Nationwide Mortgage - Declined

bsgbees

My partner and I applied for a Nationwide decision in principle using their online service but regrettably we were declined.

I am going to write to them later informing them that we are disappointed in their decision. I am going to also request their decision to reject us in detail.

After we were rejected a mortgage by Nationwide, it asked us to adjust our answers for another decision but we were concerned that this would generate a further credit search that would probably lead to another rejection.

We are now considering using an IFS to broker us a mortgage but we were wondering 1) How long we should wait before visiting a broker? 2) Would a broker be willing to meet us after being rejected? 3) Would being rejected by Nationwide mean that the alternative offers / deals wouldn't be available to us? 4) Would being rejected mean we would have to pay higher fees / interest payments?

Mr partner and I were really confident of being offered something by Nationwide and are quite distraught now but we are both keen to continue the momentum in finding our first home together. We don't want to wait 6 months - 1 year before applying for a mortgage again.

We would be most grateful for any comments on the above, which would gratefully be received. :beer:

kingstreet

Once you have done a DIP, you can amend data and no further search is carried out. Did you establish affordability with an accurately completed affordability calculator output first?

Brokers don't care if you've been declined by a lender. We can usually tell quite quickly the reason for the rejection. Once that is done, they can help you plan for your purchase by providing costs/rates for products you will have access to...

bsgbees

kingstreet wrote: »

Once you have done a DIP, you can amend data and no further search is carried out. Did you establish affordability with an accurately completed affordability calculator output first?

Brokers don't care if you've been declined by a lender. We can usually tell quite quickly the reason for the rejection. Once that is done, they can help you plan for your purchase by providing costs/rates for products you will have access to...

Thanks kingstreet for your comments.

We did establish our affordability using Nationwide's calculator so must have failed at the credit check stage. My partner and I both have good credit ratings, which includes credit cards both paid off on time and in full in order to boost our credit. We both live with our parents so we have no record of paying utilities, Council Tax etc which may be an issue but we have budgeted for all these outgoings.

Unfortunately the option to amend the DIP is no longer available as presumably we should have done it at the time. We would have to start a new application which would presumably generate a new credit check.

We have just emailed Nationwide to find out a detailed reason as to why we were declined so I'll keep this thread updated.

Thrugelmir

bsgbees wrote: »

I am going to write to them later informing them that we are disappointed in their decision. I am going to also request their decision to reject us in detail.

As it's a commercial decision you'll most likely never know. Best to move on. Consult a broker.

Are you registered on the electoral roll and have been for prior years?

Have you saved for a deposit under the Nationwides Save to Buy scheme? As you'll gain both brownie points and priority status.

Loopy28

Have you obtained both your credit reports to check in case their is anything on there that shouldn't be?

I recently did the 30 day trial with experian just to check my report didn't have anything on it shouldn't.

A broker would be your best bet, a good one will know the providers well and their requirements and can get you the best chance of being successful.

bsgbees

Thrugelmir wrote: »

As it's a commercial decision you'll most likely never know. Best to move on. Consult a broker.

Are you registered on the electoral roll and have been for prior years?

Have you saved for a deposit under the Nationwides Save to Buy scheme? As you'll gain both brownie points and priority status.

Thanks for your comments.

Yes, both my partner and I are registered on the electoral roll.

We looked at the Save to Buy scheme a couple of months ago but you need to be on that scheme for 6 months before applying for a mortgage.

bsgbees

Loopy28 wrote: »

Have you obtained both your credit reports to check in case their is anything on there that shouldn't be?

I recently did the 30 day trial with experian just to check my report didn't have anything on it shouldn't.

A broker would be your best bet, a good one will know the providers well and their requirements and can get you the best chance of being successful.

Thanks for your comments.

We both obtained our credit reports and there are no anomalies on the report. It is very frustrating indeed.

Nationwide's online application doesn't seem fit for purpose as it doesn't ask you detailed questions. Didn't want to do it online but that's the only other option other than calling them as they don't do appointments in branch.

Thrugelmir

bsgbees wrote: »

We looked at the Save to Buy scheme a couple of months ago but you need to be on that scheme for 6 months before applying for a mortgage.

Then you would already be well on your way.

amnblog

You are reading too much into what sounds at worst like a simple credit score failure with Nationwide.

Our latest Nationwide credit score failure sailed straight through with another High Street Lender.

You need to engage a mortgage broker as you are doing yourself no favours by trying to go direct to Lender.

Don't waste your time asking Nationwide why you failed.

bsgbees

amnblog wrote: »

You are reading too much into what sounds at worst like a simple credit score failure with Nationwide.

Our latest Nationwide credit score failure sailed straight through with another High Street Lender.

You need to engage a mortgage broker as you are doing yourself no favours by trying to go direct to Lender.

Don't waste your time asking Nationwide why you failed.

Thanks for your comments.

I have to say I feel a lot better today reading all the comments in this thread.

I have found a couple of good advisers online so just need to book an appointment with them.

amnblog

Do yourself a favour and work with only one broker.

Do not have two working on your case - that way lies confusion and problems.