Nationwide Mortgage Application What are your thoughts?

3conheo

Hello peeps

Hope you all can give me your opinion to ease my stress
Our offer on a house have just been accepted and is currently going through application with a broker who recommended Nationwide because of there rates, our status are as follow:

Salary - Myself £32500 my wife £32500
Occupation: company directors
Accounts: 1 full year on ltd company accounts and one due next month also we have 2 years accounts for the partnership before going limited profit increase every year.

Mortgage:
We have a buy to let on a joint mortgage contracted as interest only at £301 per month but have been paying £900 per month as overpayment rental income is £600pm LTV 75%.
I have a mortgage on my own name contracted to pay £254 interest only mortgage but have been paying £1071 per month as overpayment we will be renting this out when we move to the property rental potential £500pm

House:
Owner accepted offer of £235K we have a deposit of £36k which is 15%

Credit history:
Mine is good but notice my brother is linked to me and do not know why when we have no financial connection he has a poor credit history where as mine is excellent with good history of credit so would this cause a problem?
My wife has a good credit history similar to mine and we are both on the electoral roll for 2 years now.

Base on the information above would it be likely i can get a mortgage with Nationwide? as we have been doing a a lot of counter offer with the owner as he accepted an offer of £227k but only with a handshake where he should have did it through estate agent as we was waiting to hear about our offer so we had to go for asking price to get his mind changed, we don't want to feel embarrassed if we ended up having our application rejected.

Let_Us_See

Any reason your broker did not complete an Agreement in Principle? That would have identified any adverse credit links.

You don't mention is the mortgage in your name only is a BTL or residential mortgage? If residential you will probably have to change to BTL scheme.

Finally, ensure the mortgage offer reflects the agreed purchase price otherwise you will need another offer.

3conheo

Thanks for the reply no decision in principle was given

the mortgage on my name is a residential, i will get this transfered as buy to let but do not know the rates as Mortgage express is no longer offering mortgage due to Bradford n bringley disaster.

will insure it is at 235k

3conheo

Would the lender take in to account the buy to let mortgage on how much they can lend us? Also the house we currently live in will eventually be rented out

Thrugelmir

3conheo wrote: »

Also the house we currently live in will eventually be rented out

At the current time it will be regarded as an outgoing, and be factored into affordability.

Senior_Paper_Monitor

My recollection of the Nationwide online application system (and I have processed four of these in the last month + a paper application) is that the DIP process is built in and cannot be bypassed, so (unless it was a paper app - and I don't see anything in your circumstances above that means it should be - or possiby if the broker used the MTE system, which I detest and haven't used in years) I suspect you have already had and passed the DIP.

3conheo

Thank you for the response much appreciated i think he may got a DIP before i made an offer as they wanted to make sure i can get a mortgage before persuading the owner about our offer.

Do BTL normally be taken in to account on how much they can lend?

mjb1974

Senior_Paper_Monitor wrote: »

My recollection of the Nationwide online application system (and I have processed four of these in the last month + a paper application) is that the DIP process is built in and cannot be bypassed, so (unless it was a paper app - and I don't see anything in your circumstances above that means it should be - or possiby if the broker used the MTE system, which I detest and haven't used in years) I suspect you have already had and passed the DIP.

I saw your post below and realised you have quite a bit of experience with NW recently.

I have an AIP for a mortgage with them for a shared equity new build house in Scotland.

Will they run another credit check at the time of the full application and will the use of Wonga Pay day loans potentially mean that they decline me at full application even with an AIP?

I am worried sick about the whole thing if Im being honest and I cant put in full application until end of February at earliest due to the completion date of the house as the mortgage offer will only be valid for 6 months.

I have a very low balance on a credit card, no missed payments at all and no defaults etc on my credit record.

Hoping you can give me some advice or at least give me an idea?

Thrugelmir

mjb1974 wrote: »

I am worried sick about the whole thing if Im being honest and I cant put in full application until end of February at earliest due to the completion date of the house as the mortgage offer will only be valid for 6 months.

Other potential buyers would face the same situation.

3conheo

I had natwest do a credit search just before completion

3conheo

Is my broker slow? Lol seen him on monday and he said that he will get it done to see if i can get mortgage with nationwide but have not heard from him since and not picking up my calls
My last 2 mortgage i had an answer within 24hrs but dont know why i havent heard from him is it nationwide or him?