Recent Nationwide mortgage application experiences

howstupid

We are hoping to apply for a mortgage in the next few months.

We have £50k deposit and £93k joint earnings plus about £12k pa bonus.

The 2 flies in the ointment are I will be clearing about £40k debt next week so need to wait for it to drop off my credit report and our term is restricted to 14 years due to retirement age.

Looking to borrow circa £275k.

I know the best option is to use a broker but I've read horror stories about brokers who don't know their stuff and I've no idea how to find a good one (friends and family haven't used one).

Putting all our details into the Nationwide calculator it says we could be eliglible for upwards of £400k which is way more than required.

How many months bank statements have a Nationwide requested on application and what is their stance on settled debt (no missed payments)?

Thanks

miss_sparkle

We have our offer from nationwide, earn £78k plus about £20k in overtime, we borrowed £262k but used the help to buy scheme on a new build and only put down 5% deposit! as we have only been saving since February, so far spent £6k on extras such as flooring tho :eek:

I will add we were bankrupt in 2008 to, had super clean credit history since then, we had to supply 3 months statements and P60 and 3 month wage slips as my husband is paid weekly. Went with a broker recommended by the builder, full application in on the Thursday & the mortgage offer was issued the following Monday!

Dave_Ham

Nationwide and high level of unsecured debt current or recent, do not always mix well

That said, they do have an appetite to lend currently and have not been as painful as usual more recently.

Remember sometimes lenders take historic credit file information from up to 60 days old so declare the loans/cards and advise and evidence they are clear

Good luck

howstupid

Thanks for the replies.

We're planning to wait 3 months minimum so hopefully that will be a month to clear the credit file and 2 months after that- is that likely to help?