First time buyers

happytohelp2013

Hey people,

Wondering if you can help me on a couple of queries,

Me and the girlfriend have a nationwide save to buy account where we only need a 5% deposit which we have now saved and been 8 months so starting to get excited about possibly moving into our first home together!

I am worried sick though as her credit rating is excellent but mine is only fair due to a default on my account... would this decline us?

Also, If they do decline, what would i do next?

Thanks in advance

okborednow

I suspect you'll need to give a few more details for the brokers on the board to help you. How much was the default for? how long ago was it? Is it fully paid off now? Is it the only negative thing on your credit reports and have you checked the reports of all three agencies?

happytohelp2013

Hey,

The defauly was a credit card 5 years ago for £300 but was all paid and satisfied. Experian says that my credit score is fair

GMS

95% mortgage with a default is going to be very difficult if not impossible. I doubt Nationwide will do it.

May require further saving and waiting until the default drops off after 6 years.

happytohelp2013

thanks for the reply.

We were advised that due to the term of the default and that it was satisfied this may not be a problem as we are seeking less then the max we could get.

We were also advised that showing our savings every month would help as we are saving a lot more then what the mortgage would be.

If nationwide do reject us, we would be seeking another provider and Nationwide advised us to make an offer on a house to start a mortgage application but do not want to mess the owners about.

amnblog

Ask Nationwide to run a credit score and give you an agreement in principle so that you can put an offer in.

Then you will know where you stand.

happytohelp2013

hi,

Thanks again for the reply. We have been advised that where we are now, we may as well make an offer and start the mortgage process in a couple of weeks but I don't want to do all this and then be rejected due to the default

tom1984

any updates OP?