Save to buy mortgage

frank3030

Hi all
I thinking of a save to buy mortgage (Nationwide) does anybody no if will improve my chances of being accepted as I have had bad credit in the past or is it only for people who want to use 5% deposit.

Dave_Ham

Unlikely, with a 5% deposit they are fairly very selective..

Farside

frank3030 wrote: »

Hi all
I thinking of a save to buy mortgage (Nationwide) does anybody no if will improve my chances of being accepted as I have had bad credit in the past or is it only for people who want to use 5% deposit.

Probably not, I tried recently for my save to buy mortgage with nationwide and didn't even make it through the D.I.P lol. I had 5% deposit and it didn't work for me. My credit report is excellent too, Well now it is only good thanks to the credit search by nationwide, But all my accounts have been run perfectly over the past 8 years and i'm only using 2% of my available credit according to experian.

If i were you i'd try save up 20% atleast, Which is what i have to do now.... many more years had slogging.

I've did try to appeal the decision and managed to up my deposit to 7%, It's with the underwriters right now, But i really don't think i'll get it. I'm grasping at straws now lol