Decision in Principle - Nationwide

at1991

Hello

Further to my previous post, I applied for a DIP with Nationwide and they declined my 90% LTV, however, they accepted the DIP with 85% LTV. My deposit will be gifted which the Broker is aware of and I assume has passed this information to the Lender.

My question is Nationwide did a full credit search at the DIP stage, so what is the next steps in terms of credit checking? From peoples' experience, do they do another full credit check in the next stage once i proceed with the full application?

Thanks.

kingstreet

No further checks are required as long as the full application is submitted within three months of the DIP date.

CampNou

at1991 wrote: »

Hello

Further to my previous post, I applied for a DIP with Nationwide and they declined my 90% LTV, however, they accepted the DIP with 85% LTV. My deposit will be gifted which the Broker is aware of and I assume has passed this information to the Lender.

My question is Nationwide did a full credit search at the DIP stage, so what is the next steps in terms of credit checking? From peoples' experience, do they do another full credit check in the next stage once i proceed with the full application?

Thanks.

NW approved my mortgage with a partially gifted deposit. No further checks will be done if you put 15% down. Good luck.

lafemme51

kingstreet wrote: »

No further checks are required as long as the full application is submitted within three months of the DIP date.

I was told that Nationwide only do a "soft check" on DIP application and that a full credit scoring will happen when you make the full application as part of the underwriting.

kingstreet

... and whoever told you that is wrong.

lalab3

Hi there
I've just had my DIP from NW and the credit check
Was confirmed to have been done at this stage. Hope that answers your question!

My question is..... I was offered DIP but due to one months missing rental payment from September they have currently cancelled my application. However, im due december statement on the 3rd and hoping that it will then provide them with 3 consecutive months oct nov & dec.
So, if the application is cancelled 1 week ago then can the underwriters bring the same application up again once I submit December statement?
Sorry to add my question in!

kingstreet

No. An application can only be resurrected within seven days of it being cancelled.

ethank

I had a another credit search undertaken before the money was released to my solicitor.

kingstreet

ethank wrote: »

I had a another credit search undertaken before the money was released to my solicitor.

Routine audit? It doesn't take place in every case.

DanW87

ethank wrote: »

I had a another credit search undertaken before the money was released to my solicitor.

With the 2 nationwide mortages I have taken out this has never happened for me.