FTB 95% Nationwide Mortgage Advice & Help please

halifax2

Hello

I just wondered if anyone could please give me some advice and chances on getting a mortgage in our current situation.

My partner and I opened a Nationwide save to buy account 7 months ago and have now got 6000 in there with an extra 1500 in a Halifax account (for extras such as fees) and we were looking to see if could get a mortgage for around 95000

We are 26 and 28 with incomes of 18000 and 14000, and have both been in the jobs around 1 years 7 months

But we have never really had any credit history no phone contracts of anything, although when we opened the save to buy account we opened a Nationwide flex account and my partner also opened a credit card and has used it once every month since and paid the full amount off each time.

As we have never had any credit we have never been over drawn or anything negative either.

Many Thanks for any help

FTBuyerGlasgow

Hi, I'm going through the same process with Nationwide. I've got a few more months to go before the 6 month from opening the account. We opened a joint current account as well as the adviser said it builds a relationship with Nationwide.

I'd check out your credit report via Experian or Equifax. Some say your credit score is meaningless but I reckon it's a good indicator of your credit history. You'll also get an idea of what category you are - poor, fair, good or excellent. Generally speaking a 'fair' should be enough to satisfy most lenders.

Lenders will want to see a history of "credit-worthiness" i.e. the ability to make regular payments. It might seem illogical but having things like phone contracts and other monthly commitments is actually a good thing. I've seen a few threads were people have had no credit cards, overdrafts, phone contracts or any credit facilities whatsoever but saved a decent deposit only for the lender to get spooked by the lack of credit history.

I've spoken with a friend who went the Save To Buy route and he only had good things to say. I guess it will come down to the number crunching on the day but check out Nationwide's online affordability calculator.

(I cant post a link because I recently registered)

halifax2

hello

thank for the reply...

Since I posted the original message last week we saw a house we really liked at a great price of 84500 we went into Nationwide on Saturday and booked an appointment with a mortgage advisor, Today we got accepted for a decision in principle on the basis of a 85000 house with a deposit of 4500. I wasn't expecting to be accepted having read certain posts on here and given our lack of credit in the past. We have only had the account for 5 months so cant process with the full application until we make our last payment at the beginning on July,