Please put me out my misery - will my mortgage get accepted?

JamesChum

Hi,

I'm a first time buyer who has saved up a 10% deposit (£13,200) with my partner through a Skipton Lifetime ISA.

I'm on a permanent contract, earning £20,500 p/annum.
My partner is on a 12 month temporary contract (Aug - Aug), earning £17,400.

We're asking to borrow £118,800 from Nationwide, but we've read on their webs that in their terms, a temporary contract must be at least 24 months, or for the person to have been in the position for at least 12 months. As soon as we read this, we were panicking but people have tried to reassure us that we're in a strong financial position, considering we're only 21 (me) and 23.

PLEASE CAN SOMEBODY EITHER PUT ME OUT OF MY MISERY OR REASSURE ME!!

Thank you :j

kingstreet

Did you establish Nationwide would lend before you applied? You seem to know the criteria, don't match it but have applied anyway?

On the little information you've provided, I'd be surprised if Nationwide took the second income into account, leaving you short of the £118k you require.

I hope I am wrong.

JamesChum

We applied for a Decision in Principle (DIP). Which was accepted and they said they would be likely to lend us up to £174,000!!!

They asked how long my partner had been in the position and also how long she had been in general employment. So we got the impression that we would be fine.. but after reading into it, we've started to fret!

Thanks, any help/advice appreciated!

pinknsparkly

It doesn't sound promising, as kingstreet has said. Why don't you ask nationwide directly? I asked Halifax lots of of questions before applying for our mortgage with them as I was in an unusual situation job-wise and we were also buying an unusual property! They were very helpful

AnotherJoe

No they wont grant your mortgage.
Do you feel better now?



(ps what does your age have to do with being "in a strong financial position" )?

JamesChum

Another Joe - no I don't feel better! Thanks for your advice.

It's very frustrating, as the DIP came up as accepted.

I hope you're wrong ha!

kingstreet

We would establish adherence to criteria before doing a DIP as the DIP doesn't do a detailed criteria match.

That takes place after the full application has been submitted, where the contract and employment history may be requested so it can be checked against criteria.

JamesChum

Kingstreet, thank you for your advice and information.

I will call Nationwide today and see what they say... I just wanted to see what some experts in the field thought.

So do you think its a 100% decline?

Thanks

kingstreet

I don't know and any answer I gave would be totally speculative...

You haven't given us enough background. All you said is;-

My partner is on a 12 month temporary contract (Aug - Aug), earning £17,400

so the details you will be able to give to Nationwide will be the determining factor.

JamesChum

Ok.

We don't have any loans / outstanding payments / reason to have a bad credit score.

I'm obviously new to all this, so I'm not totally unsure what information could break or break the application.

kingstreet

How the second applicant's employment meets, or fails to meet, the criteria for acceptance of temporary employment contracts?