Mortgage declined on basis of financial association

Michaelhutch17788

My partner recently got pre approved for a mortgage found the house she wanted then was declined by nationwide for the mortgage. It came back saying it was because we have a joint bank account. The application for mortgage was solely in her name. Would all mortgage company’s be the same with this as time is of the essence and can’t wait a few months for association to be ended. Any help would be gratefully appreciated thanks 

MWT

Will you be living in the property and/or contributing to the deposit?

K_S

@Michaelhutch17788 Nationwide does not allow non-borrower occupiers to be left off of the mortgage application for reasons of credit history. That looks like the reason for decline.

Not sure why your broker would have placed you with Nationwide if the above is the case. There are other lenders for whom that's not a straight decline.

Michaelhutch17788

Yeah I have gifted her the deposit toward the house and signed off document saying it was a gift. Ah ok not sure why her mortgage broker has put her forward to nationwide then he has applied for mortgage from another bank today hopefully she has more luck with this lender. Thanks for your help

Thrugelmir

Michaelhutch17788 said:

Yeah I have gifted her the deposit toward the house and signed off document saying it was a gift. 

Another reason for your mortgage application to be declined. Is the mortgage broker aware of your association? 

K_S

@Michaelhutch17788 You need a lender who's happy with a non-borrower partner, who's happy with leaving out a partner for xyz (credit history I presume?) reason and who's happy with the non-borrowing partner contributing to the deposit. Hopefully the broker has done a better job this time. Good luck!

Michaelhutch17788

Yeah broker was fully aware of association and that we had a joint bank account to pay bills on our rented property we currently live in he was also aware that full deposit was being gifted to her by myself. Yeah it was because of credit history as i defaulted on a debt when I was younger and still shows on my credit file. 

lonibra

In that case your broker sounds incompetent. Are they not supposed to know banks criteria and policies.

MWT

Michaelhutch17788 said:

Yeah broker was fully aware of association and that we had a joint bank account to pay bills on our rented property we currently live in he was also aware that full deposit was being gifted to her by myself. Yeah it was because of credit history as i defaulted on a debt when I was younger and still shows on my credit file. 

If it was just the one default  and no other adverse, depending on exactly how long ago that was, who it was with, how much it for and if it has now been paid, there might not even be a need to keep you off the mortgage.

Given the brokers performance to date you might want to consider exploring the possibilities with a more experienced broker...