Written on: 17/04/2013 by Danman565 (1 review written)
I am purchasing a new build with 5% gifted deposit and 10% cash deposit, my partner and i have combined income of around 60k, have good credit (never missed a single payment on anything) and the property is £210k. I went through a broker who recommended Nationwide as they accept vendor gifted deposits and a 2yr fixed rate of 4%.
I supplied all the usual docs (bank statements, payslips, passports, employer details etc) paid mortgage fees and for the valuation, and received the formal mortgage offer in January 2013 and the builder let us move in early. Solicitors took months but we were FINALLY ready for completion a few weeks back, my solicitors approached Nationwide to advise everything was OK and to release funds, this is where it all went downhill...
Nationwide claim that they had to re-credit check me as they "didnt know my middle name" when they first checked me in December (even though they've had my passport since day 1 with my FULL name on!) My credit score came back slightly lower than previous which baffled me but I later found this was due to the fact Nationwide had actually ran 5 mortgage applications on me since first applying (and ALL with multiple incorrect DOB's!!) which pushed my score down each time as it looks like I am credit hungry, but i couldn't even explain this to them as its black or white with then and currently the "computer says no", plus they wont talk directly to me as i went through a broker and will ONLY speak to him about MY case!!
As a result of THEIR blunder they declined my application and sent it to an underwriter who has since said I need to come up with an EXTRA £10,500 (5%) towards the deposit before they will even begin to review the case, putting me up to a 20% deposit overall!... This was, in my opinion, a random hurdle placed there simply in the hope that I couldnt overcome it so I'd have to cancel the application and they'd then get to keep my application fee and wouldn't have to review my case, they remind me several times that even if i come up with the money they could still decline me but through gritted teeth I came up with the extra money and I am still waiting on their decision to see if they will now begin to review my care, which no doubt will be very time consuming aswell as completely unnecessary!
My life has become a living hell, it's a constant worry and I live in fear constantly being bombarded with calls from the builder and estate agents asking why i've not completed yet and my girlfriend is heavily pregnant with the risk that our first family home is going to be taken away from us for absolutely no reason atall whatsoever in the slightest!!!!
The house has been valued at much more than I am paying for it, I got a fantastic deal from the builder who has also provided a 10 year build guarantee so it's a no-brainer that this is a fantastic property for any lender to have on their books but thats the problem, they have no brains, Nationwide are a heartless machine that do not review cases on their full merit... And my "wonderful" broker has since told me that Nationwide are the strictest and most difficult lender he deals with!!
AVOID AVOID AVOID!!!!!... I will update on my progress below when I hear back.
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