Nationwide mortgage

danjo17

Hi.

Received a text from nationwide today saying they have sent us a mortgage offer.
Just wondering if anybody knows if they will run a credit check before completion.

Told the broker we are using about a £5000 loan we have. As it's a new loan it wasn't showing on my credit report last month, but is now.

I'm assuming that so long as the broker told them about the loan and our monthly payments ( which he said he has) then we should be fine ? As the loan shows opened on 2/01/18 but only appeared this month.
I hope this makes sense.


Thanks

Gibbro

Your concern about seeing it on the credit file and being declared is a moot point, I'd be more concerned about the fact Nationwide do not accept loans as a form of deposit.

Unacceptable source of deposit
Any loans taken out by your client, except for:
borrowing from another lender against an additional property owned by the applicant (subject to affordability and criteria)
the repayment of a Limited Company Directors Loan. The Limited Company accountants must confirm the monies are available and there is no detriment to the company by removal of the funds. This deposit must also be keyed as savings.
Loan from a UK Trust Fund, provided no monthly repayment is made and the only condition attached to the Trust Fund loan is that it is repayable on sale of the property. Any other form of loan from a Trust Fund is unacceptable.
Non-UK Trust Funds
Funding from overseas companies
Gifts from overseas companies
Funding from credit cards
Repayment of a loan from a third party
Bitcoins

danjo17

Our source of deposit was a gift from family. Which we had to prove to nationwide and our solicitor
So not sure that helps really.

Blueoctopus

I can't answer your question but am just being a bit cheeky asking when your application went in. Ours went to Nationwide on 22nd February and we've heard nothing since providing extra documents on the 26th.

danjo17

AIP 26/01
Full app 19/02
Valuation 2/03
Offer 13/03 (today)

Thrugelmir

danjo17 wrote: »

Full app 19/02

Did you declare the loan on the mortgage application you signed?

As the loan shows opened on 2/01/18 but only appeared this month.

This is irrelevant. Other than what did you do with the money borrowed?

danjo17

Yes. Declared everything. Double checked with mortgage broker