I'm so worried :(

Notaker

Hello everyone,

So, 12 months ago I bought a house with my (ex) partner.
She left me fairly recently and I've decided to buy her out. The outstanding mortgage is 137500 and having done the affordability online it says I can lend up to £169000 so I thought I was fine.

I've just spoken to my lender (Nationwide) who have done the DIP call with me and asked the standard questions.

I have no finance agreements in my name
No travel costs (company vehicle)
Household costs are due to come down as she's left
I owe £0.00 on credit cards
I have £14,000 in savings (to buy her out)
I've not been in my overdraft for years
My credit score is good

But they've referred the decision and now I'm petrified about losing the house.

They've asked for payslips as proof but have told me it could be 9-12 working days before they can give me any further information.

We are currently in a 3 year fixed term, so if I had to sell not only would I be devastated as this is my home but I fear we would both lose our due to early redemption fees.

Is there anything at all I can do other than panic and feel awful for nearly two weeks?

I'm so sad

AnotherJoe

Notaker wrote: »

Is there anything at all I can do other than panic and feel awful for nearly two weeks?

Yes, put it in context. You have a good job with decent income, you can afford "a" house even if worst case, not this one, you are in good health, and you live in one of the richest countries in the world.

NOVAMET21

Don't be sad but be positive.

Notaker

Whilst I understand what you're saying - and yes, I completely agree.. this is my home. I've poured my heart into it over the last year. I'm just hoping for another option. For example, has anyone experienced the same or have any tips on how I can sort this out more quickly? Perhaps an experienced mortgage advisor is a member?

Thanks for your positive words - I appreciate them. I just cannot lose my home.

freeisgood

Could you get a lodger under the rent a room scheme to help pay the mortgage?

ThinkingOutLoud_2

I guess you could try speaking to someone at NW and ask if they have any specific concerns of if this is just the due process these days with the requirement for more diligent lending.
i.e. is the timeframe just how it is or being driven by some specific test or issue.
They may not tell you because they don't...but no harm in asking. They may sympathise and try to get an earlier answer...or maybe they cannot change the timeline.

The others are right - don't "waste a good panic" when there may be no need.

BLOW_FLY

Personally I would think it's a positive that the decision has been referred.

Same thing happened to us recently with Halifax but it was simply underwriter referral and was all fine.

We exchanged Wednesday and completed today.

Looking at what you've posted I don't think you've got anything to worry about.

BF

Notaker

Thanks for the advice all.

In response to a few posts up - a lodger isn't the issue, I earn enough to clear the mortgage and bills with £800 disposable income. I'm quite boring, I've literally got no outgoings not even travel.

I guess you're right - nothing I can do. I fully intend on calling them frequently and chasing. I've never been referred for anything, not even when I purchased the house last year as a joint mortgage.

Notaker

I gues you mean positive in the respect it's not been declined? I like your mindset - I wish I was that positive. :think:

Thrugelmir

Notaker wrote: »

I earn enough to clear the mortgage and bills with £800 disposable income.

So if the lender assesses affordability at say 7% interest rates. How comfortable would that be?

amnblog

A no would have been a straight 'no'.

Refer means the underwriter is considering the case because the person you spoke to does not make the decision.

When you take your car for MOT it goes round the back for testing, the receptionist does not do it.