Nationwide issues!

Lisag1979

Long time lurker here!

I need to vent after a stressful afternoon with NW.

I had a DIP approved 2 weeks ago and subsequently made an offer subject to loan.

Went in this afternoon to the branch to go through the full application and when the advisor started to go through the DIP again, he had 'system issues'. So, he phoned some other department who said it was a known issue and that he'd have to start a new DIP.

So, he done this and it declined on credit score.

Now, no other changes could have occurred apart from the fact they have now ran 2 scores in less than 2 weeks. He did advise he would get one taken off my credit score.

So, he has now to appeal the decline to underwriters, who when he phoned to explain the issue, they advised I fall into the high risk category as it is a 92% LTV.

I'm now panicking as the underwriter sounded so definite on my being high risk!

Apparently the system problem is a known issue so surely they have came across this before!

I now need to wait on the appeal then take more time off work to get a second spot.

Really wishing I had went elsewhere now.

Princessladonna

Lisag1979 wrote: »

Long time lurker here!

I need to vent after a stressful afternoon with NW.

I had a DIP approved 2 weeks ago and subsequently made an offer subject to loan.

Went in this afternoon to the branch to go through the full application and when the advisor started to go through the DIP again, he had 'system issues'. So, he phoned some other department who said it was a known issue and that he'd have to start a new DIP.

So, he done this and it declined on credit score.

Now, no other changes could have occurred apart from the fact they have now ran 2 scores in less than 2 weeks. He did advise he would get one taken off my credit score.

So, he has now to appeal the decline to underwriters, who when he phoned to explain the issue, they advised I fall into the high risk category as it is a 92% LTV.

I'm now panicking as the underwriter sounded so definite on my being high risk!

Apparently the system problem is a known issue so surely they have came across this before!

I now need to wait on the appeal then take more time off work to get a second spot.

Really wishing I had went elsewhere now.

Why do they think you are high risk for? Do you meet their affordability? Any adverse credit? Any credit cards etc..

Lisag1979

I'm not sure.

Affordability and credit check passed for first DIP which was for 95k.

Today it was for a lower amount due to a different property - £85k

Salary £35k
One loan with 8 months to go at £420 per month

No other cards or loans.

The underwriter said on the phone that anything over 90% LTV was considered high risk.

Lisag1979

Should add, no adverse credit or defaults, late payments etc.

Princessladonna

Yeah I've heard that, why don't you try and do and online DIP with Natwest or another and see what you get. Are you going for 90%LTV, I heard that Nationwide are quite strict on lending.

Lisag1979

I may do that if I get bad news after the underwriter has looked at it.

It's just so frustrating.

dwill1503

Lisag1979 nationwide have become really strict and I thinks it's literally in last two weeks. We want to move, reducing ltv from 90% to 47%, not borrowing more and NW say no because we had 1 child 8 years ago, we now have 3. So I don't even think the ltv is considered for high or low risk, I think it's just a yes or no!

kingstreet

Any lender will deem lending over 90% as high-risk.

Lisa - you an existing borrower, or using the Save To Buy scheme, as Nationwide only goes to 95% on such cases?

Lenders offering HTB - Mortgage Guarantee products have the top 15% covered by the indemnity fund so may be more amenable.