Nationwide Save to Buy Mortgage

Rosy_Apple

Hi,

Hopefully I am posting this on the right part of the forum, apologies if not.

My other half and I have just had an offer accepted on a house and are going to apply for a Nationwide Save to Buy mortgage at 95%. I was wondering if anyone here was able to give an idea of our chances (I realise this is a hard question to answer, I am essentially looking for some reassurance!)

House price: £245,500
Deposit: £12,275 (5%)

We also have saved enough for all the associated fees with buying a house.

Our salaries are £59k and £40k.

We have one credit card in my partners name (I am a card holder) which we got in May and we are using to get air miles. It is paid off in full every month.

We have a save to buy account and have been depositing £1k per month since December last year.

From looking at our equifax and experian scores (experian was last checked in December 2012, equifax this week). Everything is showing as green and we have no defaults or missed payments.

I have no credit searches listed but do have completed credit agreements (sofa and mobile phone). My partner has the new credit card search and also completed credit agreements.

Can anyone advise whether we appear to be in a fit state to apply for one of these mortgages?

I know you need exceptional credit reports and am just not sure what it takes to be 'exceptional'.

As a note we have not yet got an AIP/DIP, we could not get a appointment quick enough. However when we opened the S2B account we did have a discussion with the advisor about affordability and what we could borrow and this is well within that.

Thank you in advance.
RA

opinions4u

Looks within reach to me.

Good luck.

Rosy_Apple

Thank you. Such a worrying time. I don't suppose you have any knowledge on how long a decision takes?

Someone I know said we could know instantly whether we have passed the credit bit, it will just be checking the value of the house that will take the time. Equally, I know if it is referred to the underwriters then that can add time too.

Thank you again.

kingstreet

The first part of a Nationwide application is a DIP and you get a accept, refer or decline decision after about five minutes typing.

Rosy_Apple

kingstreet wrote: »

The first part of a Nationwide application is a DIP and you get a accept, refer or decline decision after about five minutes typing.

Thank you. Could be a nerve-wracking meeting!

Sorry to ask another question- if the DIP is approved, I am hoping that means you can be pretty sure of getting the mortgage, the big deciding factors after that are house value?

Thank you again for your help.

chanz4

you can get their dips online

kingstreet

Rosy_Apple wrote: »

Thank you. Could be a nerve-wracking meeting!

Sorry to ask another question- if the DIP is approved, I am hoping that means you can be pretty sure of getting the mortgage, the big deciding factors after that are house value?

Thank you again for your help.

Valuation and information on application matching the supporting documentation submitted.

Rosy_Apple

Thank you for all your advice.

tom1984

Our DIP got automatically referred due to me going bankrupt jan 2007, it took ten days to come back from the underwriters but was accepted at 95% LTV. They accepted £172300 lending on a combined income of £50200 so yours looks good to me!

Rosy_Apple

tom1984 wrote: »

Our DIP got automatically referred due to me going bankrupt jan 2007, it took ten days to come back from the underwriters but was accepted at 95% LTV. They accepted £172300 lending on a combined income of £50200 so yours looks good to me!

Thank you! That is really reassuring. Best of luck with your house move!

Rosy_Apple

To keep this updated (incase it helps anyone else who is applying).

We had a meeting with the Mortgage Advisor at Nationwide yesterday and started the formal application. Something worth noting- we had to know when the property was built (cue some frantic calls to the EA and vendor!) and therefore had to complete the application and pay today.

Dates so far.
1/8- Offer accepted
7/8 - Original meeting with Mortgage Advisor- then had to be moved
14/8- Meeting with MA and AIP given
15/8- Rang the MA with year the house was built and paid the product fee and reservation fee. Text informing us application has gone in recieved.