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Closing Date Tomorrow - DIP since declined URGENT HELP!

Loulee
Loulee Posts: 3 Newbie
in Mortgages & endowments
Hi

My husband got a DIP approved from Nationwide we have a £10k Deposit and need a mortgage of £38k.

We have a closing date on the house we love tomorrow at 3pm but when we called Nationwide tonight they declined my husbands application for a full app because he has no current account or credit!!

We really dont know what to do as we are in Scotland and if our offer was accepted its binding and what do we do if the mortgage is not approved :(

Any help/advice please!!!

Comments

  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Go and see a mortgage advisor first thing?

    DONT make out you are really desperate even if you are - im not saying mortgage advisors will rip you off but you might be able to get yourself a better deal.
    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.
  • Loulee
    Loulee Posts: 3 Newbie
    We have called one tonight but as he has no current acc or credit do we stand a chance?
  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Ive never come across the situation myself.
    I would be on the phone to all of the account managers finding out their view on it.

    They will want to know why there is no current account, how he copes without one etc.

    The more i think about it, the dodgier it looks if im being honest.
    Does he get paid cash in hand?
    They have no way of seeing how he manages money.

    I wouldnt hold my breath, but cant be sure.
    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.
  • Loulee
    Loulee Posts: 3 Newbie
    His wages are paid into my account he did have an account a few years ago but fell out with the branch manager and closed his account and didnt bother opening a new one he just got it paid into mine! :(
  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Speak to a mortgage advisor - there could be a way around it.
    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.
  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    Your offer wouldn't be binding until the missives are completed. If you're concerned though, phone up your solicitor and withdraw your offer.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    You will be able to get around this issue - not at Nationwide rates though.

    All banks will be incredibly nervous of this situation, so you need a decent broker - do not trust the kids in the Estate Agency giving you any rubbish about guarantees and experience.

    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    So the mortgage application is in your husband's name only?
    I'm not an IFA, but even I could guess that someone without a bank account would struggle to secure a mortgage.
    "You were only supposed to blow the bl**dy doors off!!"
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