Nationwide DIP with bad credit

Jayfuller

Ok, I’ve decided to start a post in case anyone is in the same situation as myself.

My partner has a mortgage on her place through nationwide. However we’ve decided to buy our first place, but to do so we have to port her mortgage over.

All financial agreements in place between us two and how it’s going to work.

We went to get our DIP from nationwide through and independent broker but was rejected at 90%ltv. Eventually we got referred at 77%. 24 hours later this came back as accepted.

Now the reason it didn’t go through was due to 4 defaults on my file that are 5 years old.

We are about to submit our full application as we’ve had an offer accepted on our place and my partner has accepted on her place.

About us:
My income 45k
Partners 23k
I have 3.5K credit card outstanding
And 6K loan for car ( agreed to pay this off with mortgage )
Mortgage is for 290K

From your experiences could my credit history still come back and bite me on the backside?

ACG

A DIP is based on limited information. So yes, theoretically they could still decline you for any reason which includes your past adverse.

However, as it referred and has presumably been looked at by a person, I would be surprised if they declined it solely for that.

Jayfuller

Thank you for your reply. I’ve heard Nationwide are quite reliable with their DIP’s especially once they’re accepted after being referred.

I was hoping to hear if anyone has had issues once they’ve been given a DIP just due to their credit history.

kingstreet

You've been hard searched. The lender has accepted your request at the loan to value you have mentioned.

Your credit history may result in a request for an explanation.