Mortgage declined nationwide

toria12386

Atomix said:

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...

Thank you, we did have a mortgage accepted on a previous property a couple of weeks ago and that fell through with nationwide they took into account shift allowence (which is contractual) and also overtime so I’m not sure what’s gone wrong this time 

Atomix

Just drudging through old emails.... 2007. We could borrow £204k for a house worth £312k. (this wasn't anywhere near our max at the time (was £230k) btw. just what we needed to borrow for that property) For 'other' reasons we pulled out.

2008 maximum they would borrow was £180k.  We liaised with various people over a month or so contesting figures over and above basic salary. To no avail... however its good to hear that they now take it all into consideration, they were very blunt / black and white with no grey-area with us, but I think the whole financial industry was under a lot of scrutiny at the time....

Crashy_Time

Atomix said:

Just drudging through old emails.... 2007. We could borrow £204k for a house worth £312k. (this wasn't anywhere near our max at the time (was £230k) btw. just what we needed to borrow for that property) For 'other' reasons we pulled out.

2008 maximum they would borrow was £180k.  We liaised with various people over a month or so contesting figures over and above basic salary. To no avail... however its good to hear that they now take it all into consideration, they were very blunt / black and white with no grey-area with us, but I think the whole financial industry was under a lot of scrutiny at the time....

As it should of been, and as it will be again soon IMO.

Snookie12cat

toria12386 said:

Atomix said:

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...

Thank you, we did have a mortgage accepted on a previous property a couple of weeks ago and that fell through with nationwide they took into account shift allowence (which is contractual) and also overtime so I’m not sure what’s gone wrong this time 

You might have got a junior underwriter this time, one that is not so experienced and potentially over cautious. It sounds like an admin error and hopefully it will be resolved for you soon. 

Crashy_Time

"Junior underwriter", LOL, unfortunately highly highly unlikely IMO, the banks are just getting cautious in the face of rising uncertainty.

MysteryMe

Atomix said:

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...

Your scenario is not the same as someone in receipt of shift disturbance allowance.  

toria12386

Snookie12cat said:

toria12386 said:

Atomix said:

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...

Thank you, we did have a mortgage accepted on a previous property a couple of weeks ago and that fell through with nationwide they took into account shift allowence (which is contractual) and also overtime so I’m not sure what’s gone wrong this time 

You might have got a junior underwriter this time, one that is not so experienced and potentially over cautious. It sounds like an admin error and hopefully it will be resolved for you soon. 

Hiya, unfortunately they still declined as they said that as we were paying off debts with our equity that could happen again. But our mortgage advisor said they had already approved a previous mortgage and due to rate change the new mortgage was only a bit more so the previous underwriter thought that paying all our debts off was ok. 

We are going to try coventry fingers crossed it will be ok aip passed and apparently they are pretty quick to deal with

Thanks for your replies though 

MalMonroe

toria12386 said:

Snookie12cat said:

toria12386 said:

Atomix said:

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...

Thank you, we did have a mortgage accepted on a previous property a couple of weeks ago and that fell through with nationwide they took into account shift allowence (which is contractual) and also overtime so I’m not sure what’s gone wrong this time 

You might have got a junior underwriter this time, one that is not so experienced and potentially over cautious. It sounds like an admin error and hopefully it will be resolved for you soon. 

Hiya, unfortunately they still declined as they said that as we were paying off debts with our equity that could happen again. But our mortgage advisor said they had already approved a previous mortgage and due to rate change the new mortgage was only a bit more so the previous underwriter thought that paying all our debts off was ok. 

We are going to try coventry fingers crossed it will be ok aip passed and apparently they are pretty quick to deal with

Thanks for your replies though 

Sorry it didn't work out but hopefully it will with another lender.

I have had a current account with Nationwide for years and find them very mean! I'm thinking of switching. A few months ago I did a soft search with them for a balance transfer credit card and was declined. I was flabbergasted! Even though they said the balance transfer deal was for their own customers and they put us first 'cos we're just so darn valued. There's nothing wrong with my credit report or my finances and I've never been overdrawn but still they refused me. Mean. Or maybe over-cautious. But hopefully you will be luckier with another organisation. Nationwide stinks. 

toria12386

MalMonroe said:

Loo toria12386 said:

Snookie12cat said:

toria12386 said:

Atomix said:

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...

Thank you, we did have a mortgage accepted on a previous property a couple of weeks ago and that fell through with nationwide they took into account shift allowence (which is contractual) and also overtime so I’m not sure what’s gone wrong this time 

You might have got a junior underwriter this time, one that is not so experienced and potentially over cautious. It sounds like an admin error and hopefully it will be resolved for you soon. 

Hiya, unfortunately they still declined as they said that as we were paying off debts with our equity that could happen again. But our mortgage advisor said they had already approved a previous mortgage and due to rate change the new mortgage was only a bit more so the previous underwriter thought that paying all our debts off was ok. 

We are going to try coventry fingers crossed it will be ok aip passed and apparently they are pretty quick to deal with

Thanks for your replies though 

Sorry it didn't work out but hopefully it will with another lender.

I have had a current account with Nationwide for years and find them very mean! I'm thinking of switching. A few months ago I did a soft search with them for a balance transfer credit card and was declined. I was flabbergasted! Even though they said the balance transfer deal was for their own customers and they put us first 'cos we're just so darn valued. There's nothing wrong with my credit report or my finances and I've never been overdrawn but still they refused me. Mean. Or maybe over-cautious. But hopefully you will be luckier with another organisation. Nationwide stinks. 

Thank you so much, everyone has been so helpful and kept me half sane today. 

It’s just strange that one underwriter said it was ok then another (admittedly property was slightly more but well within affordability) said no?

Mortgage broker said he has able to speak with Coventry so I’m hopeful for a more common sense approach! 

Pixie5740

toria12386 said:

Snookie12cat said:

toria12386 said:

Atomix said:

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...

Thank you, we did have a mortgage accepted on a previous property a couple of weeks ago and that fell through with nationwide they took into account shift allowence (which is contractual) and also overtime so I’m not sure what’s gone wrong this time 

You might have got a junior underwriter this time, one that is not so experienced and potentially over cautious. It sounds like an admin error and hopefully it will be resolved for you soon. 

Hiya, unfortunately they still declined as they said that as we were paying off debts with our equity that could happen again. But our mortgage advisor said they had already approved a previous mortgage and due to rate change the new mortgage was only a bit more so the previous underwriter thought that paying all our debts off was ok. 

We are going to try coventry fingers crossed it will be ok aip passed and apparently they are pretty quick to deal with

Thanks for your replies though 

Are you turning unsecured debt into debt secured against your home?