Nationwide Mortgage Query

carlrac · 24 October 2006 at 5:33PM

I need to remortgage to clear debts that are currently being dealt with through the CCCS.My existing mortgage is with the C & G & is around the 90k mark on a house worth approx 160k.I need to increase this to 125k but the C& G have refused because of my adverse credit score.I have been looking for another lender & the Nationwide looks to be the one but it says about adverse credit" minor debt yes,arrears 1 in last year,CCJs specified up to 1 CCJ max & up to £250 per application".What does this all mean?
I have received my credit report from experian & the majority of creditors have a series of 0's listed but First Direct has listed a status history of 8 on a credit card with a default balance of £3264 logged on 15/12/04 of which a balance of £3152 is still owing,they have also logged a status history of 8 on a current account wiyh a default balance of £750 logged on the same day of which £651 is still owing & Capital one credit card has a status history of 6.I have never missed a mortgage payment or utility payment.Can anyone tell me how I stand with regards to the nationwide & other lenders criteria?Cheers Carl

TEDDYRUKSPIN · 24 October 2006 at 5:40PM

Good start. Next start is to contact all the companies that have marked your file. Phone them up and see how you can get the clean. Without this, your mortgage won't only be the problem you will encounter. Anything regarding lending, mobile phones etc will inhibit you buying or borrowing things.

Without this, I can't even see one company accept you without giving you a extremely high interest rate.

GOOD LUCK.

carlrac · 24 October 2006 at 5:53PM

I take it I am in avery bad position then with regards to remortgaging.I was hoping that because I have always kept my mortgage & utility payments up to date & on time that the 2 defaults on a credit card & overdraft (these only being lodged because First Direct would not accept the reduced payment worked out by the CCCS) would not affect a mortgage application.

pawpurrs · 24 October 2006 at 5:57PM

Nationwide are one of the strictist with regards to credit score, so for your circumstances I wouldnt think that they would be a good bet.

I think that you really need to go and seek some professional advice.

Good luck

Leon_W · 24 October 2006 at 7:39PM

It is my view that Nationwide will certainly not accept you. Any application to them would be a waste of time and another search on your credit file (thus lowering your rating even further).

You need to talk to a whole of market broker. Cases such as this cannot be answered simply on an internet bulletin board.

MortgageMamma · 24 October 2006 at 8:07PM

Yes nationwide will not accept you, and taking advice from a profesional is your best option. However if you would prefer not to get a broker involved, Abbey is probably your best option from the mainsteam lenders, but they may not be the most competitive and are not overly generous on income multiples - speak to a broker!

herbiesjp · 24 October 2006 at 8:16PM

More of the same really - Nationwide will not touch as will most of the high street decline the application.

Do not start going applying to every lender as tis will harm your credit file

Have a word with a whole of market mortgage adviser armed with an up to date copy of your credit file and let them source the best deal for you based on your circumstances.

HTH

Weggy · 24 October 2006 at 9:38PM

Have to vouch for Abbey - they took me on when I had a questionable credit report...... Nationwide refused me. This was just a year ago.

kenshaz · 24 October 2006 at 9:49PM

Mortgages with poor credit

MortgageMamma · 25 October 2006 at 8:51AM

Abbey will normally accept people with 2 or 3 defaults/CCJ's so long as they have been satisfied and were not recent. They will also usually accept discharged IVA's so long as there have been no credit problems since and credit score is OK. Abbey are always well worth considering when there is a little minor adverse, as are RBS however they can be funny about IVA's. Both companies really do access cases on their own individual merits, however RBS will not accept more than 3 "bad events". Obviously there are always those who do not fit criteria, and its always best to take advice if possible prior to applying to either company - or perhaps someone who knows next to nothing about mortgages could link an article from the site that could offer this detailed level of insight and expertise?

Nationwide Mortgage Query

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