Nationwide Mortgage Underwriting

fedupdad

Just applied for a Nationwide mortgage through a broker. I called up yesterday to check on progress and was told my application had been declined. When I queried why I was told it was due to affordability.

When questioned further they told me that the mortgage itself hadnt been declined but in fact they could now only lend £700 short of the mortgage I wanted. My broker had been contacted and had produced updated information and it had now gone to a senior underwriter for review.

Apparently if they accept this then I could be offered the full mortgage I am asking for, if not they would then potentially offer the new figure which is only £700 less than what I require.

Does this make any sense? Does this mean I am likely to get my mortgage? Or am I likely to be declined?

A bit of a strange one as I thought decline would mean decline. I am at the end of the process as they have already reviewed by documents and valued the new house.

Grateful for any replies.

wjr4

This happened to me but my broker managed to sort it! They wanted to lend me £23k less than we need because the overtime had been input incorrectly. I actually corrected it myself but they said it had to come from the broker (who I work with) so they initially declined it but once it had been sorted it was accepted! So a decline can be changed to an accept - just have to check all of the details are correct & it won't automatically be a decline unless your broker doesn't reply on time (they say about a week now!). Hope this helps & good luck!

kingstreet

The Nationwide system operates an accept/decline pattern regardless of the issue. For an affordability issue, it will be passed to the Managed Decline Team who will discuss with the broker and attempt to resolve it. This happens if there is a doubt over something on a payslip or a bank statement, for example.

Your mortgage application hasn't been declined. The amount of your mortgage application currently has.

This can be rectified. Speak to your broker and if you are calling Nationwide direct, stop. You are likely to misunderstand the process as you have done here from what you have been told.