Foreign wage mortgage....

dgtazzman

Andy, AIP means little, you WILL get rejected on full application, Nationwide no longer does mortgages on non-sterling income, you can look up their lending criteria online yourself. They started with this in April. I had verbally been given a mortgage offer by them, but they pulled their offer a week later, stating this new policy had come into force.

AIP doesn't look at your payslips to see where the income is coming from, it just looks at the numbers you feed the system.

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

Scroll down to unacceptable income, bullet 9, foreign income.

You might want to start looking for a new lender and save yourself a wasted credit search.

Andy_St

They have already been provided with all payslips bank statements etc as our broker spoke to them about foreign income before we even submitted the A.I.P. All they care about is that the funds turn up in a UK account in sterling.

Also for your info the A.I.P/K.F.I specifically talks about US Dollars so personally i am not concerned, we should get full decision back this week.

I don't see how you can catagorically state that we will be refused? you don't know the details of our application and you have no knowledge of what conversations have taken place between our broker and potential lenders. Many lenders point blank refused when they heard about US Dollar income but Nationwide were aware and were happy to continue.

dgtazzman

I state so as that is what it says in their own lending criteria and as said, I went all the way to offer, till it was pulled by the underwriters and withdrawn based on foreign income and solely on that a week later.

My wages also go straight into my UK account, in Sterling. Just be prepared for the worst. Good chance the right person just hasn't noticed it yet. I even held a Nationwide mortgage previously, before they changed their criteria. You can but hope it doesn't get noticed till after you draw the funds as it will be too late then.

They can hardly put it in their criteria and then pick and mix as they please, that would leave them open to legal action for discrimination.

My MA even put in a formal complaint, as an offer had been made, but to no avail, we were simply told internal policies would stand.

A few others have also tried and failed over the last months on these forums with Nationwide and foreign income, I can at least recall 3 other posters coming here for advice after their case fell through.

P.S. if it does all go through, let me know, as I'd quite happily use the information to lodge a complaint with the Ombudsman at the very least.

Andy_St

I owe you an apology!

Our AIP is with Natwest not Nationwide, posting after too many bank holiday drinks!

Will let you know what they come back with.......

dgtazzman

There you go, you'll be fine then, Natwest are one of the few left that don't exclude foreign income.

Thrugelmir

dgtazzman wrote: »

I had verbally been given a mortgage offer by them,

Who in Nationwide gave you a verbal offer?

dgtazzman

Whoever my MA was dealing with, verbally said offer had been issued and would be posted the next day, which never happened. Water under the bridge...

Andy_St

As an update we have just had approval for the mortgage and the offer of loan is in the post.

Notspending, i don't know if it will help you but you could try approaching Natwest? as they have just accepted us so they are dealing with foreign income. The process for us was pretty straightforward though using a broker certainly helped.

Andy