it take for underwriters to make a decision? It was referred two weeks ago.


I have double checked my credit report and there are no financial associates listed so not sure where Nationwide would have got the information from.


Thanks

kingstreet

We submitted the DIP and got a refer.

We provided all the requested supporting documentation.

They then asked us who else would reside in the property.

We said "the wife" and got a prompt decline response.

Assuming you went direct and we didn't, the time it took for our decline compared with yours is irrelevant.

What you need to do is have a contingency plan which should involve a broker and alternative lender.

Joanne22

Thank you - Nationwide have asked for further documentation so will see what they say.