Trying for a mortgage Second time Around

incesticde

Hi folks,

Basically I'm after a bit of advice regarding my chances of getting a mortgage with Nationwide...

As the title suggest this is the second time I've tried to get a mortgage, firdst time was three years ago and I was rejected at every turn due to a CCJ. I am vary wary of going rejected again as my missus has her heart set on this house....

The CCJ has fallen off my account two years ago (:j) and the only negative factors on my CR now are one late payment just under three years agoon my mobile and a 1 through to 5 missed payments on an old MBNA card from Dec 2006 (a mix up with DD) which is my major worry.

Othe stuff is my favour, I'm looking for a LTV of 55%, 70 K of deposit, Joint income of 47 K, solid four year history of saving (with a nationwide subsiduary) and all green ticks for the last three years.

Am I fretting over nothing or will the marks on the MBNA card and the one klate payment three years ago stop me?

Thanks

Dave_Ham

Hard to call to be honest.

Ensure you double check Experian and Equifax credit reports in case there is a naughty on the one you have not checked.

Assume the CCJ was not with Nationwide or that would be an issue..

Word of caution that Nationwide are amongst the more selective lenders out there, if you do get declined have both credit reports and get yourself to a broker as there will still be a high street solution out there on sensible rates subject to what you have posted.

Good luck

ACG

Your not fretting over nothing, some lenders probably wont look at your history very favourably, however like you say, you have a good LTV, the things you mention are a few years old so im sure you will get a mortgage but i dont think every lender will be available to you, having never used nationwide i cant say how they would look at it personally.

incesticde

Dave_Ham wrote: »

Hard to call to be honest.

Ensure you double check Experian and Equifax credit reports in case there is a naughty on the one you have not checked.

Assume the CCJ was not with Nationwide or that would be an issue..

Word of caution that Nationwide are amongst the more selective lenders out there, if you do get declined have both credit reports and get yourself to a broker as there will still be a high street solution out there on sensible rates subject to what you have posted.

Good luck

cheers chap,

the reason why i went to nationwide (other than half decent rate and the ability to overpay by up to 500 per month) is that I have had a savings account with them for over 4 years which has seen £1000 go into it every month , which I thought would have some weight.

didn't realise they were amongst the most selective, that's something to bear in mind.

good advice, thanks again

incesticde

ACG wrote: »

Your not fretting over nothing, some lenders probably wont look at your history very favourably, however like you say, you have a good LTV, the things you mention are a few years old so im sure you will get a mortgage but i dont think every lender will be available to you, having never used nationwide i cant say how they would look at it personally.

Hhhmmmm, would it be better to go to a broker first rather that run the risk of a rejection ?

It's starting to sound that way....

HappyMJ

incesticde wrote: »

Hhhmmmm, would it be better to go to a broker first rather that run the risk of a rejection ?

It's starting to sound that way....

Yes because a broker will know if arrears are acceptable or not. The guidelines may be to ignore mobile phone arrears and 1 or 2 late payments in 12 months is OK as many people do get into conflicts with mobile phone companies and accidentally forget to leave enough money in a current account and miss a payment or two every now and again to credit card companies.

Dave_Ham

Your logic regarding Savings is accurate, every lender always has a look at their existing relationship and conduct in combination with credit reports.

The deposit all makes you desireable from a lender perspective.

Nationwide are always on the front foot rates wise, although did play with their product range last week although they do not lend the multiples some others do and are selective at credit score stage.

Without seeing credit reports would be hard to be more conclusive, however you sound as if you will be on the accept side of borderline.

Dave

incesticde

Dave_Ham wrote: »

Without seeing credit reports would be hard to be more conclusive, however you sound as if you will be on the accept side of borderline.

Dave

I can give you a summary if it helps?

No of financial Accts : 5
No of defaults/corrections/disputes/BBA's/CCJSs/CIFA warnings : 0

no of addresses : 1
time at address : 11 years
time with employer : 11 years (4 years for the better half)

Acct 1 : Current Acct / 12 years / All zeros
Acct 2 : Mobile / 45 months/ One Q followed by one month late exactly three years ago / rest all fine
Acct 3 : MBNA : Settled (late 2007) and closed (02/2088) , a one through to 5 in late 2006 and zeros eevry where else)
Acct 4 : Mail Order Cat : 15 months / All zeros
Acct 5 : CreditCard (subPrime) : 30 months / All zeros

3 Credit Searches in the last twelvbe months : Mobile phone PAYG contract / General insurance check by Avviva / Admin Review by MoneySupermarket

I realise mortgage approvals are not an exact science, but any more help/direction you can give me would gratefully appreciated

cheers chap

Dave_Ham

Super - this sounds like you are using Experian or CreditExpert, suggest you also get the Equifax file (or the other way around)

What is the limit on the credit card, has this been increasing and typically what do you spend on it and how much of this do you pay off at end of month.

The subprime credit card was a great call to build credit report and how much and behaviours on it will be a good insight into future potential acceptance.

I assume you are on the electoral roll also..?

incesticde

Dave_Ham wrote: »

Super - this sounds like you are using Experian or CreditExpert, suggest you also get the Equifax file (or the other way around)

What is the limit on the credit card, has this been increasing and typically what do you spend on it and how much of this do you pay off at end of month.

The subprime credit card was a great call to build credit report and how much and behaviours on it will be a good insight into future potential acceptance.

I assume you are on the electoral roll also..?

Credit card went from 400 to 800 to 2300, always paid off in full. I use it for diesel, Internet shopping and food at sainsburys

Next has also increased three times in this period, 800 to 1000 to 2000

Yes I am on the electoral role (and have been for twelve years)

Dave_Ham

Ok thanks for the additional.

If pushed would say you are guaranteed to get a mortgage at a good mainstream rate.

I would still remain luke warm on whether Nationwide will accept, they are more likely to accept than decline but they are fussy.

HSBC/First Direct are the most fussy and then Accord are proving to be hard work lately. Nationwide figures next with the other usual suspects being more flexible..

The credit card and Next information makes very good reading and you have done the right thing over the last couple of years for sure getting them and managing in this way.

Good luck with whatever you decide and please keep us updated...