FTB help. Applied for mortgage via nationwide

Bm1937

Hi 

looking for some help if possible please?

me and my partner have just found a house and had an offer accepted, we used a free broker and got an AIP with nationwide for up to 200k. Our loan will be £144k (£160k house 90% LTV). 

Before this we have literally hit every mortgage wall possible. Before lockdown we had put an offer on 2 houses and either got our bid or seller changed their mind. Lockdown came and cut 90% LTV mortgages so we decided to save for 15% we are at 13% at the moment. Anyway we got advice from a broker where we got the AIP from nationwide.

had the offer accepted on the house on Saturday, Monday comes and the advisor has now quit their job and the broker company point blank refuse to help us “do it on your own it will be much faster”. We have now had to re apply for DIP to nationwide which has now been referred to underwriters. Is this normal? We provided 1 month pay slip and 3 month bank statements.

i am slightly worried just because I was in my overdraft (arranged and cleared on payday) for a week or so in may. Something unexpected happened and it was a rubbish month. Will this massively effect our application? 

We have excellent credit history, my partner has pcp on a car only, I have 0% credit card with 6k on there as I have bought my car at the end of the pcp. I pay this back at £250 per month, and I just have a phone contract. We also have 2k in savings towards fees and anything additional we may need, this was saved over 3 months.

is everything that is happening with us normal, the underwriters looking at our things? We have had such a horrible experience whilst looking for a first home I’m just so anxious about it all now. The house we have found is perfect. 

Thank you (sorry for rambling) 

YoungGentry

Yes, reapplying is normal.  The broker had the relationship with Nationwide not you.   Now you need to form the relationship with NW.  NalW are fairly straightforward, everything will get factored into the affordability calculation, overdraft included.  Use the mortgage calculator on their website to see what the advisor will likely see.

Ancedotally here is my horror story, my mortgage adviser went on passionate leave soon after doing my application which stalled proceedings by 3-4 weeks as an adviser from another branch had to pick up her case load.   Bank provided Solicitor was based in Wales, and had such a high case load it took them 3 weeks to contact the seller solicitor; seller thought i had pulled out. Seller had move in the North of England so it took 2 weeks for bank valuer to do their job.  Solicitor was so busy, it took them 2 weeks minimum to respond to any query.  After escalating through the bank multiple times, I completed after 4 and a half months.