Has anyone had experience with an underwriter making an error?

coveredbyroses15

Hello!
My fiance and I are first-time buyers, and this morning we had the dreaded call that Nationwide couldn't take our application further, as the underwriters claimed my fiance has regularly exceeded his arranged overdraft of £100. The thing is, he hasn't, even in the statements we provided, he has rarely used it, and has NEVER gone beyond the limit, we've checked over and over again.
The only thing I can think of, is that I used to have a limit of £1,700, and I decreased this mid-August to £100 after paying off the £1,700. So, up until when I paid this off, my statement shows that I was more than £100 overdrawn. I'm wondering if this has caused some confusion.
Our mortgage advisor was also confused as he couldn't understand where they were getting the information from and has sent a note for them to reassess. We have also checked our credit scores with all 3 agencies they use and there is nothing flagged regarding this or any defaults.
Does it sound like this is just a mistake? Has anyone else been in a position where it seems an underwriter has made an error? What was the outcome?

DullGreyGuy

Have you checked your credit reference agency files to see what's being reported there?

A colleague had something similar and turned out he hadn't closed down an ancient student account that was originally a few pounds into overdraft but with years of charges etc it had added up.

coveredbyroses15

DullGreyGuy said:

Have you checked your credit reference agency files to see what's being reported there?

A colleague had something similar and turned out he hadn't closed down an ancient student account that was originally a few pounds into overdraft but with years of charges etc it had added up.

Yes, we've checked everything, and nothing has flagged at all. They also said this happened in July and August this year, which is what made me think it was a mix up and was actually mine with my overdraft changing in August. 

BJV

Underwriters are human.

They make mistakes. We all do.

I would ask them and get your mortgage advisor to talk to them if they can and find out what the issue is and correct if needs be.

PS Good Luck in your new home when you get it. 

coveredbyroses15

BJV said:

Underwriters are human.

They make mistakes. We all do.

I would ask them and get your mortgage advisor to talk to them if they can and find out what the issue is and correct if needs be.

PS Good Luck in your new home when you get it. 

Thank you. I think I needed that!

BJV

Buying your first home is nerve-racking, and so so scary. 

I still have nightmares and we bought our 1st home in 1992!!!!

Speak to your mortgage advisor, and if possible, try to relax. ( I know easy for me to say ) It is hard but this is a big deal it is your first home so if possible try to enjoy it. This is just a blip, 12 months from now you won't even remember you will be so busy decorating and making it your own.

coveredbyroses15

BJV said:

Buying your first home is nerve-racking, and so so scary. 

I still have nightmares and we bought our 1st home in 1992!!!!

Speak to your mortgage advisor, and if possible, try to relax. ( I know easy for me to say ) It is hard but this is a big deal it is your first home so if possible try to enjoy it. This is just a blip, 12 months from now you won't even remember you will be so busy decorating and making it your own.

I can see now why people say it's the most stressful thing you'll ever do!! I swear if this all goes through okay, I'm just gonna stay there forever and NEVER move again! I'm trying to stay calm, as I really do think it's an error as we literally haven't done what they said we have. Thanks so much for taking the time to comment

kingstreet

Has Nationwide requested copies of the actual statements? If not, provide them and ask broker to point out OD v limit and broker should ask business development manager to escalate.

coveredbyroses15

kingstreet said:

Has Nationwide requested copies of the actual statements? If not, provide them and ask broker to point out OD v limit and broker should ask business development manager to escalate.

The annoying thing is, they have the statements. I also even provided the letter confirming the date of my overdraft change, and the previous amount. If they'd actually looked at that, they'd see I never actually exceeded any limit whatsoever. Does it sound like something that can be rectified? Our mortgage advisor has sent a message to the underwriters explaining it all.

kingstreet

coveredbyroses15 said:

kingstreet said:

Has Nationwide requested copies of the actual statements? If not, provide them and ask broker to point out OD v limit and broker should ask business development manager to escalate.

The annoying thing is, they have the statements. I also even provided the letter confirming the date of my overdraft change, and the previous amount. If they'd actually looked at that, they'd see I never actually exceeded any limit whatsoever. Does it sound like something that can be rectified? Our mortgage advisor has sent a message to the underwriters explaining it all.

If that is the entire issue I'd be escalating that up the food chain and would be disappointed if unsuccessful in getting it overturned.

coveredbyroses15

kingstreet said:

coveredbyroses15 said:

kingstreet said:

Has Nationwide requested copies of the actual statements? If not, provide them and ask broker to point out OD v limit and broker should ask business development manager to escalate.

The annoying thing is, they have the statements. I also even provided the letter confirming the date of my overdraft change, and the previous amount. If they'd actually looked at that, they'd see I never actually exceeded any limit whatsoever. Does it sound like something that can be rectified? Our mortgage advisor has sent a message to the underwriters explaining it all.

If that is the entire issue I'd be escalating that up the food chain and would be disappointed if unsuccessful in getting it overturned.

Yeah, that seems like it's the only issue. Nothing else has been mentioned whatsoever. Fingers crossed, they will look again after the note from our mortgage advisor, see it's a mistake and progress with the application! Thanks for your insight!