Please help - 5 weeks of problems trying to acquire nationwide AIP

emzeet

I am a recently qualified doctor about to start my new job in August. My partner and I have relocated to the area where I will be working and he has began his new job. His job is permanent but has a fixed probationary period of 6 months. Before we moved back, my mum offered to gift us a deposit and had a discussion with a friend who was previously a financial advisor. He suggested that we would likely be able to qualify for a mortgage if we had a deposit and gave her details for a mortgage broker he knew.

I called the broker who said that securing a 10% mortgage for a property of 140k shouldn't be a problem in our situation and suggested that Nationwide would be a good lender to look at as I still hadn't started my job. I start on a basic of 23k (+ 6k banded overtime) and my partner is on 17.5k. A couple of weeks later a property came onto the market that we were interested in. I spoke to the broker, sent him the documents he requested and he called me back to say that we "were good to go" and that I could put the offer in. Our offer was accepted 5 weeks ago.

Since our offer was accepted we have been having problems. After a couple of days the mortgage broker said there were problems securing the AIP and that it had been referred to an underwriter. I found this confusing as he said that we were fine to proceed and put in an offer.. Nationwide have been continually asking for paperwork which I have scanned and returned to my broker within hours of receiving the request. They even began asking for duplicate documents.

The processing department are of the impression that I am on a fixed term contract for 1 year - even though they have seen documentation which clearly states my salary and bandings for 2016-2017. Due to the nature of my training, I do have to change posts every few years until I become a consultant/GP but I wasn't aware that this would be a major issue. My broker has been having problems over the last few weeks trying to get our application from the processing department through to the underwriters. He has managed to speak to the regional manager who said that she would try to hurry things along and get our case seen by the underwriters.

As of today, it is approaching 6 weeks since our offer was accepted, and our application is "still in a queue". The estate agents are continually calling/e-mailing for updates. I spoke to the broker this morning who said that the application was still in the queue and he said he had e-mailed the agents to say that if we had no news by Monday he recommended that our offer was withdrawn.

I feel really lost as to what to do. We are first time buyers and I feel very out of my depth. We love the house and only put the offer in as our broker gave us the go ahead regarding the AIP - when in fact it was not in place. If anyone has had similar problems as a doctor or someone about to start a new contract and can shed some light on the situation I would be very grateful.

amnblog

We do Doctors all day, everyday, with these kind of circumstances, with Nationwide and with other lenders.


Our last deal with Nationwide took three days to get the DIP on and a week on full application to valuation.


Therefore what you describe is unusual.


I obviously do not know your case but it sounds like the broker is not used to dealing with this type of situation and it will not be resolved without the input of someone more experienced..

Malmo

My suggestion is to find another broker.

One suggested method to find a broker (as well as Google), is to follow the steps in this post.

Shortlist several brokers, speak to them and describe the events that have led to your current circumstances and explain your desired timelines, so that the urgency is clear. You'll need to decide upon speaking to the brokers which one you feel comfortable working with.

emzeet

My mum called into Nationwide today and dealt with a lovely, very helpful lady in branch. She called through to the relevant department and was informed that they hadn't heard from the broker since 30/6/15. They also explained that the underwriters had been in contact with my HR department and had approved the application as low risk.

I had been on the phone with the broker this morning who said that the processing department were querying something on my partners final payslip but nationwide explained today that they haven't had any concerns at their end.

amnblog

All very strange

libf

emzeet wrote: »

My mum called into Nationwide today and dealt with a lovely, very helpful lady in branch. She called through to the relevant department and was informed that they hadn't heard from the broker since 30/6/15. They also explained that the underwriters had been in contact with my HR department and had approved the application as low risk.

I had been on the phone with the broker this morning who said that the processing department were querying something on my partners final payslip but nationwide explained today that they haven't had any concerns at their end.

Is your broker even calling the right lender?!

If there's more than one broker at the firm then ask to be looked after by another. If it's a one man band then find another broker!