Help, chances of proving lender wrong?

SameOldRoundabout

I’m so stressed. We’ve applied for a mortgage with NW and they have queried our tax credits statement. Up until December our LO had a monthly childcare bill, which has now ended as he qualified for the 30 hours free offer from January. The statement has a clear end date for the childcare element payments, last payment to nursery from our account was November, and I’ve also forwarded on the email confirming his 30 hours acceptance. All this has been put on the system for the underwriters attention.

Is this likely to be successful? I’m sick with stress. The fact they’ve chosen to take childcare into account leaves us £70K short of what we need, and we genuinely don’t have childcare any more! Do you think they’ll listen? It all seems to make sense but I’m worried about a computer-says-no ending 😭

[Deleted User]

I'm sure if that is written in a sensible way it will land on the underwriters desk and be approved. Is there any supporting information that has gone along with the explanation? A letter from government saying you are eligible or is nothing produced along those lines?

ACG

NW - Nationwide or Natwest?
Not that it matters, but I would expect both to sort this out. Natwest tend to be easier to deal with in my opinion but I am sure both of them will confirm all is ok in the end.

SameOldRoundabout

Sorry, Nationwide. The only “proof” I have is the email from the council confirming he was accepted into the offer for the January term. It matches up with the last nursery payment, his date of birth etc. I’ve forwarded this on to my advisor so I’m hoping the underwriter will see that taking childcare into account is the wrong decision. On the plus side that is the only thing they’ve queried so if we get past this hopefully we are home and dry. It’s just going to be a nail biting wait now until they look again at it.

Mortgage_Adviser

The sensible thing would be to take a logical stance on it. But some times you do get and odd lender/underwriter who just look for a reason to say no.

[Deleted User]

SameOldRoundabout wrote: »

Sorry, Nationwide. The only “proof” I have is the email from the council confirming he was accepted into the offer for the January term. It matches up with the last nursery payment, his date of birth etc. I’ve forwarded this on to my advisor so I’m hoping the underwriter will see that taking childcare into account is the wrong decision. On the plus side that is the only thing they’ve queried so if we get past this hopefully we are home and dry. It’s just going to be a nail biting wait now until they look again at it.

I would argue that its not Nationwide that have made the wrong decision by including childcare. In the absence of any explanation they would just assume the broker missed it off by accident (or intentionally but hopefully they thought it was an accident). The broker should have sent a note with the application documents saying 'childcare on bank statements has stopped now due to xyz). That may have stopped an issue.

Either way, im sure common sense will prevail

SameOldRoundabout

They were told about the childcare stopping, they then came back and queried why the payments on my bank statement didn’t match the awards...they do, but only if you look at the back page of the letter showing ongoing payments. It shows there the figure I have given is correct as of course the amount dropped when childcare stopped. That stoppage date was also clearly listed on the same page....maybe that page is invisible to them. I just hope someone with some sense sees it and sorts it out tomorrow. It’d be a pity to switch lenders now and have to pay an exit fee.

SameOldRoundabout

Small update

After 2 long days underwriters came back asking for proof of no childcare. They have the council acceptance letter and I’ve also managed to get a letter from the nursery confirming the wraparound is fully government funded. With any luck that will be the end of it. I just hope it’s not another 2 days before we hear back!