Nationwide Credit Scoring

jamief

Initially, my gf and I were going to buy a house worth £125k, putting down a 10% deposit. We went through LLoyds (as we are in scotland, the lender was C&G afaik). This all went fine, got the full mortgage offer etc, but the house fell through.

Cut to today - we are buying a house worth £125k, but having to pay a little over the odds to get it (a different story). Therefore, we are putting down a 5% deposit. Our mortgage broker advised us that for a 95% LTV, Nationwide were best for us. After 10 days waiting after the MB submitted our AIP, it turns out we "failed" their credit score. The MB has advised that Nationwide want to help, and we should fill out a full mortgage app, along with all our documentation, proof of desposit etc.

Now, looking through what the MB submitted to them for the AIP, it is slightly incorrect. He got my salary wrong, said I was paying into a pension scheme (im not), and also forgot to put details of a £4500 loan I have. Would these things cause me to fail a credit score? Im pretty sure its not my gf, as she only has one graduate loan which was correctly detailed on the AIP form......

payless

NW credit score does seem harsher at 95% than theirs at 90%

Undisclosed credit on AIP may also go against you

Leon_W

Payless is right.

The higher the LTV, the greater the risk to the lender, the higher the credit hurdles are set.

Your MB is right. Nationwide have some good rates at 95% but what good is that if they won't play ball ? C&Gs rate will be higher.

jamief

The thing is, I've had quite a few loans, cc's etc over the past 4/5 years, all have been paid off, never as much as a late payment. Same with my girlfriend. Fingers crossed they realise that we aren't high risk and give us an offer!

payless

Depends on whether time is an issue ..

jamief

Nope - don't move into our new house until 2nd March.... why?

chirpy007

Cant you do a free credit score with Experian to see whats going on before you go any further. I have found that C&G are very good with their lending.

I had a problem just recently when appyling for a loan with Nationwide. I had a perfect score (it was on the PC right in front off us) but it wouldn't let the girl in branch authorise it, it had to go to head office but went through ok in the end.

If it was me l would get a credit report done and then approach the Nationwide in person.

jamief

Ive got a copy of my credit report, as does my girlfriend. Nothing bad on either....

chirpy007

jamief wrote:

Ive got a copy of my credit report, as does my girlfriend. Nothing bad on either....

Take it all in the Nationwide then and have a chat, explain whats happened and you should be able to either re-apply or tweak your exsiting application.

jamief

Well, the mortgage broker said "they want to help" (meaning Nationwide), but we have to submit a full app with all supporting documentation, so just trying to get that together now. One thing is, they need last years P60, which I don't have

Leon_W

Don't worry about the P60.

They always ask but I've never given them one yet !

Wage slips will do, and if you haven't got these they'll take an employers reference anyway.