First time buyer, help to buy equity loan, credit history!

Moneysaving1

Hi guys.

Looking for some opinions on my chances of getting mortgage approved by nationwide.
We easily come within affordability calculator, have all deposit and legal fees and stamp duty ready to go.
My concerns are that I have 12 payday loans on my file, latest one 2 years ago all payed on time, also I have a stage 4 late payment from 1 and half years ago for £80 (payed off 1 and half years ago).
I also use my agreed overdraft every month.(paid off in full every month but use it again month after)
We are using a broker who has said we've passed credit score.
My main concern is the underwriting process and picking up on payday loans.
Any replys would be greatly appreciated (good or bad news)

I posted this on the credit forum they said to post on here

Jon_B_2

I'd suggest you need a broker here.

Teaandtoast0124

I was in the same position as you. As long as you pass affordability and credit score payday loans shouldn't matter. I had 24 payday loans

Moneysaving1

Teaandtoast0124 wrote: »

I was in the same position as you. As long as you pass affordability and credit score payday loans shouldn't matter. I had 24 payday loans

Thanks teaandtoast,
The broker we are using has obtained a AIP.
Nationwide have done 2 credit searches on experian ( 1 soft footprint and one hard footprint)
Will they do another credit check?
Completion date is well within the length the AIP lasts.

Malmo

Moneysaving1 wrote: »

Thanks teaandtoast,
The broker we are using has obtained a AIP.
Nationwide have done 2 credit searches on experian ( 1 soft footprint and one hard footprint)
Will they do another credit check?
Completion date is well within the length the AIP lasts.

It is possible for them to perform another credit search between a confirmed mortgage offer and completion. Avoid any searches on your credit file, resulting from new credit applications for cards, loans, insurance products on monthly debit, new mobile contracts, etc - essentially anything requiring a credit search/check.

The fact that they've performed a hard credit search for the AIP suggests that you've passed the credit check, but this is just the first hurdle and you'll need to pass affordability & they'll need to be satisfied with the property valuation as well.

Teaandtoast0124

Moneysaving1 wrote: »

Thanks teaandtoast,
The broker we are using has obtained a AIP.
Nationwide have done 2 credit searches on experian ( 1 soft footprint and one hard footprint)
Will they do another credit check?
Completion date is well within the length the AIP lasts.

I got my AIP on Feb 1st. And complete next thursday. And haven't had another credit check yet.... But I suppose they may preform another as its been nearly 3 months since I had the formal mortgage offer

Moneysaving1

Teaandtoast0124 wrote: »

I got my AIP on Feb 1st. And complete next thursday. And haven't had another credit check yet.... But I suppose they may preform another as its been nearly 3 months since I had the formal mortgage offer

Thank you Teaandtoast you have eased my worries slightly.
Is your mortgage also with nationwide?
I know we have plenty of hoops to jump through yet. But hopefully we will be where you are in a few weeks.

limerickireland

Did nationwide ask you about payday loans in the mortgage interview at all??