My Experience

edited 30 November -1 at 1:00AM in Mortgages & Endowments
9 replies 1.2K views
holmes92holmes92 Forumite
6 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi so ive decided to vent on here about my mortgage broker an nationwide :)
will refer to mortgage broke as MB
So little about me im 24 FTB single applicant

So being of a young age an wanting to get out of rented accommodation (3years rented) i decided to look for houses to buy... after months of looking i found this lovely 3 bed house shared ownership
was 90k for 50% i went viewed the property loved it agreed on a price 89.500 any saving is better then none so they say...
after that the estate agency asked if id like to see if i could get a mortgage through them which i agreed. Went through met this lovely lady called jenny, see took all my details told her i wanted a £69.000 mortgage as i had 30k savings an only wanted to spend 20k an 10k on house stuff. 15 mins later boom she shows me this great deal with nationwide says the repayments are blah blah as good as assured me I'd be able to get it. Only one catch.. she's going on a 3 week holiday the next day so she won't be able to start it i said okay ill wait.
8/11/16 i get an email off her saying "Unfortunately the maximum lending I have obtained so far is £48700 over 40 years." which i replied back saying okay ill still go for it as I'm sure i could raise the funds. weeks go by get a call off the estate agents saying we can't wait for jenny we will use someone else in are company to processes your application which i said yes great being all eager an all.
16/11/16 meet lian go through the same process again an she sends off all my paperwork to NATIONWIDE
28/11/16 get a email off lian saying "Looks like we are getting closer to a decision, and I’m hopeful it should get it by tomorrow!"
30/11/16 my accountant had to prove he was real an not fake to nationwide filling in a accountants certificate template an had to confirm my annual salary as i get paid dividends
1/11/16 nationwide needed last 1 year of business accounts
5/12/16 get email off MB saying " answer by close of business tomorrow!"
7/12/16 its now gone to underwriters urgency team
7/12/16 i have my DIP
Jenny has now come back to work an decided she wants to take over
5/1/17 the lending is not the issue, it’s the actual amount that they will lend is under question.
6/1/17 Got a text off Nationwide "We've canceled your mortgage application as requested"
6/1/17 ring nationwide up asking what's going on. they couldn't lend me £48700 over 40 years but could lend me £43.800 which i just said yes ill take it, they said only your MB can agree to it (who just happens to be off today) but ive got 7 days to accept the deal
7/1/17 rang jenny up asking her to proceed with the application
13/1/17 Get a phone call off Nationwide asking questions as my mortgage is being processed in 2 different names.. an they thought i was trying to change mortgage broker
14/1/17 lian has now taken back over the orignal person processing it
16/1/17 nationwide wanted up to date bank statements
16/1/17 nationwide wanted housing association reports of costs on other 50%
--after all this turns out they have to check to see if i can afford their counter offer so to speak--
24/1/17 my Mortgage got declined due to low credit score history
so after 76 days, months off hassle im back where i started no mortgage
£598 down due to MB cost which i doubt they will refund
i have now decided to never get a mortgage as this is just to much hassle

Replies

  • zx81zx81 Forumite
    32.6K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    Is there a Cliffs Notes version available?
  • Never ever give up.
    ANDR£W
  • I have used the same independent mortgage broker for 22 years. Find a good one and keep the number.
    It may sometimes seem like I can't spell, I can, I just can't type
  • Newbie78Newbie78 Forumite
    78 Posts
    Sounds like a nightmare, I agree with the others don't give up you are still very young


    I just got a mortgage with my husband at the age of 38! I assumed I never would!
  • kingstreetkingstreet Forumite
    36.8K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
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    Why wasn't the correct rent and service charge established at the outset and entered into the Nationwide affordability calculator to establish what you can borrow?

    This seems like poor knowledge of how shared ownership works.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Although brokers in estate agents say they are whole of market they may actually be tied to a panel of lenders which would mean they didn't have very many options of were to place you. It sounds like they threw it at NW and hopes it would stick. There are many others lenders that will consider shared ownership. I recommend you source a good whole of market broker who should be able to turn it around for you. Also as for the money you paid to the current broker, if you were unhappy with the service it may be worth submitting a complaint to try and get it back that way.
    I am a Mortgage Broker
    This site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • I am 24 too getting a mortgage on a S.O flat, my mortgage amount is a whole lot less than yours and kudos for having so much savings at such a young age!

    Do the brokers have no win no fee policy etc. If they give you the quote, you went for it and end up not being succesful they should refund. I am no expert but I remember looking around for brokers and found some with deals like that. Maybe you can get your £500ish back :)

    Do not give up though, you are still so young. If my mortgage application failed, I'd just take it as an expensive lesson and restart, however just got to be more cautious this time. I am in the same as you, worrying about my credit history too. I hate it every time I tried to view a property and estate agent kept making me see their mortgage advisor, I don't really like people giving me ultimatum so all of these hardsale tactics don't work on me so i was more than willing to pass on the house if the sellers were being even slightly pushy.

    Do not give up :) Do research and get new broker. Good luckkkk
  • MyOnlyPost wrote: »
    I have used the same independent mortgage broker for 22 years. Find a good one and keep the number.

    QFT!!

    Best advice ever.
    I am a Mortgage & Protection Broker

    MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.
  • erin110 wrote: »
    Although brokers in estate agents say they are whole of market they may actually be tied to a panel of lenders which would mean they didn't have very many options of were to place you. It sounds like they threw it at NW and hopes it would stick. There are many others lenders that will consider shared ownership. I recommend you source a good whole of market broker who should be able to turn it around for you. Also as for the money you paid to the current broker, if you were unhappy with the service it may be worth submitting a complaint to try and get it back that way.

    NWBS affordability one of the best out there for shared ownership and if it's falling short with them ulikely to be affordable in many other places.
    I am a Mortgage & Protection Broker

    MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.
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