Mortgage declined nationwide

toria12386

Looking for advice, mortgage declined due to underwriter not taking into account shift allowence or overtime. 

We previously had an application accepted a couple of weeks ago but that house fell through, this is a new application for a new property 

Is this something that can be overturned once they have the right calculations? 

Thanks ☺️ 

london21

Do you have a broker?
It depends on the lender's requirements and polices.
Do they allow shift allowance or overtime? how long have you been doing shift and overtime?
The lender would need to have evidence over time say 3-6 months etc.

Snookie12cat

Try a different lender. Did you use a broker?

toria12386

Thanks for replies, I’m in a real panic 
Yes used a broker they said they will go back to nationwide but didn’t know if this is something they would consider overturning. 

He believes they have just taken basic income into account nothing else by mistake 
it’s with nationwide I checked my their website they said it’s ok, we previously had a mortgage accepted fully on another property a couple of weeks ago but that fell through this property is 12k more 
my husband been in job 6 years always had shift allowance and overtime it’s the prison service 
weve had an illustration and a valuation done a week ago but they needed another bank statement 

aoleks

toria12386 said:

Thanks for replies, I’m in a real panic 
Yes used a broker they said they will go back to nationwide but didn’t know if this is something they would consider overturning. 

He believes they have just taken basic income into account nothing else by mistake 
it’s with nationwide I checked my their website they said it’s ok, we previously had a mortgage accepted fully on another property a couple of weeks ago but that fell through this property is 12k more 
my husband been in job 6 years always had shift allowance and overtime it’s the prison service 
weve had an illustration and a valuation done a week ago but they needed another bank statement 

did you provide that bank statements?

it sounds like your broker didn't package your application properly, hence the underwriters worked with the wrong figures.

toria12386

aoleks said:

toria12386 said:

Thanks for replies, I’m in a real panic 
Yes used a broker they said they will go back to nationwide but didn’t know if this is something they would consider overturning. 

He believes they have just taken basic income into account nothing else by mistake 
it’s with nationwide I checked my their website they said it’s ok, we previously had a mortgage accepted fully on another property a couple of weeks ago but that fell through this property is 12k more 
my husband been in job 6 years always had shift allowance and overtime it’s the prison service 
weve had an illustration and a valuation done a week ago but they needed another bank statement 

did you provide that bank statements?

it sounds like your broker didn't package your application properly, hence the underwriters worked with the wrong figures.

Yes gave that bank statement was just to show my pay going in last month. Do you think it is something they will overturn then with the right info?

Snookie12cat

toria12386 said:

aoleks said:

toria12386 said:

Thanks for replies, I’m in a real panic 
Yes used a broker they said they will go back to nationwide but didn’t know if this is something they would consider overturning. 

He believes they have just taken basic income into account nothing else by mistake 
it’s with nationwide I checked my their website they said it’s ok, we previously had a mortgage accepted fully on another property a couple of weeks ago but that fell through this property is 12k more 
my husband been in job 6 years always had shift allowance and overtime it’s the prison service 
weve had an illustration and a valuation done a week ago but they needed another bank statement 

did you provide that bank statements?

it sounds like your broker didn't package your application properly, hence the underwriters worked with the wrong figures.

Yes gave that bank statement was just to show my pay going in last month. Do you think it is something they will overturn then with the right info?

Who can say, but if thier criteria says they accept it and you provide everything they want, then you have a good chance.

toria12386

Snookie12cat said:

toria12386 said:

aoleks said:

toria12386 said:

Thanks for replies, I’m in a real panic 
Yes used a broker they said they will go back to nationwide but didn’t know if this is something they would consider overturning. 

He believes they have just taken basic income into account nothing else by mistake 
it’s with nationwide I checked my their website they said it’s ok, we previously had a mortgage accepted fully on another property a couple of weeks ago but that fell through this property is 12k more 
my husband been in job 6 years always had shift allowance and overtime it’s the prison service 
weve had an illustration and a valuation done a week ago but they needed another bank statement 

did you provide that bank statements?

it sounds like your broker didn't package your application properly, hence the underwriters worked with the wrong figures.

Yes gave that bank statement was just to show my pay going in last month. Do you think it is something they will overturn then with the right info?

Who can say, but if thier criteria says they accept it and you provide everything they want, then you have a good chance.

Thank you!! Will keep my fingers crossed then, hope hear sooner rather than later. So stressful! 

london21

Nationwide are flexible with shift allowance and overtime.
Once you provide them all the required documents should hear back soon.
Try not to stress about it.

toria12386

london21 said:

Nationwide are flexible with shift allowance and overtime.
Once you provide them all the required documents should hear back soon.
Try not to stress about it.

Thank you so much, you have made me feel so much better. since I’ve had my little one my anxiety is through the roof! 

They came back saying that my husbands wage was 29000 but he gets 17.5% shift allowance on top of that and earns about 200-300 a month overtime so does add up to quite a bit 

Atomix

Way back when, (2008-9) we were given a max mortgage amount we could borrow (Nationwide).

By the time we came to sell/complete the 'mortgage' rules changed (due to the financial crisis /sub-prime/self cert/fannie-mae etc), and their 'new' mortgage offer was around £50k less. 
We went back to Nationwide, with plenty of written confirmations, from my - then at the time - wifes' employer (a very well known, top-end american / multi-billion multi-national corporate) of annual allowances/bonuses etc (she worked there for nearly 20 years with every year having a 'large-extra' amount on her pay slip....
Nope. Not interested. Bottom line salary figure only... Im guessing because that's what's under-written by Nationwide for lending the money over 25 years of having the mortgage? we didn't need to contest it, as we found another solution. However good luck - and I'll be interested to hear the outcome...