Declined Mortgage in Principle - Mild State of Panic

[Wildfire]

dxg said:

Could be worse. You could be returning to a previous lender (and life-long bank) with an exemplary credit history and an agreement in principle in hand from them. You could have everything in place, only to then get the 'no' decision.

Safe to say, I will never darken RBS' (or any of their sister companies) door again.

Colleague had the same thing. Had 15% deposit, got the AIP, put an offer in and they came back with "You need 30%".

I have recently left RBS/Natwest, but not through poor service.

[yajeed]

Wildfire said:

Colleague had the same thing. Had 15% deposit, got the AIP, put an offer in and they came back with "You need 30%".

I have recently left RBS/Natwest, but not through poor service.

I ended up with the opposite problem. They weren't satisfied with where some funds came from (an ISA) so the only way to get a mortgage was to pay less deposit and ignore that sum of money. They did assure me I could pay off any amount of the mortgage on the first day without it costing any interest, so that's what I'll do.

Bonkers, the lot of them.

[Sarnie]

Wildfire said:

Colleague had the same thing. Had 15% deposit, got the AIP, put an offer in and they came back with "You need 30%".

I have recently left RBS/Natwest, but not through poor service.

This is why AIP's are worthless...............they aren't worth zip and do not evidence evidence anything to anyone, and is in no way any form of guarantee that you will get the mortgage you've submitted the AIP for...................

[TheAngryDog]

Sarnie said:

This is all normal...............you have to be able to satisfy money laundering regulations to evidence the source of deposit.......nothing unusual...........the ironic thing about your post is that Nationwide are the worst lender for clients sending us evidence of their deposit held in Nationwide ISA's, and Nationwide do not produce statement or even put the clients name on print outs........making it difficult to evidence that the account is actually the clients and thus satisfy Anti-Money Laundering regulations....

Anyway, if the only issue is getting your deposit evidenced satisfactorily, then don't worry about it, it will get sorted, even if you have to wait a bit longer for acceptable statements to be sent to you..............

I can attest to this after our conversation! Hence why we moved it to my savings account and got my bank to produce me a statement.

Sarnie is my broker btw. And a fking excellent one at that.

[Sarnie]

TheAngryDog said:

Sarnie said:

This is all normal...............you have to be able to satisfy money laundering regulations to evidence the source of deposit.......nothing unusual...........the ironic thing about your post is that Nationwide are the worst lender for clients sending us evidence of their deposit held in Nationwide ISA's, and Nationwide do not produce statement or even put the clients name on print outs........making it difficult to evidence that the account is actually the clients and thus satisfy Anti-Money Laundering regulations....

Anyway, if the only issue is getting your deposit evidenced satisfactorily, then don't worry about it, it will get sorted, even if you have to wait a bit longer for acceptable statements to be sent to you..............

I can attest to this after our conversation! Hence why we moved it to my savings account and got my bank to produce me a statement.

Sarnie is my broker btw. And a fking excellent one at that.

[Gazzas86]

So our broker has just called, Nationwide will not accept temporary statements showing we 'still have the funds', Our broker has been on the phone to nationwide at the highest level, and even put a complaint in, basically our application has passed underwriters, passed money laundering team, but legal wont accept it.

nationwide asked us to go into the bank (HSBC), and get them to print a letter on headed paper saying xxxx monies were payed into the bank account, and xxxx monies were transferred to xxxx savings account, and the current amount in each account is xxxxx dated, and stamped.

Obviously HSBC wont do this as to say what's stopping me transferring money out as soon as they have signed the letter. Which is a fair point.

I have gone back to the broker and suggested, transferring all monies into one account and then getting a statement printed in the bank. He's on the phone with NW now, but its fair to say.. what a PITA!!!!

[sealtt]

Poor you, I hate arranging property finance it's so difficult.

So funny you can go into a car dealer and get £100k car finance sorted in a few minutes on a massively depreciating asset, but property finance is a nightmare on what's meant to be secure assets.

[TheAngryDog]

Gazzas86 said:

So our broker has just called, Nationwide will not accept temporary statements showing we 'still have the funds', Our broker has been on the phone to nationwide at the highest level, and even put a complaint in, basically our application has passed underwriters, passed money laundering team, but legal wont accept it.

nationwide asked us to go into the bank (HSBC), and get them to print a letter on headed paper saying xxxx monies were payed into the bank account, and xxxx monies were transferred to xxxx savings account, and the current amount in each account is xxxxx dated, and stamped.

Obviously HSBC wont do this as to say what's stopping me transferring money out as soon as they have signed the letter. Which is a fair point.

I have gone back to the broker and suggested, transferring all monies into one account and then getting a statement printed in the bank. He's on the phone with NW now, but its fair to say.. what a PITA!!!!

We transferred our deposit into my coop savings account. Coop then produced a new statement at midnight which I printed out. That was perfectly acceptable for the lender. Do you have any similar option? I know that NW dont do that.

[Gazzas86]

TheAngryDog said:

Gazzas86 said:

So our broker has just called, Nationwide will not accept temporary statements showing we 'still have the funds', Our broker has been on the phone to nationwide at the highest level, and even put a complaint in, basically our application has passed underwriters, passed money laundering team, but legal wont accept it.

nationwide asked us to go into the bank (HSBC), and get them to print a letter on headed paper saying xxxx monies were payed into the bank account, and xxxx monies were transferred to xxxx savings account, and the current amount in each account is xxxxx dated, and stamped.

Obviously HSBC wont do this as to say what's stopping me transferring money out as soon as they have signed the letter. Which is a fair point.

I have gone back to the broker and suggested, transferring all monies into one account and then getting a statement printed in the bank. He's on the phone with NW now, but its fair to say.. what a PITA!!!!

We transferred our deposit into my coop savings account. Coop then produced a new statement at midnight which I printed out. That was perfectly acceptable for the lender. Do you have any similar option? I know that NW dont do that.

In the end, we had to transfer everything back to our HSBC current acc, and then go into the bank and produce a statement, finally all been accepted and im looking to exchange on Tuesday.

[TheAngryDog]

Gazzas86 said:

TheAngryDog said:

Gazzas86 said:

So our broker has just called, Nationwide will not accept temporary statements showing we 'still have the funds', Our broker has been on the phone to nationwide at the highest level, and even put a complaint in, basically our application has passed underwriters, passed money laundering team, but legal wont accept it.

nationwide asked us to go into the bank (HSBC), and get them to print a letter on headed paper saying xxxx monies were payed into the bank account, and xxxx monies were transferred to xxxx savings account, and the current amount in each account is xxxxx dated, and stamped.

Obviously HSBC wont do this as to say what's stopping me transferring money out as soon as they have signed the letter. Which is a fair point.

I have gone back to the broker and suggested, transferring all monies into one account and then getting a statement printed in the bank. He's on the phone with NW now, but its fair to say.. what a PITA!!!!

We transferred our deposit into my coop savings account. Coop then produced a new statement at midnight which I printed out. That was perfectly acceptable for the lender. Do you have any similar option? I know that NW dont do that.

In the end, we had to transfer everything back to our HSBC current acc, and then go into the bank and produce a statement, finally all been accepted and im looking to exchange on Tuesday.

Sweet, at least you have a result.

Thats a quick exchange. We are almost ready to exchange, but we need to wait for the vendors to do their bit.

[Gazzas86]

TheAngryDog said:

Gazzas86 said:

TheAngryDog said:

Gazzas86 said:

So our broker has just called, Nationwide will not accept temporary statements showing we 'still have the funds', Our broker has been on the phone to nationwide at the highest level, and even put a complaint in, basically our application has passed underwriters, passed money laundering team, but legal wont accept it.

nationwide asked us to go into the bank (HSBC), and get them to print a letter on headed paper saying xxxx monies were payed into the bank account, and xxxx monies were transferred to xxxx savings account, and the current amount in each account is xxxxx dated, and stamped.

Obviously HSBC wont do this as to say what's stopping me transferring money out as soon as they have signed the letter. Which is a fair point.

I have gone back to the broker and suggested, transferring all monies into one account and then getting a statement printed in the bank. He's on the phone with NW now, but its fair to say.. what a PITA!!!!

We transferred our deposit into my coop savings account. Coop then produced a new statement at midnight which I printed out. That was perfectly acceptable for the lender. Do you have any similar option? I know that NW dont do that.

In the end, we had to transfer everything back to our HSBC current acc, and then go into the bank and produce a statement, finally all been accepted and im looking to exchange on Tuesday.

Sweet, at least you have a result.

Thats a quick exchange. We are almost ready to exchange, but we need to wait for the vendors to do their bit.

Yea, it should be quite quick, it's literally just us and the builder in the sale, no chain etc. house is empty and ready to go, we have just transferred the deposit to the sols so fingers crossed,.

[jumpingloci]

Hi all

A bit of a thread resurrection but I didn't want to start a new one relating to the same subject.

I wondered if anyone had any advice.

We have a mortgage with Nationwide. We're looking to buy a new house and transfer the mortgage. We've found a house, gone to do a MIP and we've been declined based on undeclared debt.

I have finance on a bike that I was going to sell and settle. Completely foolish to not declare. I just didn't think it would interfere. Lesson learned there.

What next?

With full disclosure could we re-apply, or is it best to give a cooling off period? We just don't want to jeopardise the purchase but I probably already have.

Many thanks in advance.

[mikey P 500]

Yes settle then and re apply, nationwide very good normally about this sort of think. My wife has a company car that's technically a loan for the amount of car rather than company car as better for tax, which also caused a further discussion when we forgot to mention (didn't cause any issues once explained).

[Sarnie]

jumpingloci said:

Hi all

A bit of a thread resurrection but I didn't want to start a new one relating to the same subject.

I wondered if anyone had any advice.

We have a mortgage with Nationwide. We're looking to buy a new house and transfer the mortgage. We've found a house, gone to do a MIP and we've been declined based on undeclared debt.

I have finance on a bike that I was going to sell and settle. Completely foolish to not declare. I just didn't think it would interfere. Lesson learned there.

What next?

With full disclosure could we re-apply, or is it best to give a cooling off period? We just don't want to jeopardise the purchase but I probably already have.

Many thanks in advance.

Lenders usually state to wait six months before reapplying to them after a declined application.............you can apply elsewhere though!

[jumpingloci]

Thanks guys, really appreciated.

The problem we have is that we have an existing mortgage with Nationwide and was going to transfer it. We incur a penalty as we're less than 2 years into it if we cancel.

The biggest worry is missing out on the house. Proper in the dog house over it. Deservedly so, admittedly.

[Pot Bellied Fool]

Speak to a broker about it, they know the ins & outs of the various deals & lender criteria far better than a yoof with a big tie & even bigger job title at the local High Street Branch.

Sarnie on here comes well recommended and I'd add a recommendation for my mate Graham at Martland Mortgages, he's just got a deal for folk with adverse that's flying off the shelves but does lots of other more normal stuff too. Loves anything a bit unusual to get his teeth into.

So long as you don't go submitting new applications left, right & centre, you should be able to get this sorted with the right advice.