Nationwide credit checks - don't know what to do!

greenbanana

Hi folks, longtime reader here, but I finally need your advice so I've made an account

My boyfriend and have offered on a house and want to get a mortgage for it - preferably with Nationwide who have some great rates.

I'm worried that we will be declined because my credit file is only "Fair- 871" according to Experian, who NW use.

I don't have any credit cards, but pay virgin media and O2 by direct debit. I have an 8 year old NW current account and have never gone overdrawn or been late on any of these accounts. In my NW account I have gradually built up money over the past couple of years. These accounts have been open on average for 35 months, with £0 of credit available and £0 used.

I have one slip up where I accidentally bought a dress for £45 on credit a 21 months ago from Asos. I was late on the payment by 1 month then paid it all off.

My boyfriend has an excellent credit record so he should be fine but I'm worried l may get the application declined.

People who have experience dealing with Nationwide - how much of an issue do you think this will be?

MARTYM8`

I would ignore your credit score - its meaningless.

What I would do is look at your credit reports - and see what they show. That is what lenders see - not these meaningless scores.

They will look at your earnings and outgoings - and assess affordability.

Given you have a current account with NW that may help - as they can see how responsible you are!

So don't worry - if NW don't work out there are other options.

marksoton

Why tie yourself to NW? There's no loyalty when it comes to current accounts and mortgages. And that works both ways.

Other lenders may have better offers. Either fully investigate yourself or get a decent broker.

greenbanana

Thanks guys, I want to go with Nationwide because they have a great 2.99% fixed rate for 4 years. Have you guys gone through the application process with NW? I hear they are more strict than other lenders...

Thrugelmir

If you used the NW's Save to Buy scheme then you could earn yourselves brownie points.

ukjing

Wish you all the best getting the mortgage - we just recently got a mortgage with Nationwide.

greenbanana

Thanks guys, - ukjing, do you mind me asking what your credit looked like?

Was it similar to ours? We just have a late payment of £45 two years ago... but I don't have any credit cards...

greenbanana

So my Nationwide bank account has gradually been increasing at around £600ish per month for the last year. Will this work in my favour?

I'm considering not applying and going for a lender with less of a stringent reputation than Nationwide... what do you guys think?

Firsttimebuyer3

Me and my fiance are using the save to buy scheme with NW. Why will this give 'brownie points' with them?

fairyloveheart

For one slip up for a £45 dress, I don't think they will view you as a bad risk. Sounds like you are in a good position.

libf

If your worried use a broker and show him/her copies of your credit reports.