Natiowide - Experian - Want to buy - Help

JimmyH35

Hi Everyone,


I need some advise, I haver been saving with Nationwide with a Save to buy account and now have a 10% deposit for a house.
The property is 142k so I need a mortgage of about 128,000 which according to a mortgage calculator I can afford.


I spoke to Nationwide who ran through the checks to see if they could give me a mortgage in Principal, the computer said no!


He told me to check my credit with Experian which I did and according to them its 966 and excellent. I do have overdraft and credit card (interest free) of 3.5k which I would of paid off in next few months.


So I went back to Nationwide and they did another credit check and computer still said no. He couldn't tell me why it said no because he said it doesn't say but that he wouldn't be able to give me one a mortgage let alone one in principal.


I am stuck now as to what to do?
Now that they have done 2 credit checks on me this too affects my Experian credit score so I don't want to keep applying with places and getting refused.


Please can anyone give me advise, for what I am paying in rent for a bit extra I could have a mortgage. Really frustrated.


Jay

Pixie5740

Your Experian credit score is pretty meaningless since they don't lend money.

The decision to lend money also comes down to things such as income and affordability. How does your income compare with a mortgage of £128,000? Is £128,000 3x your salary, 4x, 5x?

Do you live in your overdraft or have a maxed out credit card?

Perhaps it's time to speak with a broker and try to get a mortgage from another lender.

fed_up_and_stressed

Pay off your overdraft and cc and continue to save

Unitoons

Maybe it is to do with the loan to value calculation.

I had a mortgage with Nationwide and wanted to see if I could buy my husband out of our house when we separated.

The affordability calculator said they would lend me up to £240k but in reality they would only lend me £167k which was based on the house being worth £239k (their estimate) and them only being willing to lend me 70% of the value of the house!

Frustrating!

Running_Horse

Nationwide are frustrating. I had been with them for twenty years, wanted to add my new wife for a joint current account, but computer said no. We did the usual credit checks which came back excellent, wrote to Nationwide, and a person wrote back to say no. I now reluctantly bank with my wife's High Street bank, and have gradually moved all my financial products elsewhere.

Can a broker not find you a friendlier lender?

JimmyH35

Thanks for the responses so far guys.
In response to Pixie5740, the 128,000 would be just over 4x my salary so not sure if that could be a problem?
Not sure if that is though because when he did the computer checks it said they could borrow me a maximum of 128,000 its just that on the final check stage computer said no.


Perhaps it could be that I do tend to live in my overdraft which I will be doing for a 2-3 more months until the cc is paid back.


Maybe I should wait, its just that this house I found is ideal and will get sold soon am sure.
Do you think if I went to a mortgage broker they would be more useful than nationwide?


Many thanks