Nationwide withdrew mortgage offer just before completion

S

silverm

Guest
Hi,

I have exchange contracts under HomeBuyDirect shared equity scheme and Nationwide provided me a mortgage offer in Nov 2010. The property is due for completion and once my my solicitor asked to release funds, Nationwide withdrew the offer.

I contacted Nationwide today and they provided the only reason being the type of property I was purchasing, nothing to do with me! The whole mortgage approval process took 9 weeks with them, loads of checks, documentation, conveyance etc. 7 weeks after completion, Nationwide decided they don't provide mortgage on the type of property I was purchasing.

The person in the call centre even said to me had they known the property, they would have declined immediately. It is tragic as the property is the same from day 1 of my application to date.

Completion is due next week and I am so scared! For every day I delay the mortgage completion, the developer will charge penalty fee.

Can anyone advise on what to do next?

Thanks in advance.

Regards.
 
I would hope that your deposit was put down pending mortgage approval... I know any house I ever offered on over the years had this proviso incorporated into the deposit...completion was subject to loan approval and in my case sale of existing house.
 
It is not unfortunately. It is a new build and there is no provision...
 
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