Nationwide DIP questions

Wacky103

Hi All

I'm using a whole of market broker to apply for a mortgage. After going through various details, she recommended trying with Nationwide.

She has applied for a DIP for me from Nationwide, and said the DIP came back as 'accepted', and it has asked her to submit my most recent payslip and 1 months most recent bank statement, which she has done. I have asked her whether this means a full credit check has been done, and she said Yes, and that it is all with an underwriter now to check the documents, but we have not done a full application yet.

I am a little sceptical about this, as I have some adverse credit (a default registered in June 2013) which has been settled, but I have heard Nationwide are not a good choice because of the default. The Broker is fully aware of my default, and after speaking to her 'Intermediary Manager' about it, seems to think it will be fine.
I am concerned the default may not be visible until a full application is done, but she seems to think everything will be seen during the DIP stage.

I was going to use a different broker who did my brothers mortgage application recently as he had a positive experience with him - this broker was the 1 who said Nationwide were a bad choice, so the conflicting advice is worrying me a little.

Do any of you have thoughts on this?

Wacky103

Sorry I have just realised I posted this in the wrong section! I will re-post in the mortgage section

lulabelle1

Hi

My husband worked for Nationwide for many years selling mortgages.

He said if you'd gone to nationwide directly he would every confidence that your DIP would be fine as you would have provided all of be information required to them directly.... To get the DIP a full credit check is performed. So long as your proofs stack up, then everything is good.

His only slight concern is the fact that you went through a broker as in his experience they often mess things up - this can range from providing the lender with incorrect (fudged) information right through to relaying incorrect information to the client. He's often recalled some horror stories.

However, if you've seen the DIP then you should be fine as the adverse credit history would have appeared regardless of what the broker may have told nationwide. It's the one thing that they can't really hide/fib about.

He did say that nationwide are notoriously strict, so can only assume it was a very minor blip.

It's safe to say that we would never go through a broker. It's amazing what you can find with the use of Google in regards to finding the best deal and the stories that the brokers tell about accessing deals that you wouldn't be able to get for yourself often are little white lies to justify themselves.

Best of luck with it all ��

edinburgher

In defence of brokers, we have used one for all of our 3 mortgages to date and they have saved us money every time.

As well as Lulabelle's cautionary tales about the 'tricks of the trade', a good broker can very positively work with people with slightly unusual circumstances/past credit issues etc.

I'm a big fan of DIY finance, but using a broker has always worked for us