A few questions form an ex bankrupt....help please!

evansuk_2

Hi all, myself and my partner have applied for a mortgage with Nationwide. I am discharged bankrupt for 8 years, discharged in April 2005. ..since then no bad credit whatsoever, always paid everything, reports are clean.

The application was referred at the initial stage, before a DIP etc, and we sent over lots of paperwork, including my discharge certificate wages slips etc. We had good news today after 2 weeks that the initial application had been accepted by head office (Underwriter), and now proceeded to a full application. We have paid the initial £99 fee, and the valuation fee earlier today....my questions are:

- As I've totally disclosed my bankruptcy, and sent proof etc, and it has been accepted with the underwriter knowing the full facts, can it come back to bite us later on? Could Nationwide decline us for that at a later date, or change the lending criteria?

- We have a 10% deposit, can Nationwide further down the line, ask for a larger deposit - due to my BR?

- Is there anything that my BR might do to jepordise this application? Or are we through the hard part, seeing as an underwriter has looked at all of my bank statements/info already, and been happy to proceed? or will it go back to an underwriter now to look more in depth?

Thanks all, dream house etc and really really worried.

holly_hobby

I wouldn't expect you to now be declined in respect of the BO - IF you have disclosed everything, and the UW has verified acceptance of the case.

Whether a larger deposit will be required, will depend upon what the valuation comes back with, and any retentions. (assuming the vendor won't re-negotiate on the agreed pch price).

A lender have the right to withdraw any mortgage offer, right upto completion stage - which is typically because something rears its head under non-disclosure or there are subsequent reference/status check issues.

From what you have said and full disclosure having been made, I can't see the mge failing for anyother reason that the survey throwing a spanner in the works (which hopefully won't be the case).

Hope this helps ... good luck

Holly x