Nationwide Mortgage

fitechrry9

loverlygal said:

Hi all, I'm joining the party, such as it is!
We put in our application for a FTB mortgage on Jun 29th initially, valuation done on 9th Aug and report received soon after, all fine. Email received a week last Monday to say we had been declined as too much of our 10% deposit had been gifted (we hadn't known this was a possibility until after we had put in the application).
The next day we put in a revised application with a 15% deposit £10,000 gifted £8,000 our own savings on a £120,000 house and we're now 13 days in to waiting for a decision to be made. We're both getting a lot of sleepless nights! 

I'm now in a similar situation to yourself. My consultant keyed in the property value incorrectly (they put the purchase price as the property value, despite me providing them with a home report with a matching property value to their own valuation... Should have spotted it myself but it's a daunting process and seeing the purchase price figure didn't click it was wrong...)  and I've literally just received an email saying the valuation didn't match the application so I either need to select a new product from the higher band or up my deposit to stay in the current band. My worry now is that my application will now be put to the back of the queue regardless of the decision I make. So frustrating.

sambam67

I do really hope to hear something this week! Good luck everyone else who’s awaiting offers 😘

hosted

loverlygal said:

Hi all, I'm joining the party, such as it is!
We put in our application for a FTB mortgage on Jun 29th initially, valuation done on 9th Aug and report received soon after, all fine. Email received a week last Monday to say we had been declined as too much of our 10% deposit had been gifted (we hadn't known this was a possibility until after we had put in the application).
The next day we put in a revised application with a 15% deposit £10,000 gifted £8,000 our own savings on a £120,000 house and we're now 13 days in to waiting for a decision to be made. We're both getting a lot of sleepless nights! 

Hi, what was the ratio of your original deposit vs gifted deposit if you don't mind me asking. Our application is 60/40 our own to gifted. I didn't realise this was a potential reason to have the application rejected. 😒

sambam67

As far as I am aware, the gifted deposits needs to be no more than 25%? That’s the amount I’ve being gifted. 

sambam67

My deposit is £13,700 with £3,425 being gifted.. however, whilst waiting for everything to go through, I’m still saving, so won’t officially need to rest gifted if that makes sense? 

loverlygal

Our original application was 50/50 gifted and savings. We hadn't realised they'd changed the rules either until the application was in. It is a maximum of 25% gifted now which is pretty crazy really. We were lucky my parents were able to give us a little more and that we had saved more in the meantime to be able to put down the bigger deposit amount.

BillStruthBear

Today (Tues 1 Sept) is working day 32 for us so hopefully we hear positive news later. Has been in the final checks queue since the 19th of August. 

xMeganCL

I hope you hear very @BillStruthBear
Working day 15 for me today. 

hosted

loverlygal said:

Our original application was 50/50 gifted and savings. We hadn't realised they'd changed the rules either until the application was in. It is a maximum of 25% gifted now which is pretty crazy really. We were lucky my parents were able to give us a little more and that we had saved more in the meantime to be able to put down the bigger deposit amount.

Good luck to everyone today. 
Our Mortgage Broker has proceeded with our application on a 60/40 deposit basis. We already have a mortgage with Nationwide and trying to increase our total borrowing. Otherwise our options will be severely restricted if the 25% deposit rule applies. 

mathdotrandom

hosted said:

loverlygal said:

Our original application was 50/50 gifted and savings. We hadn't realised they'd changed the rules either until the application was in. It is a maximum of 25% gifted now which is pretty crazy really. We were lucky my parents were able to give us a little more and that we had saved more in the meantime to be able to put down the bigger deposit amount.

Good luck to everyone today. 
Our Mortgage Broker has proceeded with our application on a 60/40 deposit basis. We already have a mortgage with Nationwide and trying to increase our total borrowing. Otherwise our options will be severely restricted if the 25% deposit rule applies. 

The 25% split only applies for LTVs over 85%, so if you have 85% or lower you should be fine.