Decision in Principle accept then 2nd application referred after reservation

MoneySaverLog

Hi

I applied at the nationwide for a DIP, this came back as accepted based on the questions they asked.

I was then told by The developers I needed to apply via their brokers. Their application got referred as they asked different qualifying questions.

I'm now waiting for that decision and subsequently been told I could have just took the original nationwide mortgage DIP anyway and not be forced to use their broker by the head office :mad:.

Now nationwide cannot do anything until these underwriters have decided and I'm getting concerned I'm going to miss out on this.

They last asked for confirmation letter from parents re the deposit which I sent. Now they keep fobbing me off with delays on a decision and exchange of contracts date appears in danger of not being met.

I have completed a IVA in 2011, entered in 2006 over 6 years ago so ok on initial question but not on the broker question. my parents are giving me 20% deposit and I am getting help to buy at 20% so in terms of nationwide they are getting 60% LTV worked out at 75% on the DIP.

I am hoping the original accept decision will stand based on them just asking for a parent letter. But I am on tenterhooks at the moment.

What are the chances of the underwriters changing the original DIP to reject given the bad advice given to me by the builders on reservation that I would have to use their mortgage broker? Would I have any case against the developer for bad advice in the first place?

What can I do?

danielanthony

I thought help to buy only helped those with little deposit, not topping up someone who already has 20% to put down? Additionally, some lenders won't touch someone who EVER had an IVA, and some who will only look at you after a few years after discharge.

MoneySaverLog

No I qualified it with help to buy

Nationwide question related to entering a IVA in the last 6 years. Broker question wanted to know if I ever made arrangements with creditors

Two different questions hence the accept and then the subsequent refer on second broker application blocking the first one until the underwriters make the decision

Dave_the_Ginger_Cat

I think that when you get to full application, the result will be the same.

If your app stands up, it will do on close examination, whatever the initial questions being asked

For an ex-IVA, a decent whole of market broker might be best to place this. Do consider that you may not get top notch rates

MoneySaverLog

So the accept DIP will stand and then be even more scrutinised at the full application stage.

I got the impression judging by the requests they are asking for now that it would go through quicker at the full application stage as they have been scrutinising it for the past week with different requests for further info being sent across to them at their requests.

chanz4

Be suprised if nationwide accept a completed iva from only 2 years ago

MoneySaverLog

Well I still have my fingers crossed it goes through OK. On the plus side they are only underwriting 60 LTV so that has to stand me in good stead. By the time of completion it will be more than 3 years after IVA completion. Their actual criteria is 6 years from entering the IVA And I have a nice green credit file now which must help with a nationwide credit card / OD all managed well too.

pennypg

Hi I recently applied for a DIP through nationwide. I declared that I had been made bankrupt in 2004 so the DIP referred. After numerous questions and a four week wait they accepted the Dip

MoneySaverLog

My faith in human underwriter decisions has been restored.

They have come back with an Accept decision :-)