Mortgage Offer Appeal Query

pinewood12

Very confusing situation. Received my AIP via Nationwide's BDM looking into my case as I have 2 incomes from one employer (FTC + Permanent Contract) and another from a second employer. All said was fine and was given my AIP to apply. 

After 5 weeks of underwriter/senior underwriter they've now decided they can only use one employers income and offered me a significantly lower mortgage amount. 

My broker is very unhappy and says we have grounds to appeal and will get the BDM involved. 

My timeline has been pretty ridiculous:
02/09 - AIP Confirmed 
08/09 - Application Submitted
13/09 - Valuation Report Received 
15/09 - Further Income Documents Requested
21/09 - Further Income Documents Requested 
28/09 - Case moved to senior underwriter - "no more documents required"
29/09 - Further Income Documents Requested
02/10 - Further Income Documents Requested 
07/10 - Significantly lower mortgage offer 
08/10 - Appeal lodged by broker 

Just wondered if anyone else has had a similar experience or advice in this situation. A lot of time, money, effort has gone in to get to this stage. My rental agreement ends in 7 weeks and planning to move into a new build apartment which is also ready in 7-8 weeks..... 

K_S

@pinewood12 The chances of an appeal succeeding (or standing a chance) will depend on the primary reason for the underwriter deciding that they can't consider the secondary income - is it a criteria issue, is it that you aren't able to provide the evidence required, it is a matter of plausibility, etc.

With second incomes and/or where the required documentation can't be provided, there is always a plausibility aspect and some subjectivity involved in the underwriter's decision making.

I hope the appeal succeeds but if you have to go ahead with the transaction nevertheless, in parallel it would be prudent to get your broker to apply with an alternate lender sooner rather than later.

pinewood12 said:

Very confusing situation. Received my AIP via Nationwide's BDM looking into my case as I have 2 incomes from one employer (FTC + Permanent Contract) and another from a second employer. All said was fine and was given my AIP to apply. 

After 5 weeks of underwriter/senior underwriter they've now decided they can only use one employers income and offered me a significantly lower mortgage amount. 

My broker is very unhappy and says we have grounds to appeal and will get the BDM involved. 

My timeline has been pretty ridiculous:
02/09 - AIP Confirmed 
08/09 - Application Submitted
13/09 - Valuation Report Received 
15/09 - Further Income Documents Requested
21/09 - Further Income Documents Requested 
28/09 - Case moved to senior underwriter - "no more documents required"
29/09 - Further Income Documents Requested
02/10 - Further Income Documents Requested 
07/10 - Significantly lower mortgage offer 
08/10 - Appeal lodged by broker 

Just wondered if anyone else has had a similar experience or advice in this situation. A lot of time, money, effort has gone in to get to this stage. My rental agreement ends in 7 weeks and planning to move into a new build apartment which is also ready in 7-8 weeks..... 

pinewood12

Thanks very much for getting back to me @K_S

You're bang on - it is very much a scenario where it's going to require an element of subjectivity to get it through. I am paid via IR35 and have provided 13 months of payslips, P60, 2 x letters from the employer however as this sits somewhere between self employed / zero hours contract (but without an actual contract) it is tricky to decipher how exactly they are going to take this income into consideration. 

Thanks for the advice.