Mortgage Referred - Worried? Nationwide.
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James131994
Posts: 53 Forumite
Hi, still very knew to this forum so hopefully I am posting in the correct place.
We have applied for a shared ownership mortgage using a mortgage advisor and the agreement in principle has been referred. Our broker says he can’t give any more info than that at this stage.
Based on an affordability assessment we did, the mortgage is very affordable. We have never missed any payments on anything we owe. We are in our early 20’s so haven’t built up amazing scores but Noddle says we are both Fair / Good.
I am now concerned as the broker said there should be no issues so I just wondered if anyone has been in this situation and what your experience was? What was the outcome? Our lender is Nationwide.
One thing I feel it could be, this week before applying we paid of a large amount of car finance and maybe this isn’t showing up to them as paid off yet, not sure how quick these things update but it is still showing as outstanding on Noddle. Obviously in our application we said zero debt.
We absolutely love the house so fingers crossed everything is okay. Apparently this could take a week before we hear anything from Nationwide which is frustrating.
Thanks everyone!
We have applied for a shared ownership mortgage using a mortgage advisor and the agreement in principle has been referred. Our broker says he can’t give any more info than that at this stage.
Based on an affordability assessment we did, the mortgage is very affordable. We have never missed any payments on anything we owe. We are in our early 20’s so haven’t built up amazing scores but Noddle says we are both Fair / Good.
I am now concerned as the broker said there should be no issues so I just wondered if anyone has been in this situation and what your experience was? What was the outcome? Our lender is Nationwide.
One thing I feel it could be, this week before applying we paid of a large amount of car finance and maybe this isn’t showing up to them as paid off yet, not sure how quick these things update but it is still showing as outstanding on Noddle. Obviously in our application we said zero debt.
We absolutely love the house so fingers crossed everything is okay. Apparently this could take a week before we hear anything from Nationwide which is frustrating.
Thanks everyone!
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Comments
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it could be the finance but if everything is as declared there shouldn't be too much to worry about. Some lenders have an automatic refer for shared ownership just because it is riskier lending and so they like a human to look at the application but this isn't anything to worry about in most casesI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks Butterflybook, been waiting since Thursday so good to hear.
Everything is declared, have been entirely honest about everything. That makes sense about shared ownership. My broker seemed to be quite surprised about the referral which is why I have been slightly concerned.0
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