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    • JDMCG
    • By JDMCG 11th Mar 17, 11:21 PM
    • 4Posts
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    JDMCG
    Advice needed
    • #1
    • 11th Mar 17, 11:21 PM
    Advice needed 11th Mar 17 at 11:21 PM
    Just after some general advice.

    Have a mortgage broker who has submitted a DIP with Nationwide, which has been referred to underwriter. The reasons are late payment history and credit card account conduct.

    Late payment history I did have a heads up on and have contacted the financial ombudsman to try and get this removed. Don't hold out much hope as PayPal are hard work, and I do not have the timescales that they work to. The late payment history is 10 months old, but is more than one instance. It is 6 lots of 1 month late, a 2 month late and the last being a 3 month late. So, the 3 months was 10 months ago. There is an explanation, but I guess that means nothing if the late payment shows up on Equifax and Noddle.

    I can only assume that the card account conduct is because most months I only pay the minimum amount.

    Experian credit report is 100% clean, nothing at all on there and a score of 999. Equifax has the late payments on and a score of 511, which is still excellent apparently.

    So, before I knew there was a late payment history I had agreement in principle from Barclays, Santander and Halifax. Barclays and Santander only show searches on Experian and the Halifax shows on Noddle as well.

    I went to the broker as 'they have a relationship with the lenders', so assume they would have a better chance of getting something approved than I would by going into branch, and would know who is more likely to lend to me. He didn't fill me with much confidence at first, and seemed uninterested. At this time he'd only seen the Equifax report. It wasn't until he had the Experian one that he started to actually do anything. I have also contacted another adviser, who seems a bit more helpful.

    So, I guess what I want to know is how likely is it that Halifax would have given agreement in principle if they had seen the late payments? They're from a previous address if that matters.

    And also, what are my chances being accepted by Nationwide? I guess if it gets past the underwriters at DIP stage, then it's likely to be approved at full application.

    Thanks in advance
Page 1
    • Thrugelmir
    • By Thrugelmir 11th Mar 17, 11:43 PM
    • 53,713 Posts
    • 46,480 Thanks
    Thrugelmir
    • #2
    • 11th Mar 17, 11:43 PM
    • #2
    • 11th Mar 17, 11:43 PM
    I went to the broker as 'they have a relationship with the lenders', so assume they would have a better chance of getting something approved than I would by going into branch, and would know who is more likely to lend to me.
    Originally posted by JDMCG
    Underwriters are governed by the criteria set from above. Each case will be dealt with individually on it's own merits. There's ultimately no preferential treatment.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • kingstreet
    • By kingstreet 12th Mar 17, 8:26 AM
    • 31,433 Posts
    • 16,799 Thanks
    kingstreet
    • #3
    • 12th Mar 17, 8:26 AM
    • #3
    • 12th Mar 17, 8:26 AM
    Why are you having so many searches?

    So, I guess what I want to know is how likely is it that Halifax would have given agreement in principle if they had seen the late payments? They're from a previous address if that matters.
    Halifax soft search checks only last three years and won't always check previous addresses. The hard search at full application will do so.

    Nationwide doesn't carry out another search at full application, so if accepted, you will get an offer if the information supplied matches the documentation submitted.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • JDMCG
    • By JDMCG 12th Mar 17, 8:56 AM
    • 4 Posts
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    JDMCG
    • #4
    • 12th Mar 17, 8:56 AM
    • #4
    • 12th Mar 17, 8:56 AM
    Because the others were only supposed to be a soft search, saying they have no impact on your report. I was just looking around to see who would lend what, before I knew about the late payment history.
    • JDMCG
    • By JDMCG 13th Mar 17, 5:58 PM
    • 4 Posts
    • 0 Thanks
    JDMCG
    • #5
    • 13th Mar 17, 5:58 PM
    • #5
    • 13th Mar 17, 5:58 PM
    So, broker has come back today, saying they require the savings account statement, as Nationwide are doing the assessment. Was expecting an answer on the agreement in principle today. Is this looking good? Would they be asking for this if the late payments meant they would decline it anyway? I'm being optimistic, as I cannot see why they would worry about this if they were going to decline.
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