Nationwide Helping Hand Mortgage

neilburns710

Hi all,

So long story short Nationwide have now raise the entry criteria for the Helping Hand product. It is now 37K for sole applicants and 55K for joint.

My query comes from the fact that I submitted my documentation, received a decision in principle, booked an appointment with a Nationwide mortgage consultant to submit my application to the underwriters. However instead of this I was told Nationwide had raise the entry salary from 31K to 37k leaving me now not eligible for this mortgage route. The decision was made by Nationwide on the 14th March close of business and my appointment was for the 15th at 10AM!! 

Am I just really unlucky with this timing or is there ever a point where a lender has to stand by the customer when they get to a certain stage i.e with the finger on the submit application button! With the goal posts now shifted I am back to square one it seems.

Any knowledge or guidance on this would be appreciated. The rep from Nationwide that broke the news said she has escalated the issue with her manager who I have since emailed. I am living and trying to purchase in NI. 

 

Snookie12cat

That is really unlucky! Sometimes brokers get a day or two notice of major changes, but in some cases its just like this - you have until 5pm the same day to get your cases to application stage or they will miss out.

If its Nationwides policy that only those that were full submitted apps are accepted before the deadline then there is nothing else you can do. Some lenders give those with DIPS a little more grace, but up to each lender.
If they knew you were applying for helping hands though, it would have been good of them to contact you to let you know before the deadline.

Snookie12cat

Actually, thinking about it - I did see any email from them maybe Friday and yesterday informing brokers of the change.

kingstreet

All the release said was;-

"Helping Hand minimum income

All new applications started on or after Tuesday 15 March must be supported with a minimum income of £37k for sole applicants and £55k for joint applicants. All income sources (except self-employed income) can still be included."

elford95

Hi there, me and my partner are in a similar position and it’s only after seeing your post I was made aware of the entry criteria had changed, no comms from our broker to advise even though we have a DIP and had an offer accepted on a house, was waiting for confirmation of the chain before we fully applied. 

What was the outcome of your situation? Did Nationwide let you proceed with the application? 

Thanks 

Snookie12cat

elford95 said:

Hi there, me and my partner are in a similar position and it’s only after seeing your post I was made aware of the entry criteria had changed, no comms from our broker to advise even though we have a DIP and had an offer accepted on a house, was waiting for confirmation of the chain before we fully applied. 

What was the outcome of your situation? Did Nationwide let you proceed with the application? 

Thanks 

Your broker wound have been notified so that's poor on their behalf. You won't be able to apply on the old criteria. Those with dips were given a deadline which has long passed.