Nationwide Mortgage

ollie2008uk

Hi all,

Does anyone know about nationwide and their criteria for people with defaults?

My partner has 4 old defaults on her credit file details are as follows:

Default 1 Date of default 30/4/2010 Amount £3979 Satisfied
Default 2 Date of Default 24/1/2011 Amount £177 Satisfied
Default 3 Date of Default 31/1/2012 Amount £2735 Satisfied
Default 4 Date of Default 01/9/2010 Amount £3868 Satisfied

Experian credit score is 956 currently.

Hope someone can give some advice. We earn a combined income of £80,000 per year, have £22,500 in savings. Currently renting at £600 pm and are looking to borrow £202,000 over 30-35 years. Only have £2,000 on credit cards which is in my name only.

ACG

Is there any reason why you have chosen Nationwide?
Forget your score, its not worth the paper its printed on.

At 90% LTV I would not be overly confident.

ollie2008uk

We bank with Nationwide thats all, Not too fussed who its with to be honest.

Thrugelmir

When were the defaults settled?

Was this via a repayment plan, i.e. DMP or ARP?

ollie2008uk

Thrugelmir wrote: »

When were the defaults settled?

Was this via a repayment plan, i.e. DMP or ARP?

They were settled as follows:

1) 01/6/12
2) 01/7/12
3) 01/6/12
4) 01/4/14

Sorry I don't know what DMP or ARP are. Some were lower amounts than were owed the companies agreed to take less.

amnblog

This is going to be a tricky one.

You need to be engaging a broker, not going to Nationwide.

ACG

Your options on the high street are going to be limited.

I think your probably going to be looking at rates closer to 6% (at 90% LTV) unless you get lucky.

It could be worth getting your other credit reports to see if they are showing on those.

ollie2008uk

Thanks guys, we are in no hurry so could save another 20k in a year. We are buying the house we rent which can be done at any time.

So if other reports don't show them is that a good thing or bad thing? is it the case that 90% is deemed higher risk? If so what sort of LTV is going to be less risky?

One other thought, if the house is worth more than £225,000 but we still buy at £225,000 will that bring the LTV down? I know the capital gains would increase but thats not a major issue.

ACG

75% LTV is where the risk is deemed less, although it does gradually come down at every banding.

Lenders go off the lower of the purchase price or valuation, so even if the value was £500k it would not help unfortunately.

dwill1503

I would not bother with NW. We already have a NW mortgage which we took out in 2008 on a 90%ltv. The house has now doubled in value & our LTV is only 47% - we asked if we could sell the house & move to one 15k cheaper - were told no because we now have 3 children! So we are stuck. NW criteria is very tough now.

Jon_B_2

dwill1503 wrote: »

I would not bother with NW. We already have a NW mortgage which we took out in 2008 on a 90%ltv. The house has now doubled in value & our LTV is only 47% - we asked if we could sell the house & move to one 15k cheaper - were told no because we now have 3 children! So we are stuck. NW criteria is very tough now.

Not exclusively a NW problem, that's a result of MMR.