Nationwide Mortgage Process

STG_2015

Hi, Please help!

I am a first time buyer and have had a DIP from Nationwide and wonder do they do the credit check when they do the DIP?

I have an excellent credit score on experian and 550 on equifax but only fair on Noodle, I'm just wondering what could potentially go wrong and how long the process is taking at the moment, my full application submitted today. I can't see searches or valuation being an issue as its a new house.

I'm just stressing as the Redrow would like us to exchange within 13 days and I'm concerned we are going to not get the mortgage etc.

Also I had a save to buy account with nationwide, do they still give you an incentive for having their mortgage if you go through a broker?

STG_2015

Anyone?
Valuation booked for Tuesday, what could go wrong now?

yllah

The first search for DIP will just have been a soft search. You sound like your in a similar predicament that I will be in soon.

Credit score is good with Experian however not so good with the others.

However from what I understand Nationwide only use Experian for the credit check when you actually go to complete the application. Now the credit score isn't so important, what will be is whether you have had any defaults, pay day loans, disputes etc. that show on your credit report with Experian. Particularly whether these have been within the last 12 months however really you don't want these recorded on your credit report at all.

STG_2015

Thanks my last default was 52 months ago for a late payment so hopefully all ok. Hoping the time frame is quite quick I'm hearing Nationwide are busy at the moment, however, they got the valuation booked in quite quickly

yllah

These forums are great for information from very experienced people.

I think if that is your only default and it was over 4 years old you should hopefully be fine - fingers crossed.

I think what I have learnt from these forums is that you need your credit report, not your credit score, to be in a very good position before even considering about applying for credit.

The credit file and ratings threads are excellent about how to improve your credit report but also using clever techniques to give yourself the best possible chance in a mortgage application

Teaandtoast0124

yllah wrote: »

The first search for DIP will just have been a soft search. You sound like your in a similar predicament that I will be in soon.

Credit score is good with Experian however not so good with the others.

However from what I understand Nationwide only use Experian for the credit check when you actually go to complete the application. Now the credit score isn't so important, what will be is whether you have had any defaults, pay day loans, disputes etc. that show on your credit report with Experian. Particularly whether these have been within the last 12 months however really you don't want these recorded on your credit report at all.

Nationwide dip is not a soft search. Is a full hard credit search

yllah

Better again I suppose if it has been a full hard credit check - but still no certainty unfortunately.

STG_2015

Thanks everyone hopefully the valuation will be ok tomorrow and we'll get a proper mortgage offer ��

buttonmoon

There is a credit search on my file from when I got my AIP from Nationwide in October last year on my credit report. Nationwide did their credit check with Experian. They didn't do any other credit searches at all. However, I didn't use any of my credit cards just in case!

Thrugelmir

STG_2015 wrote: »

Thanks everyone hopefully the valuation will be ok tomorrow and we'll get a proper mortgage offer ��

Doesn't leave you much time to exchange contracts. Have Redrow agreed an extension?

STG_2015

Valuation and searches fine but Nationwide have come back with a problem on the student loan, basically saying it was undeclared. Not sure how its undeclared when the details are on the wage slips and accounted for in the reduced take home salary that I had put forward (as student loan comes out of my wage like tax and NI). Basically redone the budget planner and the figures the same so can't see why its such a big issue. Now awaiting confirmation all is still going ahead.

Feel a bit let down by the mortgage adviser surely they should of known this? Anyway he's now advised to increase mortgage term to increase mortgage limits.