Nationwide Mortgage

BigSteveLondon

Really interesting reading this thread. We're having a hellish time with the 6 day responses and constant requests for more info.
My partner is FT worker, I'm long time self-employed, and we made a joint application. London property £650k, LTV 80%, all assessments approved beforehand, credit reports good.

Our Timeline:

• 24th Feb 2021 - AIP arranged by broker with Halifax 
• 25th March - after a number of viewings we viewed a great house and made offer same day
• 26th March - Offer accepted
• 28th March - Meeting with broker to search market for mortgage.
• 7th April - Application for Nationwide submitted
• 8th April -  Nationwide acknowledge application and reserved the mortgage. Paid fees for both application and broker this day as well.
• 21st April - After a number of chase up calls by the broker, Nationwide reported that they had both received and approved the property valuation
• 22nd April - Requesting further documents such as payslips that confirm bonus amounts (which they already have), and details about my savings account. They already have the statement of my partners account where the deposit is being held. This request was just about me. I supplied the info that day.
• 27th April - Chased up via call centre. Nationwide claimed to have not received docs. Checked with broker, sent receipt of upload on 22nd.
• 28th April - Amazingly the docs turned up, but they now want business bank statements from me as "income does not support level of income being considered". I don't have a business account. They have 3years HMRC docs already.
• 29th April -  I supplied Nationwide 3 years remittance slips from my main client and invoices which match dates of payments into my account.
  
• 5th May - Having heard nothing I supplied my April bank statement as well which showed increased income.
• 18th May - Nationwide request copies of my current account statements (3m) as 'full name address is not on them". These are the statements they've had since the application date and I downloaded from my bank. I contacted my bank, re downloaded from a different section of the website, and supplied 3m statements for both current and savings accounts (just in case).
• 20th May - Pressure from sellers solicitor and agent. Asking to close procedures in 1 week. Broker requested Nationwide escalate our case.
• 24th May - Nationwide contacted broker with: "We've received all documents that you're currently able to provide and your clients mortgage application has now been passed to our underwriters to see if they're acceptable. If we need anything further we'll let you know."
• 24th May - we receive our level 3 building survey report. The roof needs complete replacement as there are 2 holes and lots of 'end of life' tiles, plus damaged timber. Suggested cost £20k. Sellers solicitor contacted ours to request completion.
• 25th May - contacted sellers agent to let them know the report details (sent them the highlighted bits), and asked for an appropriate reduction in the price via our solicitor. This was refused as they said they had an offer £25k higher, but asked us to confirm our position tomorrow.
• 26th May - Broker chased Nationwide today only to hear that "they would need evidence that the loan and income is sustainable" but without identifying what that was. I telephoned the contact centre to ask what has been written on our file. She said there's an issue due to pandemic reduction in self employed earnings, although acknowledging the £25k savings account which is nothing to do with our deposit amount... but that there also seems to be an escalation on the file, so was unclear if this was a rejection or not. Broker said he had appealed and requested callback from senior person.

Now it's just a mess, and the seller needs a final decision tomorrow before going back to their other offers. Nationwide haven't been specific in what they want. What the maximum amount they will lend as it stands... what if we increase our deposit... or if my Mums offer of 'collateral' with her paid off house would suffice... nothing. Just 6 days between contacts and lots of request for more info.

Tomorrow is D-Day for us... I think this one is over, but we'll have to wait and see. This is my first mortgage (I'm 50yrs old), I've been renting all this time. This experience has not been great.

getmore4less

Nationwide trimmed quite a few of their rates yesterday worth a check,  some went up.

kkcoco

Oh dear @BigSteveLondon that does sound like a bit of a difficult time.
I have confirmed that my new valuation date is due to a physical valuation needed because of lack of comparable properties, which is slightly annoying as its making the timeline longer still, but the silver lining is I'm confident the surveyor will see the true value of all the improvements once they view in person. After that's completed I'm hopeful things will move at less than a glacial pace lol
Fingers crossed for more good news stories for everyone in the coming week!

BigSteveLondon

kkcoco said:

Oh dear @BigSteveLondon that does sound like a bit of a difficult time.
I have confirmed that my new valuation date is due to a physical valuation needed because of lack of comparable properties, which is slightly annoying as its making the timeline longer still, but the silver lining is I'm confident the surveyor will see the true value of all the improvements once they view in person. After that's completed I'm hopeful things will move at less than a glacial pace lol
Fingers crossed for more good news stories for everyone in the coming week!

Good luck!

Tiddleshalifax

Hi all  

new to this thread. 

We put our offer in Monday and it was accepted. DIP with nationwide approved after referral and full application has gone in today!

we are home movers so our house has sold subject to contract. There isn’t much of a chain as our vendor is moving to a vacant home.

good luck to everyone! 

BigSteveLondon

Update:

Broker spoke with BDM, and was dumbfounded as she explained that the underwriters now want 6 months statements assuring self-employed income into the future as they are unsure the way the markets will go. Not a letter from biggest client, or any other reassurance, but evidence of income going into account for 6 months from the most recent statement provided (April). That's an impossible ask as it's in the future... they know this... you could lose your job in the future who knows... so it seems it's more of a trick question to end the process.

They wouldn't entertain any of the other options either (tell us maximum amount for the current application they would be prepared to lend, increased deposit option, provide collateral, etc) but instead told broker they would consider my partners (FT worker) application only, not me as self-employed. Although they hold ALL the paperwork regarding us both, they asked my broker to begin the application again in her name, which he said was unbelievable as he's never heard that before, and they could easily work that out with the details they hold.

I asked about the hard credit check on my file and if that would affect future applications. The broker said that Nationwide said we didn't fail a credit check, like I said we both score well, but it was simply an underwriters decision. On their lending criteria I have provided in excess of what they require (3 years HMRC docs instead of 2 for example), including my savings account, and other documents.
https://www.nationwide-intermediary.co.uk/lending-criteria/employment

This whole thing could have been dealt with in the first 2 weeks of application (April 8th), allowing us the option to try elsewhere in the timescale. Instead we were issued an AIP based on the docs provided, and told all was well... then the requests began. If they had an issue with the application surely they should have flagged it up then, not 7 weeks later, creating a really stressful situation, with no apologies or recourse.

Broker currently reaching out to other companies BDM's but with a deadline of today to respond I think this one is over.
Furious is not even the right words. Tears in our house. Nationwide have a lot of explaining to do...

BigSteveLondon

Tiddleshalifax said:

Hi all  

new to this thread. 

We put our offer in Monday and it was accepted. DIP with nationwide approved after referral and full application has gone in today!

we are home movers so our house has sold subject to contract. There isn’t much of a chain as our vendor is moving to a vacant home.

good luck to everyone! 

Good Luck!

Tiddleshalifax

BigSteveLondon said:

Tiddleshalifax said:

Hi all  

new to this thread. 

We put our offer in Monday and it was accepted. DIP with nationwide approved after referral and full application has gone in today!

we are home movers so our house has sold subject to contract. There isn’t much of a chain as our vendor is moving to a vacant home.

good luck to everyone! 

Good Luck!

Thank you! Had an update to say they’re awaiting the date for valuation - our mortgage advisor has been fantastic so far so 🤞🏻🤞🏻

Sorry to hear what’s happening with yours - I hope you get sorted 

patinstoke

Vendor confirmed the surveyor  attended yesterday, just waiting for nationwide to receive their report now 🤞

kkcoco

Keeping my fingers crossed that you hear back soon @patinstoke - for the first time in ages I'm not happy its a bank holiday lol!