Mortgage declined nationwide

toria12386

Pixie5740 said:

Ltoria12386 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? 

I am yes. I’ve read into this and done a lot of consideration I know it’s not advised but it’s what is working for us, we will be in a position to not gain any more debt in the future with a solid plan how to budget each month within our means to stop not having any further loans or credit cards 

Crashy_Time

You can`t predict the future, this is a  very bad move IMO.

toria12386

Crashy_Time said:

You can`t predict the future, this is a  very bad move IMO.

I appreciate your advice but it’s the decision we have made, a lot of the debt we have accumulated has been doing work to the house which has actually added the value etc 

Crashy_Time

So you sold the house and got the extra value?

toria12386

Crashy_Time said:

So you sold the house and got the extra value?

Yes that’s right and used a bit of that to pay back our debts 

Mineral1

Ignore him; all he does is join in on threads to waffle on about how everyone is going to have their house repossed when the economy tanks suddenly but he isn't as knowledgeable as he thinks he is.

lookstraightahead

Mineral1 said:

Ignore him; all he does is join in on threads to waffle on about how everyone is going to have their house repossed when the economy tanks suddenly but he isn't as knowledgeable as he thinks he is.

It's good to know all angles though, is it not? 

Mineral1

lookstraightahead said:

Mineral1 said:

Ignore him; all he does is join in on threads to waffle on about how everyone is going to have their house repossed when the economy tanks suddenly but he isn't as knowledgeable as he thinks he is.

It's good to know all angles though, is it not? 

Yes but no need for it to be condescending

lookstraightahead

Mineral1 said:

lookstraightahead said:

Mineral1 said:

Ignore him; all he does is join in on threads to waffle on about how everyone is going to have their house repossed when the economy tanks suddenly but he isn't as knowledgeable as he thinks he is.

It's good to know all angles though, is it not? 

Yes but no need for it to be condescending

Not taking sides, but did you read what you had written? A bit hypocritical there.

Crashy_Time

Mineral1 said:

Ignore him; all he does is join in on threads to waffle on about how everyone is going to have their house repossed when the economy tanks suddenly but he isn't as knowledgeable as he thinks he is.

Neither are 99.9% of people posting on forums, it is conversation/opinion not financial advice.