Single application and household outgoings

amnblog

Sounds like you ditched the broker before you had to pay them.

You are now reaping the benefit of that decision.

Don't see why Nationwide are getting in a mess over this. You need a Professional to get involved and sort this for you.

Have Nationwide told you about your extra Stamp Duty bill yet?

Rejast

Hi Amnblog,

No we went for free advice and were told our situation wasn't unusual.

Guess Nationwide are being awkward. But I guess numerous complaints about their staff didn't help. It ended up being escalated to an area manager for Mortgages and the manager at the underwriters. They have acknowledged that we have been given differing advice from various employees. One even threatening it is fraudulent to apply for a single applicant mortgage if a partner is moving in with you and they are not named on the mortgage or deeds.

There won't be any additional stamp duty.

cahillg81

This situation reeks. Seems somewhat unbelievable as well.

Go back to the original broker, assuming he will still take you on when you explain the situation.

Thrugelmir

Rejast wrote: »

Hi Thrugelmir,
I will have no interest in the new property. The deposit, funds for solicitors fees etc will all come from his share of the proceeds of the sale of his former marital home.
Sorry I don't quite understand what you mean by 'something which has been engineered' my savings have been accrued through exactly that, me saving my money. It has been a combination of ppi refunds, saving my wages whilst still working, and money given to be by an older relative 2-3 years ago.

Lenders work at the macro level not the micro. People will try and circumnavigate the rules. As a consequence sometimes it's simpler to pass on the application (i.e. decline). As there's plenty more cleaner applications in the queue behind. Time costs money.

Rejast

Hi Cahillg81, what about the situation is unbelievable?

Thrugelmir, I would rather that they said that our situation was too complicated for them than give us all the conflicting information, thus wasting their time along with ours.

Dird

If you've told NW you will move in with him then I think it's common sense that they ask to see your information given the limited info you've provided.

You said you had savings & debt but no figures. If you have £20k savings and £20k debt then you effectively have £0 savings (in fact, even less due to interest going on the debt). Perhaps you have £20k savings, £40k debt and will put strain on OH and his ability to pay the mortgage.

As you haven't mentioned it, presumably you've not taken a break for child rearing which comes across as flakey. No guarantee you won't prolong your return to work (already 9 month+ hiatus!) which means more strain on OH financially.

He should have just said he will live alone

Rejast

Hi Dird,

Nationwide are aware of all of my debts and savings.
Here's a timeline of the last few years if it helps.
May 2014 I went on maternity leave for (26 weeks full pay, 13 weeks at smp, 13 weeks nil)
After annual leave at was added I was due back beginning of Aug 2015 however I was pregnant and due in Sept therefore my next maternity leave started. (6 months full pay minus maternity allowance along side Dwp paying maternity allowance)
I was due back Aug 2016, I tagged leave onto the end of this so got paid Aug and Sept.
End of September I started a 1 year career break so that my eldest son will be 3 and entitled to some free childcare hours when I go back to work.
In our house we have me, my partner, my daughter and our 2 sons.

As of today I have debts of £17460 and savings of £34000. Intention is to live off my savings for now. Clear all remain debts upon sale of my house as some are on 0%

Rejast

Timeline of dealings with Nationwide
End of Nov parter got a decision in principle for £90k and an appointment was made to do mortgage application in branch on 9/12
9/12 partner got a phone call from person in branch half an hour before appointment who said it had to be a joint application if I was going to live with him. So I headed over. When I got there she had already processed the application and completed the credit check without my input. Mortgage was refused.
10/12 I called the Nationwide mortgage helpline due to some of the comments made by the person in branch. I was told that it is not fraudulent to do a single applicant mortgage and that it should have been allowed to go through as such. This person raised a complaint for me and was told we would hear back by morning of 14/12
14/12 afternoon we hadn't heard anything so called up. Call on 10th not logged therefore complaint not being looked at. Again was told a single applicant mortgage was ok, complaint raised and passed for an appointment to complete an application over the phone on 20/12
16/12 call to my partner fom area manager for Mortgages who was looking into our complaint as she is manager over the member of staff in branch. They advised that single application is not allowed. They are not interested in my savings only my debts and asked if they could close complaint. He said no as he wanted to speak to me.
19/12 manager called to see if she could close complaint now that time had been given for me and my partner to talk. I was put on the phone and after an hour going through all my savings and debt details she said she would take further advice and call us back the next day.
20/12 call from person who was going to do our application that afternoon asking for some extra info. He said no problem with single applicant, put us on hold and went off to check with underwriting team. They said all is ok for application to proceed. He agreed to call us as per the appointment time to process this for us.
Area manager then called back and said following the call the day before Nationwides position was the same. We pointed out we had just got off the phone with a member of staff and that they had said different. Manager took persons name and agreed to call back.
We then got a call from area manager who once again stated all previous advice from others was wrong, she has spoken to the head of underwriting team who said that my savings were irrelevant, my debts would be treated as my partners responsibility, my return to work and wages would only be considered if I was going back to work within 3mths. Therefore the mortgage application appointment over the phone was being cancelled. She will confirm in writing.

Verix

I am biased on this as an adviser myself but I would say this is one of those times that does show the value of a professional mortgage adviser. Very often people working for a lender can no less about their policies than we do.


I hope this all gets sorted for you with the Nationwide but if it doesn't then you are free to approach a broker again to go through things with you who by the sounds of it should have more luck. I just had a case with similar circumstances, (Mr working, Mrs not and not going on application), went to a lender who asked no questions about her income or outgoings, offered today after two weeks.

Rejast

Well just a little update.
We are still awaiting confirmation in writing from Nationwide regarding our complaint.
In the meantime my partner applied to another bank. The application was submitted on Friday 6th Jan, the underwriter called him Monday 9th Jan to ask a question re CSA payment to check that the dependants he'd declared didn't include the child for whom he pays maintenance, and to query a direct debit on our joint account. They said he would hear back within 8 days. He also had a call from the surveyor on the 9th.
10th January he had a call stating the mortgage has been approved. No questions at all about my financial situation.
Here we are today receiving a copy of the valuation and it seems it's all systems go.