First time buyer with Nationwide Advice appreciated

Trev88

Hi, Just wanted to some advice from anyone who has been in similar circumstances or would know if we were likely to be offered a mortgage with Nationwide.

My partner is in full time permanent job for 5yrs+, hes on roughly £12500 a year.
Myself is more complicated: qualified teacher in aug 2011 and worked for local authority doing supply in the same school. In June 2012 i was offered a full time contract until december, then this was extended 0.2 contract and supply other days all at the same school, ive just been offered a full time contract till 31st aug with possibility to extend due to the teacher im covering is going on a secondment. I will also be applying for full time permanent posts ready for september but if i have no joy will still be guaranteed supply at the school.


Me and my partner went into our local nationwide branch they checked our affordability going off my income that will be in next payslip. I explained there and then i had 22 months left on my car at £195 a month, £240 on a credit card and a £1000 interest free overdraft. He said they could possibly offer us £127,500 which is way more than we want. We have explained we have seen a house at £100,000 that we like.


We have £8000 saved in our save to buy scheme for FTB with them.
I am in my overdraft which is £1500 but i stick within my £1000 interest free zone. Now i can pay that off on 22nd of april and see mortgage advisor in branch on 26th april.


I have never missed payments for my car, car ins, contract phone and always pay at least the minimum payment for my credit card.


I explained to them that my credit card would also be paid off by may.


My other half is amazing with money, got a cash ISA hes had for over 4 years, and a few thousand in his current account and only has his contract phone coming out every month.


Will our application be declined because of my overdraft even though it will be paid off? (either way my overdraft ends on 31st July so would have geen cleared anyway)


Any advice would be much appreciated :-) i just dont want to be the one blame for somethin that is paid off before the application goes ahead, i know that this overdraft usage will be on my bank statements, ive been honest with nationwide from the start.

japmis

Have you checked your credit score with an agency like Experian?

Trev88

Hi, Thanks for your reply. I haven't checked as from what i've read you cant do to many checks and im assumin when i go in branch at nationwide they'll be checking it again?

shonzyd

you can do as many checks as you like on your report, without it affecting anything, its searches from companies that may have a detrimental affect - its your report. obtain the statutory ones from all three CRAs for both of you before you start applying for anything.

Trev88

Ok thank you, could you possibly recommend any? I'm a bit dubious about stuff like this on the internet.

shonzyd

They are called Experian (credit expert), Call credit and Equifax - google them - you will need to pay £2 for each report you order - i wouldnt bother sign up for the free trials - the £2 statutory report is all you need for each

shonzyd

Equifax

https://www.econsumer.equifax.co.uk/...?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/s...ml#orderReport

CallCredit

https://www.callcredit.co.uk/stat-re...t=1&mode=clear

[Deleted User]

Checks that you do yourself do not show up on your credit report (that is seen by others). You can check your own credit report as many times and as often as you like without it having any impact, searches from creditors (ie if someone applies for a lot of credit in a short space of time this will show up as multiple searches and is a negative factor).

You need to check your credit reposts from all three credit reference agencies.

The "score" that these agencies offer are meaningless and not worth paying a penny for as each credit company will score using different criteria, it is the content of the credit reports that are important.

make sure that all of the information is accurate and up to date, make sure you are on the electoral register where you are etc.

This is the link to Martin's main site where you can get further information:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Trev88

Thank for the links i will look into it. Am i best to hold back for 3 months and then ill have proof on my bank statements im not in my overdraft? and have a little saved than go in on 26th and tell them its paid off and see how i go? Either way it'll definitely be gone by the 22nd!