DIP referral with Nationwide

Just looking for a bit of advice / support!

I have just sold my flat, missives concluded this morning, and we move out in 6 weeks. We put in an offer on a new property and this was accepted. We have a 15% deposit. We had a mortgage in principle with Royal Bank of Scotland but when we applied in full last week this was declined, due to our credit check.

We have since found a Mortgage Broker who took away our case to investigate possible lenders and came back to us to say that we meet Nationwide criteria, she had done a DIP with them for us and we had passed credit score, however they would require further documentation to make a full decision on the case. We provided all of this and it is currently with Head Officer underwriters.

I have a current mortgage which has always been paid on time and a credit card which is always paid in full. However I have 3 defaults which are almost 6 years old. I paid all of these default balances over monthly installments and they were all settled approx 3 years ago. One of my credit cards put an Inhibition on my property, however this was discharged a year later when I settled the account. Nationwide have been advised of this and I was asked to provide a copy of the Discharge Certificate and an explanation for the adverse credit history. My husband has an excellent credit history, however he currently has a loan for approx £7k and a credit card with £1.5k which we plan to pay off this month.

The mortgage broker seems confident that our application will go through, but advised she has a back up lender although their rates are higher than Nationwide - presumably a high risk lender?

We are worried sick about this, we need to move out in 6 weeks, we have a 1 year old and if this isnt resolved we will need to rent while we wait for the defaults to clear from my credit history. We really dont want to pull out of the purchase of our dream home and I feel so guilty that this is due to a period of bad credit history on my part 6 years ago.

Any advice on the chances of us getting a mortgage in place?
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  • amnblogamnblog Forumite
    12.1K Posts
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    Your concerns should be directed at your broker who knows your situation.

    Any comments on here regarding your journey in the next few weeks will just be uninformed speculation.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Your broker seems to know what s/he is doing so trust them to get on with it. Good luck.
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