Nationwide rejection

SHIRESLAYER

Hi all,

My mortgage advisor tried to get me a mortgage through Nationwide, It was rejected.
When i asked for the reasons why he informed me that me and my wife passed the credit check and the affordabiltiy check...

He told me he was baffled as to why it did not go through and they would not divulge their lending criteria to him so he was lost as to why it failed..

Are Nationwide known for not saying why ppl would fail an application for AIP?

I just feel abit deflated as im now not sure what more needs to be done?

I have as stated on another thread got a old ccj which has been cleared and a default due to drop off my report and by the time i come to want the mortgage proper it *should* get through once it is declared as it is NOT showing on my experian right now..

GMS

Your broker is talking nonsesnse. A lender is open with their lending criteria.

With a default and a CCJ Nationwide was a long shot. What Loan to Value did you apply for?

SHIRESLAYER

it was 90% mate,

Im now very stressed as ive just called equifax and they have told me the default i had in 2007 will stay on my report for six years from the date i paid it in 2010 now! Though ive seen alot of folk on the internet say it only stays on from the date it defaulted??

seriously stressed out now :-(

koexelek

GMS wrote: »

Your broker is talking nonsesnse. A lender is open with their lending criteria.

With a default and a CCJ Nationwide was a long shot. What Loan to Value did you apply for?

Any broker should know you have to be squeaky clean to be accepted by Nationwide.

It will be very hard at 90%ltv anywhere

Try who you bank with ( if they do 90%) as a good account history will sometimes help to compensate for a less than perfect credit score

Dave_Ham

I thought the last post on your earlier thread, was keep your head down for 3 months dealing with re-building credit score.

Nowhere did you say you had a broker out there hunting and with respect Nationwide at 90% LTV was potentially the most stupid idea they could come up with. Shocking and never going to work.

I may have asked already but what is the income split between you and your partner. Could she not do on sole name or with a family member?

As I said earlier your adverse credit is far too recent and not helped by stupid applications to banks like Nationwide.

My frustration is aimed at the broker giving "advice" rather than you, but you do need to reign them in...

poppy10_2

Your broker is an idiot, should never have submitted the application - you had no chance of being accepted for a 90% deal with a CCJ and a default

Thrugelmir

SHIRESLAYER wrote: »

iThough ive seen alot of folk on the internet say it only stays on from the date it defaulted??

No settlement date.

A CCJ is viewed extremely negatively and seriously by any business organisation. As it is the last attempt to recover monies owed. A judge will also need to be satisfied that every effort has been made for the debtor to come to an arrangement to pay before issuing.

So it will remain in public view until 2016.

SHIRESLAYER

Ok cheers for clearing that up for me re the default and ccj,

Sorry for not mentioning the mortgage broker its just the reassurance he gave me about finding a mortgage was wearing slightly thin due to what i read on here from posters..

Thats why i asked the same question here as what i effectively asked him when i gave him my details :-)

Will the fact that the ccj and defaults are over six years old and satisfied although still visible make it so i wont meet any criteria for lenders? i ask as some of the criteria s ive read online seem to say "in the last six years" or some state an amount in a set amount of time..

Sorry to keep asking questions about this just its been stressing me out for nearly 3 months now,,, just wish i cared more about this in my late teens early 20's!

Dave_Ham

Time will be a great healer, the more you can improve your credit lines whilst putting good records on there and putting distance between past errors and current trend the better.

Putting a bigger deposit will also help mitigate this but as said earlier at 90% with recent adverse it will be nearly impossible.

Other solutions could include sole name mortgage or guarntor style...

Conrad

There's a slim chance a Building Society that does not use credit scoring might accept you, but they'd need compelling proof from you that your'e a damned good risk with improving Bank balances and so on. They will need to see you are not a lazy / obstinate payer, that those bad debts were not really your fault.

HARSA

SHIRESLAYER wrote: »

Hi all,

My mortgage advisor tried to get me a mortgage through Nationwide, It was rejected.
When i asked for the reasons why he informed me that me and my wife passed the credit check and the affordabiltiy check...

He told me he was baffled as to why it did not go through and they would not divulge their lending criteria to him so he was lost as to why it failed..

Are Nationwide known for not saying why ppl would fail an application for AIP?

I just feel abit deflated as im now not sure what more needs to be done?

I have as stated on another thread got a old ccj which has been cleared and a default due to drop off my report and by the time i come to want the mortgage proper it *should* get through once it is declared as it is NOT showing on my experian right now..

nationwide only uses experian for credit checks and since the ccj is not on your experian credit file then i am pretty sure that they did not decline you for that reason.

It must have been affordibility + the 90% ltv. I am in the processs of remortgaging and they only searched my experian file twice but none on my equiax one. Although my ltv is 60%

There are a few lenders who search only experian and i you are clean there then maybe you can try them