Mortgage Application - 25 weeks and counting

marinade

Hello.

We applied for a mortgage with Nationwide at a meeting in our local branch on March 1.

We still have no decision.

We do know that at one point, a managed decline was put on the application. My understanding is that this was because the underwriters believed my rental income from another property was not continuous. This is because my managing agent's policy is to take their entire commission in an annual lump sum, wiping out a month's income and denting the following month. Unfortunately, the three months records I provided to Nationwide coincided with this deduction so out of context it appeared I had inconsistent (or no) rental income coming in. Anyway, I explained this and provided further rental income records. Another seven weeks has passed since then. Nothing. The Nationwide also asked me, a couple of months into the process, for things like ID and proof of address, despite these being provided at the original meeting. I have also explained to them at least three times that my other properties are mortgage free.

The irony of all this is that the mortgage for which we're applying is one my partner has been happily paying off for years. I've also been paying it for the last two. All we want to do is take her ex-husband (who has not contributed to the mortgage for some five years) off and put me on. That's it.

We are at the point of entering the complaints procedure because this is so exasperating.

Has anyone experience of so drawn-out a process?

amnblog

You have a case that tarnishes the Lender's image and most brokers have one or two case like this a year in spite of our efforts to avoid them.

They normally cannot be predicted.