Nationwide mortgage cancelled, the future?

IvyFlood

Hello

We were in the process of buying our first home when my partner lost his job.

Luckily we weren’t too far into the process, we’d only had the valuation done but we had to let our lender know and as a result our mortgage offer is cancelled. Well its actually on hold but I doubt we will be buying the house now as the vendors will want another buyer asap! So it will eventually be cancelled.

We will start again at some point when he finds other employment and been in it 3 months or so but it just got me wondering about the future and what happened to others that might have found themselves in the same situation?

Just for info the lender was Nationwide, and I have since been reading all sorts of horror stories about them cancelling mortgage offers just before exchange/completion dates! It’s got me wondering if we would use them again or whether our chances of being accepted in the future could be compromised because of this incident?

What are people’s experiences with them? We only used them as all our banking is with them and has been for years.


Any other recommended lenders out there?

Thanks

whatdoyouthink...

I used Nationwide for our mortgage and my experience with them couldn't have been better, had the mortgage offer through 1 week after the application and i found them to be pretty help full with us. not a bad word to say

thelem

On hold until when? Until your partner has a new job offer? Until he's completed his probation?

I'd have thought any lender would cancel their mortgage offer in the circumstances you describe, assuming you wouldn't be able to get the mortgage on your own. I'd say you're lucky that this has happened before you've got too far on the house purchase, so you can delay your move rather than having to find some extra money to cover your mortgage payments.

When you do get ready to find a mortgage you might struggle if you're partner is still in his probationary period, but I'd hope the withdrawn mortgage offer wouldn't hurt you any more than the loss of his job has.

I'd forget about moving for the time being and concentrate on him getting a new job. Then worry about mortgage again when you know what your circumstances are.

IvyFlood

thelem wrote: »

On hold until when? Until your partner has a new job offer? Until he's completed his probation? They said it was on hold until he can get a new job and been in it a month and the employer can send a letter to prove etc but that's not likely to happen so its cancelled really!

I'd have thought any lender would cancel their mortgage offer in the circumstances you describe, assuming you wouldn't be able to get the mortgage on your own. I'd say you're lucky that this has happened before you've got too far on the house purchase, so you can delay your move rather than having to find some extra money to cover your mortgage payments. Yes we are lucky, as I already said

When you do get ready to find a mortgage you might struggle if you're partner is still in his probationary period, but I'd hope the withdrawn mortgage offer wouldn't hurt you any more than the loss of his job has. Yes I realise that, that's why I said at some point in the future once he's been in a new job for 3 months or so (could be six months depending on the company). The withdrawn mortgage offer - that's what I'm worried about! Would it leave a mark on our file?!

I'd forget about moving for the time being and concentrate on him getting a new job. Then worry about mortgage again when you know what your circumstances are.

Yes that's what we are doing

Fosterdog

Realistically for a long term plan can you afford a house as expensive as what you have chosen if you can't afford it on one wage? What if he hadn't lost his job now but a month after completion? You'd be leaving yourselves with one income but having a house to pay for. Do you have an emergency fund of at least six months wages/outgoings as a contingency?

When we bought we chose a cheaper house that either of us could afford on our own, this way we never have to worry about one of us finding ourselves out of work, yes we'd have to cut back to the bare bone, but we could do it, plus living below our means let's us build up a bigger emergency fund quicker so losing a job becomes less of a worry with each passing month.

IvyFlood

Fosterdog wrote: »

Realistically for a long term plan can you afford a house as expensive as what you have chosen if you can't afford it on one wage? What if he hadn't lost his job now but a month after completion? You'd be leaving yourselves with one income but having a house to pay for. Do you have an emergency fund of at least six months wages/outgoings as a contingency?

I could have afforded the mortgage and bills etc on my monthly income. We also had a good cushion of savings to tide us over for about 8 months in which time he would have found something. But it was the loan they wouldn't give us - understandable. Trust me we done our sums!

Smodlet

Best of luck to your partner; I am sure they will find a job soon. Maybe it was a good thing, who knows? I actually hate this philosophy in general but when we lost the house we thought we had to have, we ended up getting a better one in a much better street. Here's to the same thing happening to you guys, IvyFlood. :beer:

P.S. Apropos of nothing why, when the clocks go forward one hour, does MSE's go back?

IvyFlood

Smodlet wrote: »

Best of luck to your partner; I am sure they will find a job soon. Maybe it was a good thing, who knows? I actually hate this philosophy in general but when we lost the house we thought we had to have, we ended up getting a better one in a much better street. Here's to the same thing happening to you guys, IvyFlood.

Thank you so much! And yes that was my exact thinking - maybe a blessing in disguise! Not a fan of the phrase but 'it is what it is!'