Victim of my own thriftiness!!

kingstreet

Within five minutes of starting an application to Nationwide, it goes through the decision process and that is an accept, refer or decline result. Until the accept is given, you cannot proceed with a full application.

That's why I suggest an AIP early on, as it is done then, or at the start of the full application, but you can't avoid it.

Can you please tell us what exactly you have done so far and the result?

Miss_Merlot

Not a lot has happened so far... Spoke to broker, he asked about credit cards, loans etc, but not credit history specifically, and it's only today I checked it... We sent a paper application yesterday (had to be paper as until 2 years ago I lived abroad and their systems didn't accept foreign addresses on line). No not been rejected as yet, just want to know my rights in case...

Thrugelmir

Miss_Merlot wrote: »

So would I! But I can worry for a hobby, and banks will reject on any excuse...

Lenders don't. The applicant fails to meet the criteria either for the product, the target market of customer that the lender will lend to, or the lender already has a high exposure on the type of property or geographical area.

Lending is ultimately based on complex risk calculations on thousands of transactions not a single applicant.

Thrugelmir

Miss_Merlot wrote: »

No not been rejected as yet, just want to know my rights in case...

You don't.

Two years residency in the UK may be too shorter a history for some lenders.

Miss_Merlot

To clarify I am British but was working abroad (for my current employer from 2006 to Jan 2011 abroad - from 2011 onwards here).

Seems the things you do "right" financially (build up career in various EU offices, save your pennies, don't get yourself into debt) are the very ones that count against you in today's climate...

Just doesn't seem fair... If I'd stayed put / put myself in constant "managed" debt over the last ten years, I'd be in a better place credit-wise than someone who has and did save and try to advance my career in countries other than the UK...

Stupid me....

Thrugelmir wrote: »

You don't.

Two years residency in the UK may be too shorter a history for some lenders.

Thrugelmir

Miss_Merlot wrote: »

Just doesn't seem fair... If I'd stayed put / put myself in constant "managed" debt over the last ten years, I'd be in a better place credit-wise than someone who has and did save and try to advance my career in countries other than the UK...

.

Debt doesn't score brownie points with lenders. The mortgage lending climate changed after 2008. Ever since there's been an ever tightening of criteria as lenders have to rein in lending and start to reduce their overall mortgage exposure. .

GDVS

Miss_Merlot wrote: »

To clarify I am British but was working abroad (for my current employer from 2006 to Jan 2011 abroad - from 2011 onwards here).

You mentioned MOD, were you working and living on a military base overseas? If so, check whether it counts as ordinarily resident in the UK (i.e. effectively counted as UK resident while living overseas). I know it does for people in the forces, not sure about civilian contractors.

Almo

We have similar circumstances, only less time back in the UK. We are not applying for a mortgage just yet but have spoken to a broker who has already mentioned that Nationwide would be a likely lender under the circumstances (and also confirmed we would need to submit a paper application). We too have virtually no credit history here. As I said, we haven't gone into details with the broker yet but he is broadly aware of that.

Would be interested to hear how you get along.

Miss_Merlot

No, it was only when I moved back to the UK that my position changed and required MOD clearance (though I am not in the forces).

GDVS wrote: »

You mentioned MOD, were you working and living on a military base overseas? If so, check whether it counts as ordinarily resident in the UK (i.e. effectively counted as UK resident while living overseas). I know it does for people in the forces, not sure about civilian contractors.

Miss_Merlot

Will be sure to report back!

Almo wrote: »

We have similar circumstances, only less time back in the UK. We are not applying for a mortgage just yet but have spoken to a broker who has already mentioned that Nationwide would be a likely lender under the circumstances (and also confirmed we would need to submit a paper application). We too have virtually no credit history here. As I said, we haven't gone into details with the broker yet but he is broadly aware of that.

Would be interested to hear how you get along.