We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Nationwide Save To Buy Problems
minon
Posts: 1 Newbie
Apologies in advance as this is a bit of a story.
My partner and I are renting a keyworkr flat to save money to buy our own home.
The Nationwide started a scheme called 'save to buy' which gave us hope of us achieving this a lot sooner as you only needed a five percent deposit.
We moved our bank accounts to Nationwide (although we only have personal accounts as we were declined for a joint!) and opened up a save to buy account.
Eight months later with our savings and help from parents who were still paying into a baby account which we didn't know existed we had enough of a deposit for a £200,000 mortgage plus moving costs so we made a appointment with a mortgage advisor to get a mortgage in principle.
Were first time buyers never done this before we both have excellent credit history and no bad debt so we were optimistic that this will be achieved with no major issue.
Attempt one: our details were entered into their computer and it came back declined! The reason was given as this, they have a new computer system (18 months old) which does not always recognize flat addresses!
This along with another credit error is why it was declined but this error might be linked to the first problem. The solution to this was to run it through their old system if this still says no we can appeal to head office and override the system. Unfortunately the mortgage adviser we were with could not do this and she would have to pass on our information to a colleague, we were told our application was good and that we should find out in a few days. A few days later we got told by this other colleague that the old system had also declined our application and that they were now sending our information to head office and we would know in a week.
A week passes and it was still declined the reason this time was because their credit checking system could not find
our address or us as individuals. The advice given was to register on Experian and go on the electoral register, but we already were on both. Nationwide said to print off our Experian report along with confirmation we were on the electoral register and a copy of our council text and they will try again.
Attempt two: it took a few days to sort out the electoral register issue as it appeared that when we registered I ticked a box which stated that we did not want our details to be sold to a third party and according to our local electoral register office depending on how much money the banks pay to credit checking companys will depend on if they have access to the edited or unedited version of the register.
Our Experian credit reports both excellent were printed off along with the e-mail from the electoral register office with our voting numbers and a copy of our council tax and were posted in their letter box in an envelope on my way to work. Went to the branch the following day to make sure this was all received to find that no one had the key to the letter box and was probably not opened the day I posted the information and that no one had a key to open it today but they would make sure that someone has a key on the next working day and would let us know.
We didn't here from them so we chased it up, they had our extra information and were again sending it up to head office and that again we had to wait another week.
We got the response this week, declined again as they STILL cannot find our address or us as individuals to do a credit check. The advice this time was to ring Experian to get them to amend our address as they have our flat name down as the street name and other similar type mistakes however when we spoke to Experian they said this should not be stopping Nationwide finding us to do a credit check. The other advice was to save more of a deposit and show a savings history which they have already as we save with them.
We are lost we don't know what to do next.
Has anyone else had this problem or know of someone who has had this problem?
Are Nationwide giving us excuses so that they do not have to for fill there save to buy scheme?
If we go to another bank will we have the same problem? Do they all use the same system?
Any advice is greatly appreciated.
My partner and I are renting a keyworkr flat to save money to buy our own home.
The Nationwide started a scheme called 'save to buy' which gave us hope of us achieving this a lot sooner as you only needed a five percent deposit.
We moved our bank accounts to Nationwide (although we only have personal accounts as we were declined for a joint!) and opened up a save to buy account.
Eight months later with our savings and help from parents who were still paying into a baby account which we didn't know existed we had enough of a deposit for a £200,000 mortgage plus moving costs so we made a appointment with a mortgage advisor to get a mortgage in principle.
Were first time buyers never done this before we both have excellent credit history and no bad debt so we were optimistic that this will be achieved with no major issue.
Attempt one: our details were entered into their computer and it came back declined! The reason was given as this, they have a new computer system (18 months old) which does not always recognize flat addresses!
This along with another credit error is why it was declined but this error might be linked to the first problem. The solution to this was to run it through their old system if this still says no we can appeal to head office and override the system. Unfortunately the mortgage adviser we were with could not do this and she would have to pass on our information to a colleague, we were told our application was good and that we should find out in a few days. A few days later we got told by this other colleague that the old system had also declined our application and that they were now sending our information to head office and we would know in a week.
A week passes and it was still declined the reason this time was because their credit checking system could not find
our address or us as individuals. The advice given was to register on Experian and go on the electoral register, but we already were on both. Nationwide said to print off our Experian report along with confirmation we were on the electoral register and a copy of our council text and they will try again.
Attempt two: it took a few days to sort out the electoral register issue as it appeared that when we registered I ticked a box which stated that we did not want our details to be sold to a third party and according to our local electoral register office depending on how much money the banks pay to credit checking companys will depend on if they have access to the edited or unedited version of the register.
Our Experian credit reports both excellent were printed off along with the e-mail from the electoral register office with our voting numbers and a copy of our council tax and were posted in their letter box in an envelope on my way to work. Went to the branch the following day to make sure this was all received to find that no one had the key to the letter box and was probably not opened the day I posted the information and that no one had a key to open it today but they would make sure that someone has a key on the next working day and would let us know.
We didn't here from them so we chased it up, they had our extra information and were again sending it up to head office and that again we had to wait another week.
We got the response this week, declined again as they STILL cannot find our address or us as individuals to do a credit check. The advice this time was to ring Experian to get them to amend our address as they have our flat name down as the street name and other similar type mistakes however when we spoke to Experian they said this should not be stopping Nationwide finding us to do a credit check. The other advice was to save more of a deposit and show a savings history which they have already as we save with them.
We are lost we don't know what to do next.
Has anyone else had this problem or know of someone who has had this problem?
Are Nationwide giving us excuses so that they do not have to for fill there save to buy scheme?
If we go to another bank will we have the same problem? Do they all use the same system?
Any advice is greatly appreciated.
0
Comments
-
I've had a Save to Buy account with Nationwide and it's all gone really smoothly, around 8-9 weeks from offer accepted to completion.
You say that the money was gifted to you, did you put the money you were given into the STB account in one big lump? I know when i applied my mortgage consultant emphasised the point that it's important the money i had was money that i had saved myself and not just been given the money by a third party.
Sounds also as if your local branch isn't quite switched on, is there a way of you changing branches? Good luck0 -
If you've been gifted the deposit not saved it. Then possible that you haven't met NW's own policy on the Save to Buy Account.
5% of £200k is only a £10k deposit. Would appear that your own savings amount to very little.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards