How human are nationwide underwriters?

mrs_motivated

Just phoned for an update re mortgage application with nationwide and apparently they are going to look at my bank statements tomorrow and I should hear shortly after that.

They asked for six months statements to check I have been paying my rent. What do they look at? Because recently I was heavily into my overdraft £3500, due to buying furniture (divorce). , solicitors costs, and paying rent of 850 and half mortgage on marital home etc.

Anyway, I cleared the overdraft before applying and I am now living well within my means, I also sent them my isa statement and savings account, with £50k balance.



Will they 'see the whole picture' when they look at the statements or get focused on the large overdraft that was? Also will it go against me that I had large debts , approx £28k which were all cleared earlier this year (along with the ex husband )

This is so scary, last few times I went for a mortgage, they kind of said "yes, how much"

I am not sure if this makes a difference to the level of checks they do but LTV is 80 per cent , repayment over 20 years, salary £50k, length of time in job 8 years, looking to borrow £150k.

Thanks in advance to anyone who can help or advise

sammyjammy

Who knows, they turned me down on the basis of what they considered unnecessary overspending on my bank statements ( had used my £500 overdraft for three months in the six months they asked for. If you have such a large amount of savings why didn't you use those to make your purchases rather than your overdraft? Have you used a broker? If so get them to explain the circumstances, if not then you'll just have to cross your fingers.

mrs_motivated

Thanks sammyjammy, I didn't have the savings at the time. It was complicated divorce and money was sat in my solicitors account whilst the split was thrashed out.

mrs_motivated

sammyjammy wrote: »

Who knows, they turned me down on the basis of what they considered unnecessary overspending on my bank statements ( had used my £500 overdraft for three months in the six months they asked for. If you have such a large amount of savings why didn't you use those to make your purchases rather than your overdraft? Have you used a broker? If so get them to explain the circumstances, if not then you'll just have to cross your fingers.

If you don't mind me asking, did you get a mortgage from somewhere else and if so who?

GMS

mrs_motivated wrote: »

If you don't mind me asking, did you get a mortgage from somewhere else and if so who?

Don't look at other options until you get an answer from Nationwide. Even if they decline don't go chasing after a mortgage from a lender just because they approved somebody else.

Your situation has an explanation which is a good start at least.

Fingers crossed.

Thrugelmir

mrs_motivated wrote: »

Also will it go against me that I had large debts , approx £28k which were all cleared earlier this year

May well score against you if the debt was outstanding over an extended period of time.

mrs_motivated

GMS wrote: »

Don't look at other options until you get an answer from Nationwide. Even if they decline don't go chasing after a mortgage from a lender just because they approved somebody else.

Your situation has an explanation which is a good start at least.

Fingers crossed.

Thank you for your advice, I have started looking for a whole of market broker and will go through them if this is rejected. Could you advise of likely fees a broker would charge?

mrs_motivated

Thrugelmir wrote: »

May well score against you if the debt was outstanding over an extended period of time.

It was over a long period of time, although not at that level (around three years). But no defaults or late payments or anything.

I am also panicking re timings, although I registered some time ago on the electoral roll, I phoned the local authority and the have me recorded on there, however, they said it won't actually appear on the electoral roll until the 17th October. I just hope they understand this.

It would be so much easier, if I could sit down over a cuppa and talk this through with the decision makers.

mrs_motivated

Ironically i was overpaying a nationwide mortgage by about £150 per month, when I had the debts.

I'll tell you what though I learned my lesson the hard way, there won't be any debt again (well except a £150k mortgage hopefully :cool:)

Dave_Ham

Nationwide have been difficult to predict of late, although you do have explanations so ensure they understand these through broker or advisor..

Best of luck

GMS

mrs_motivated wrote: »

Thank you for your advice, I have started looking for a whole of market broker and will go through them if this is rejected. Could you advise of likely fees a broker would charge?

For a loan of 150k you may well find a broker not charging a fee and relying on commission from the lender.