Nationwide and MMR

Alliersv · 8 May 2014 at 4:28PM

Hi all.

This is a bit long winded. I'll apologise in advance for that!

Hubby and myself have applied for a mortgage for 120k through a broker. Broker recommended Nationwide due to myself having a default (satisfied in 2008 and comes off credit record in June this year), and with that and any other info he has, he decided they would be the best bet for high street that would do a decent rate with a not 100% record. Hubby is squeaky clean credit wise.

We earn 30k and 33k respectively. No other debts.
Our current house is bought and paid for, nothing owing.

I had some bad credit issues in the past but the above is the last one to drop off my file, and since then I have never missed a payment on anything or gone over any limits.
I have a Next account and a Capital one CC, both currently with balances of zero, although my credit file doesn't show this yet.

We found a house we liked for 300k at the start of April, and put in an offer straight away, which was accepted. Our house was up for sale but up to that point, we'd had no offers, and I have come into some money so would be making up 150k of the deposit, with hubby paying 30k from his savings, the mortgage being for the difference.

Initially (naiively) the intention was to apply for the mortgage in hubby's name only, to keep my "rubbishness" out of the equation. It was then explained to us by the broker how that would affect my rights to the house etc, and that it was not the done thing. Joint mortgage necessary.
We applied for a DIP and straight away it was referred by Nationwide, who then said it was going to a full application. They credit searched me on 4th April for a timeline.
We are not sure if they referred us because of my credit record, or whether it was due to the complicated nature of how we were funding things, and the proof needed thereof.

Since then we have been going backwards and forwards trying to get a suitable letter from the solicitors of my late father's estate to prove my half of the deposit. This has taken several attempts, and finally they have a letter they are satisfied with (monies should be in in next week or so anyway).

In the meantime, we accepted an offer on our house yesterday, so hopefully this will all be academic, but we are proceeding with the mortgage application incase our sale falls through, and hey, we've got this far....

So basically , as I said. They are now happy with all the documentation, but today have come back with the bombshell that they are now going to run the application through MMR. I did suspect this would be the case anyway, but the broker was hopeful that this would not happen as it started before the MMR rules came in.

So. I have some questions...

Do those of you in the know think that my credit report will be a problem? I would like to think that they would have kicked it straight out on the 4th of April if they weren't happy with that, rather than hang us on like this??
If I had known we would find this house so soon (we were idly looking but nothing more), I would have made my bank account look a bit prettier. As it is, I spend everything I have every month, albeit within my £200 overdraft. OH saves at least 1k a month.
Do any of you know what sort of questions I will be asked about how I run my account?
Will my credit card bill be scrutinised?
What else are they likely to want from us?
How long do you think this will all take?

Thankyou