Nationwide update

AMO77

Well, this has been a saga.
Nationwide have come back and offered me £20k less than I have asked for, as they do not accept more than 2 incomes.
They have accepted outright that they have mistreated me as my 3 incomes were made very clear in applying for the DIP. It was only then deemed unacceptable during final checks.
Making things worse one underwriter was ready to offer the full amount by a "tech error' meant this had to be delayed until the next day, whereupon, another underwriter, charged with sending out the offer, spotted the 3 incomes and sent back an offer based only on the affordability of 2 of my incomes.
I have been in all 3 (related) incomes for 8years plus, a salaried position (2 days), a PAYE professorship (1 day) and then self employed.
Nationwide have even admitted their 2 income criteria is archaic.
Whilst appealing this decision, my broker has got a DIP from Barclays (my own bank) and a valuation was done with them today.
So, the final situation is:
1. Barclays, who have been in possession of all requested paperwork since Tuesday, move quickly on receipt of the valuation report (it is a brand new property so there shouldn't be an issue, Nationwide's valuation was fine) and send out an offer mid week, as my broker is pushing due to the developers asking why it is taking so long to secure the mortgage (3 weeks since application with Nationwide, which isn't that bad)
2. If Barclays look as if they are wobbling, even tho we cannot see what they would wobble over (Nationwide described me as an "ideal candidate" for a mortgage "if we could accept 3 incomes"), I can raise the extra £20k deposit and go back to Nationwide by Friday (latest) and accept their mortgage offer.
What a business.
Hoping for a resolution, and an end to this.
Nationwide are calling on Monday to discuss compensation. I am tempted to ask them for £20k! ;-)

ACG

This is one of the things that annoys me with Nationwide. I will never forget the case where I called up to check if the applicant could buy a property attached to their own.

I was told because its a flat they can.
Application submitted, declined at application stage.
Called my account manager who said the underwriter has it wrong and it can be done so he referred it to a Manager who agreed with my account manager and the original person so referred over to the underwriter to sort it out.

Underwriter said they were all wrong and they were correct.

Pulled up the policy and the underwriter was correct.

Asked natiownide if they would honour it on the basis half the bloody company near enough thought it could be done....no!

Wasted about 2-3 weeks. Cant fault the underwriter they have stuck to the policy but 3 other people were all wrong!

oli_ro

Well, good luck with Barclays and at least you have the NW offer as a back up.

AMO77

Yes but it's taken a ridiculous amount of time and stress needlessly.
HSBC, Barclays and Santander have all given mortgages to friends and colleagues of mine on 3 or more related incomes (providing you're not working 200 hours a week and been in the jobs 6months+)

Thrugelmir

AMO77 wrote: »

Nationwide have even admitted their 2 income criteria is archaic.

Was that an official spokesperson or a member of staff sympathising.

AMO77

Two underwriters and a complaints person. I can't imagine they would publically or officially acknowledge this but it makes me feel better for now, as it had previously made me feel that my way of life is unworthy of support. My first mortgage experience so it's a sensitive time

kingstreet

While there's no doubt Nationwide made a total hash of dealing with this, the application shouldn't have been submitted to Nationwide in the first place.

Its criteria says;-

UNACCEPTABLE INCOME

Expenses
Mileage / Fuel Allowance
First Aid
Broadband and Phone Allowance
Shadow Pay
Educational Grants / Bursaries
Teaching and Learning Responsibility 3 (TLR) payments
Housing Benefit
Foreign Currency
Jobseeker's Allowance
Income Support
Income from lodgers
Third jobs
Income from casual employment
Bereavement Allowance
Guardians Allowance
ESA payments not from the support group

http://www.nationwide-intermediary.co.uk/lendingcriteria/general/income#second_jobs

AMO77

I hope it prevents others being in this situation tho hopefully light at the end of the tunnel

amnblog

A shame that Nationwide that AM077 are falling out when, as KS says, the case was outside of criteria from the get go.

Nationwide are now left trying to resolve a case they would reject on three incomes if queried at outset.

kingstreet

We just can't afford such poor research these days.

We spend hours studying each case from every angle before we go anywhere near a lender. This was an elementary error, IMHO.

oli_ro

Easy to avoid such problems by removing the fields for more than 2 jobs on their paper and online applications. Then its impossible for customer or broker to even enter a third income.