Mortgage Appeal - Nationwide

DTown11

Hi, I have a mortgage currently with Nationwide and am looking to port my mortgage and borrow some more on top. Got a 25% deposit from equity on sale of my home. House is £147,995, asking for mortgage of £110,000 roughly., my current mortgage is £71k, so not asking for much more. Went through the appointment with Mortgage Consultant from Nationwide, paid a fee of £999 to get lower interest, had already been given my DIP etc. then all of a sudden the fee was returned and a new DIP rejected due to a payment from Feb 28th 2019 not coming out the joint bank as funds had not cleared from a transfer from my wife's own bank. The funds were there in the afternoon, and the money was taken the very next day but due to this being paid on 1st March, it counted as a missed payment. The mortgage consultant has appealed and has also said that Nationwide should have contacted me regarding this to offer me to change the payment date to the 1st of every month if funds could not clear quick enough. I wondered if anyone had had a similar situation and had successfully appealed? If not, do you think I should try with an independent broker/adviser for another mortgage? Feel it is a bit harsh to reject on that. Both have good credit records, only that 1 late payment on all of our records. 

SeanG79

DTown11 said:

asking for mortgage of £110,000 roughly., my current mortgage is £71k, so not asking for much more. 

that is asking for in excess of 50% more...

I think it is harsh, but it is not Nationwide's fault that the transfer from your wife never cleared to the joint account. Maybe Nationwide should have offered to switch the dates of the DD but equally did you request this?

In Covid times underwriting criteria has tightened significantly and maybe Nationwide based on the late payment for whatever reason feel that there could be an underlying affordability issue or poor management of finances. The late payment with another provider may have had a significantly smaller impact had it not been with Nationwide themselves. Good luck with the appeal - if rejected it would be worth speaking with a broker who will know where to place the application.

lonibra

If you're not in a hurry I guess there is no harm in waiting to see what happens to the appeal. But if that doesn't work out, an MB should be able to find a suitable bank given that it is a one-off from more than 2 years old.

DTown11

I think it is harsh, but it is not Nationwide's fault that the transfer from your wife never cleared to the joint account. Maybe Nationwide should have offered to switch the dates of the DD but equally did you request this?

In Covid times underwriting criteria has tightened significantly and maybe Nationwide based on the late payment for whatever reason feel that there could be an underlying affordability issue or poor management of finances. The late payment with another provider may have had a significantly smaller impact had it not been with Nationwide themselves. Good luck with the appeal - if rejected it would be worth speaking with a broker who will know where to place the application.

Thanks for the reply. I never asked for the DD to be changed no, I didn't even know the payment had been missed to be honest. I am unsure as to why the bank took so long to clear the payment either. 

I've been advised to change the date to the 1st now by the mortgage consultant, and have paid this months payment early. They have all our bank statements etc. as well and can see there is no affordability issues. They said they could give us up to over 190k if we applied for it. I've sent the statements from the joint account too to show that the funds were there. Really hope they reconsider as I've got a new build reserved and will probably lose out on it if I have to then hunt around again. Valuation etc. is all booked in by Nationwide too, thought it was strange to take product fees and book valuations before then checking our credit reports. 

DTown11

lonibra said:

If you're not in a hurry I guess there is no harm in waiting to see what happens to the appeal. But if that doesn't work out, an MB should be able to find a suitable bank given that it is a one-off from more than 2 years old.

I have a new build reserved so don't really have much time, the valuation was booked as well by Nationwide. Thanks for the advice though, may have to give the new build up if they reject my appeal. Had a look on Google and haven't seen many success stories from appeals!