Mortgage broker - ask me anything

bambi1980_2

So today my partner and I have been declined by Halifax at the AIP stage. 

Unfortunately we have found out my partner has 4 missed payments on a Tesco credit card from Jan-Apr. This was a card that had been paid off but then he apparently forgot it was the linked card on Amazon and had ordered stuff not realising. He hadn’t been paying the amount as he hadn’t realised. He is going to query this though because he said it’s not right. 

He also has a missed payment in oct and dec ‘21 for a paypal credit account. 

My credit report is good with no issues. 

Our LTV is 41% so we have a good deposit. 

Anyway our broker has gone to NatWest and they’ve accepted us, much to his surprise. 

My question is how often does this happen with NatWest and then it gets declined at the underwriting stage? 

Just looking for any examples or people who have been in the same boat. For reassurance more than anything. 

Fromthebrink

Evening all! I’ll try and keep this brief but concise…

Our offer on a property was accepted but subsequently down valued by Nationwide. Fortunately our vendor has agreed to reduce the sale price to match the surveyors valuation. Our application was previously showing as ‘Lender Assessing’ on the L&C portal, but since we informed them that the vendor had agreed to the reduction, it has gone back to ‘Submitting application’. 

Are we looking at a total resubmission here? We were over two weeks into the process so we’re really hoping it’s not back to day one…. 

Has anybody had a similar experience and if so, how did it play out?

Thank you in advance and best of luck to those waiting 🤞🏼

P.S. I could ask our broker but find this site more transparent!! 

K_S

@bambi1980_2 At this stage, with a positive DIP, you've got as much assurance as you can about the eventual outcome. It's hard to say whether or not this will be an issue at underwriting as that will depend on the case as a whole and what exactly the Equifax credit report looks like. I hope it goes to offer soon, good luck!

bambi1980_2 said:

So today my partner and I have been declined by Halifax at the AIP stage. 

Unfortunately we have found out my partner has 4 missed payments on a Tesco credit card from Jan-Apr. This was a card that had been paid off but then he apparently forgot it was the linked card on Amazon and had ordered stuff not realising. He hadn’t been paying the amount as he hadn’t realised. He is going to query this though because he said it’s not right. 

He also has a missed payment in oct and dec ‘21 for a paypal credit account. 

My credit report is good with no issues. 

Our LTV is 41% so we have a good deposit. 

Anyway our broker has gone to NatWest and they’ve accepted us, much to his surprise. 

My question is how often does this happen with NatWest and then it gets declined at the underwriting stage? 

Just looking for any examples or people who have been in the same boat. For reassurance more than anything. 

K_S

Fromthebrink said:

Evening all! I’ll try and keep this brief but concise…

Our offer on a property was accepted but subsequently down valued by Nationwide. Fortunately our vendor has agreed to reduce the sale price to match the surveyors valuation. Our application was previously showing as ‘Lender Assessing’ on the L&C portal, but since we informed them that the vendor had agreed to the reduction, it has gone back to ‘Submitting application’. 

Are we looking at a total resubmission here? We were over two weeks into the process so we’re really hoping it’s not back to day one…. 

Has anybody had a similar experience and if so, how did it play out?

Thank you in advance and best of luck to those waiting 🤞🏼

P.S. I could ask our broker but find this site more transparent!! 

@fromthebrink You can rest assured that this does not mean a full application. The broker just has to request an amendment to the purchase price and loan amount. As long as it's in the same LTV band it should all go through fine. Good luck!

https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/mso130-material-change-form.pdf?la=en&hash=2204A55B27661F8EFF7B33BB3BAF728FC4F1348F

Fromthebrink

K_S said:

Fromthebrink said:

Evening all! I’ll try and keep this brief but concise…

Our offer on a property was accepted but subsequently down valued by Nationwide. Fortunately our vendor has agreed to reduce the sale price to match the surveyors valuation. Our application was previously showing as ‘Lender Assessing’ on the L&C portal, but since we informed them that the vendor had agreed to the reduction, it has gone back to ‘Submitting application’. 

Are we looking at a total resubmission here? We were over two weeks into the process so we’re really hoping it’s not back to day one…. 

Has anybody had a similar experience and if so, how did it play out?

Thank you in advance and best of luck to those waiting 🤞🏼

P.S. I could ask our broker but find this site more transparent!! 

@fromthebrink You can rest assured that this does not mean a full application. The broker just has to request an amendment to the purchase price and loan amount. As long as it's in the same LTV band it should all go through fine. Good luck!

https://www.nationwide-intermediary.co.uk/-/media/NFI/documents/mso130-material-change-form.pdf?la=en&hash=2204A55B27661F8EFF7B33BB3BAF728FC4F1348F

Thank you so much! The LTV is exactly the same, so hopefully we will keep some momentum. 

It’s amazing what you do for people on here, K_S 👏🏼

trakky14

I have a quick question....Halifax were booked into do a 'desktop' valuation yesterday but have now decided they want to do a physical valuation for our mortgage application. Why would that be? It is hard to compare it to other houses in the area as it has some land and outbuildings so on paper probably does look a lot for a semi! Thanks

kingstreet

trakky14 said:

I have a quick question....Halifax were booked into do a 'desktop' valuation yesterday but have now decided they want to do a physical valuation for our mortgage application. Why would that be? It is hard to compare it to other houses in the area as it has some land and outbuildings so on paper probably does look a lot for a semi! Thanks

Which is why it's probably going for physical inspection.

trakky14

kingstreet said:

trakky14 said:

I have a quick question....Halifax were booked into do a 'desktop' valuation yesterday but have now decided they want to do a physical valuation for our mortgage application. Why would that be? It is hard to compare it to other houses in the area as it has some land and outbuildings so on paper probably does look a lot for a semi! Thanks

Which is why it's probably going for physical inspection.

I guess so...I wonder if that means we have passed affordability checks if they are physically getting someone to go out and look at the house? 

Pinkflamingo89

Hi do you know if a case is escalated by MB and solicitors how long before the case is answered with nationwide? Thanks

lassfarfromhome

Hello, my question is, is it possible to get a mortgage if one is being paid through a group income protection policy (due to a disabling illness).  Policy is a proper PHI one that pays out until I can return to my own job, die or turn 65.  Any help would be appreciated