FTB Declined by Nationwide

sarahd1977

I applied to nationwide today through my broker and was declined:(:(, not sure of reason why, she has told me it has been referred to the business manager. I have a 60 default registered in 2006 and settled in august 2009 as I did not know about it until I checked my file, also 4 recent serches on my file from the bank when I upgraded my account and a recent credit card and car insurance. I just dont know what to do now, I have a full time job with 24,000 per anumn, I have other accounts on my file wich have been settled and have a mobile phone contract, What chance do I have of Nationwide overlooking my application or are there any other lenders I should try, Abbey have a good deal for FTB do u think they will accept me, does anyone know if the searches have decreased my score

Thanks

luckyfool

The searches may well not have left a hard footprint. Check next to them on the report, if they say "Quotation Search" then they are not visible to other lenders and would not be taken into account.

What loan to value were you looking for?

You say you are not sure why you were declined . . . I'm afraid a default even if only for £60 is going to be more than enough reason for many if not most high street lenders to turn a case away in the current climate. That will be especially true above 75% ltv.

sarahd1977

i have a 15% deposit

Mrs_Bumble

I thought that your broker was going to try Abbey?

Nationwide don't like any adverse credit and so no surprise that they declined.

Your broker will have to ring round and make some phone calls to see where to place the application now, there are lenders that will look at the whole profile and a default of £60 not the issue it is for the likes of Nationwide.

sarahd1977

I dont think she really wants to try elsewhere and she was pushing that one onto me, she suggests I wait until its off, I really cant wait 3 years, do you think abbey direct would be worth it, I think I need to find a new broker

Mrs_Bumble

If the only problem is the £60 default which is settled I believe it is placeable. Take a copy of your credit file to an independent whole of market mortgage broker. I personally would have made some phone calls and if necessary faxed copy of your credit report across before putting anAIP/DIP through.

Problem as I see it if you go direct is that the little adviser in the branch is going to say well lets get a aip/dip and see and that will cause lots of searches.

You have said in previous thread that you were unaware of the caboot default until you obtained a copy of your credit file are caboot willing to agree that they didn't notify you of them registering the default as the debt should have gone into arrears etc before they defaulted it, have they admitted any wrong doing?

koexelek

Mrs_Bumble wrote: »

Nationwide don't like any adverse credit and so no surprise that they declined.

Indeed. Zero tollerance on anything adverse for them

herbiesjp

Sounds like your broker may be a bit of a novice, otherwise you would not go anywhere near Nationwide with a hint of any adverse credit.

Any decent broker would discuss your case verbally with the lenders to see if there is anything that might cause a problem first. Then on that basis, they owuld come back to you with options - it's common sense really.

I would suggest getting a second opinion from a different whole of market mortgage adviser to see if there is any difference in what they tell you

Conrad

I don't know if any lender will do this. Lenders want to see defaults were cleared quickly and that an applicant is on top of thier finances. Individuals bare a responsibility to know what debts need to be discharging and can't use ignorance as a sound defence.

By all means try Abbey. Thier underwriters will want to take a good look at your application, regardless of whether you pass thier inital credit score. Going direct will be fine.

You may be aware from the news that the USA is facing a $9 trillion dollar defecit precipated by bad mortgage lending. As such there is little appetite for any risk what so ever.

Best of luck.

Batchy

Hi Chap I have a default last year which has now gone, (nearly) september.

But I still went to a financial advisor who sorted it out for me and spoke to a buisiness development manager directly who approved the mortgage.

its sup to you how you play it, just think... how do you get to pay as low a fee/ % as possible!!

sarahd1977

I have approached a different broker who seems to be very helpful, I have sent a copy of my credit file to look at and he is going to do some fact finding, fingers crossed