Nationwide Save to Buy (Again!)

tom1984

Hi, i seem to find a lot of info on here about these nationwide save to buys but cant answer my question! My wife (23 Yrs Old) and i (29) have had a save to buy account open since Jan this year and have £11k in it upto now. We are hoping to get a 95% LTV on a property around £180k with a combined income of 55k. We have both been keeping an eye on our credit files after seeing a broker a few months back. Everything is looking ok now, we are both all green and no missed payments/defaults for the past 6 year period, electoral roll ok. My wife has a personal car loan, we both have a credit card with no balance outstanding and nationwide gave me a personal loan in may to pay off a final car payment myself. I have a mobile phone contract for myself and my wife in good order and have for the past 3 years. Now the only problem i have is that I was discharged from bankruptcy from 2006, a NW advisor seemed to think this shouldn't be a problem even at 95%. Was just wondering if anyone had any experience? Many thanks in advance!

tom1984

Guess ill have to just apply and see what they say

kingstreet

Yes. TBH anything you hear on here will be speculation.

Nationwide has accepted former bankrupts on NewBuy at 95% but they are covered by the indemnity fund, so may be slightly more relaxed.

If there's a way of supplying all your documentation in advance of an application, getting a fully underwritten decision in principle before you get too far down the road with a purchase, that may be a good idea.

tom1984

Ok thanks for that, so it is possible to get an AIP underwritten??

kingstreet

We can.

So I presume the branch staff can too.

Salander

Hi Tom 1984,

I am in virtually exactly the same situation (other than I haven't paid off my cards yet!) Good luck with it. I was under the impression that Nationwide were ok with it (but just from reading stuff)
Can you post and let me know how you get on?

Thnka

Matt

tom1984

Yeh I will do been in the branch today but can't apply for anything until the 21st of next month, haven't had the account for 6 months quite!! Spoke to an advisor and she seemed quite optimistic, said she was in the process off completing her own 95% mortgage (succesfully) with the save to buy account. She also said nationwide wouldn't give her a personal loan two months ago whereas they accepted me at a lower than advertised rate, she seemed to think this was quite promising (internal scoring etc)

Rosy_Apple

Hi,

How did it go? Did you apply?

We have a meeting this week with Nationwide for S2B so keen to hear any success stories!

Will keep my fingers crossed for you!

Thanks,
RA

tom1984

Hi, we got a fully underwritten AIP after getting referred, it came back as an accept. We're getting a valuation done on a property tommorow so hopefully should get a mortgage offer before next week if that goes to plan! I wasn't too optimistic about getting a 95% LTV due to going bankrupt in 2007, but I have read the underwriters letter to our branch advisor and he dismissed it as almost irrelevant! All that worrying! Anyway, ill keep you updated! They offered us around 3.6 times our joint income too. Ill try and answer any questions you might have if I can

Rosy_Apple

tom1984 wrote: »

Hi, we got a fully underwritten AIP after getting referred, it came back as an accept. We're getting a valuation done on a property tommorow so hopefully should get a mortgage offer before next week if that goes to plan! I wasn't too optimistic about getting a 95% LTV due to going bankrupt in 2007, but I have read the underwriters letter to our branch advisor and he dismissed it as almost irrelevant! All that worrying! Anyway, ill keep you updated! They offered us around 3.6 times our joint income too. Ill try and answer any questions you might have if I can

You may regret saying that haha!

That is really good news, fingers crossed the valuation goes well tomorrow for you.

First question already- how long did it take for the underwriters to make a decision?

Thanks
RA

tom1984

They had the application including payslips, bankruptcy discharge cert, bank statements for 7/8 working days! Very nerve wracking haha! Due to the bankruptcy it was automatically referred! It was probably best to do this before we paid too many fees Etc but the advisor has assured me it won't need looking at again but doesn't stop me worrying! We had a flex account each too so went for the 4 year fixed deal! We paid 499 upfront with the 400 being refundable if it fell thru. We also have opted for the £250 cash back instead of legal fees and are paying extra to use a local solicitor, I think this is definately the best option even at this early stage!