Mortgage Application Declined - Should we go to a broker next time?

EmmaKM

My boyfriend and I applied for a DIP and it got declined.

It was the Nationwide we went with because it's where we have all our accounts including our mortgage savings account (Save to buy). The person who was submitting the application for us couldn't really give us an explanation for why we got declined other than, Nationwide are one of the strictest lenders and maybe because of our ages (23 and 24) which is fair enough.

We've taken this as a blessing in disguise as announcements of management cuts at my boyfriend's work have just been made so unsure of where he'll be at over the next 6months. He's in the process of preparing to sumbmit his application for the police so is hoping to not be affected but of course you never know. We're taking this time to just concentrate on continuing to save.

The only "debt" either of us have/ever had is our cars on PCP finance which we both pay religiously. We both have credit cards but only spend a max of £100 on them and always pay it off in plenty of time. Neither of us have ever had any other loans or store cards etc.

This is how we plan to continue with regards to "debts". We have the 10% deposit but would rather only use 5% when it comes to reapplying. Just wondering if anyone has any advice on whether we should try the nationwide again or should we go to a broker to get more advice/options? Not going to be reapplying for at least another 6months.

Thanks

amnblog

If you want the same result take the same action.

https://forums.moneysavingexpert.com/discussion/5227573

Goldiegirl

A broker would look closely at your situation and place your application with a lender more likely to look at your application favourably.

But the broker doesn't have a magic wand - going with a broker doesn't mean automatic acceptance.

amnblog

We do have a magic wand.

We just don't have spells for every eventuality.

EmmaKM

I totally understand that going through a broker doesn't mean we'll automatically accepted. I was just wondering if they would have more options and would find a more accepting lender. I have very little information from nationwide that can tell us what we need to change, other than, get older.

Thanks

amnblog

Emma

When you buy shoes do you keep trying the same pair on until they fit?

Do you try all the shoes in the shop?

Do you check all the shoes in all the shops?

Trying the same shoes on is like focusing on Nationwide.

Checking all the shops is like using a broker.

EmmaKM

Okay I did get that in the first place. Was just looking for friendly advice or experience stories.

Thanks for your help

Thrugelmir

The PCP outgoing maybe having an impact if it's sizable.

EmmaKM

We're only £175 each for our cars. I don't know if that's a lot or not as far as cars go.

csgohan4

It's not just the outgoings but the remaining left to pay more importantly.

EmmaKM

Ahhh, I only got mine a year ago in July and my boyfriend only got his last month.