Should I see a broker? (nationwide declined my AIP)

ccbrowning

Hi! Rather open-ended question and I assume the answer is yes.

Anyway, I went in to my Nationwide branch today to try and get an agreement in principle. We tried both 90% LTV and 85% LTV and I was declined at the credit check stage. The advisor went back to see if he could find out why and just said 'No markers on your report, so no idea why.' Game over.

In terms of what I was looking at borrowing, it was against a property ostensibly worth £250,000 (so £25,000 deposit and £37,500 deposit, we tried both). It's not an affordability issue at all and the credit check screen showed they would lend me over £300k but it was declined anyway.

I am a full-time resident of the UK with ILR, so not on the electoral roll (US citizen).

Lastly, I did pull my statutory report and indeed there are no markers (all the numbers say '0' for each month and each account on the report). However, the post code is wrong a few times for some reason - is that causing the problem?

Dave_Ham

Possibly, you also need to check your Experian and Equifax. It may be you have a different one to that Nationwide is using.

A broker will work all of this out and assess the best next steps.

Any inaccurate entries on your credit file will not be helpful to the process.

Decent broker should be able to resolve this, but potentially not on Nationwide 90% rates.

All the best

amnblog

The postcode/address sounds like the likely culprit.

If the address you have given Nationwide does not match accounts on the credit history they won't pick it all up and you could fail credit score.

Speak to them again.

ccbrowning

Thanks for the replies.

Well, their advisor did check when we were there and said it found our address but just 'took a while'. It was quite strange. They claim to use Experian and I pulled my statutory report which has my address at the wrong post code in a couple of entries. For example, I tried to open a First Direct regular savings account a year ago and that credit check was on my report and had the wrong post code.

The system seems pretty broken, doesn't it? I mean I have a copy of my report (assume same data they get access to) and a human being can see there is nothing untoward on it. Just 'computer says no'.

Dave_Ham

They are certainly subjective, but their content is critical as you have found.

With nothing negative, a broker or some serious research should lead you to the end result you want.