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Mortgage application with default
lsupalova
Posts: 19 Forumite
Hi,
hope someone can shed a bit of light on our mortgage application for me...Me and my partner have applied for a mortgage through a broker with Nationwide-we have 32% deposit on a £192k property and are first time buyers.
The problem is I defaulted on a credit card in 2009-balance of £259!-moved house and "forgot" to change the address-but when i eventually found out i paid off the debt.
That is the only blight on my credit report which currently stands at "fair". My partner has "very good" credit rating, and we have no other debt or late/missed payments etc...
Nationwide reffered the application to the head office for a final decision, but nothing has happened for about a week now-Im getting very anxious!
How does that default affect our chances of being successful? Is Nationwide a strict lender when it comes to mortgages?
Thank you for your answers!
hope someone can shed a bit of light on our mortgage application for me...Me and my partner have applied for a mortgage through a broker with Nationwide-we have 32% deposit on a £192k property and are first time buyers.
The problem is I defaulted on a credit card in 2009-balance of £259!-moved house and "forgot" to change the address-but when i eventually found out i paid off the debt.
That is the only blight on my credit report which currently stands at "fair". My partner has "very good" credit rating, and we have no other debt or late/missed payments etc...
Nationwide reffered the application to the head office for a final decision, but nothing has happened for about a week now-Im getting very anxious!
How does that default affect our chances of being successful? Is Nationwide a strict lender when it comes to mortgages?
Thank you for your answers!
0
Comments
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The default is certainly not going to help, but as it's small, with a genuine reason, and you have a large deposit you have the best chance, once a case gets referred to any lender, things always go slow, pester your broker to chase Nationwide, it should be near the "top of the pile" by now.I am a mortgage adviser.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.0
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Thank you,
i did ask if there was any way i could "explain" why i defaulted on the credit agreement, but it doesn't seem like there is...
I was told that if i couldn't keep a relatively small debt in control, then the bank would see me as a risk when it comes to mortgage...well lets hope they are not that strict:(0
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