Nationwide mortgage process from DIP to full application

Laurenmae

Hi,
Wondering if anyone can give me some advice please!! Currently going through the process with my partner of applying for a mortgage with nationwide.

My partners credit history is excellent however mine is poor, I understand that lenders dont necessarily see your score as this has been pointed out to me previously however does not help put your mind at rest when you are applying. My credit history is poor due to lack of history rather than anything adverse of late payments. (This is due to age.) Another thing my mortgage broker advised that makes it unattractive to lenders is due to having 4 previous addresses In 3 years I know this sounds bad but at the time I was living with my mom so had no choice but to move with her (again due to age.)

We have just applied through a broker for a DIP with nationwide, originally this got deferred due to the address history and then accepted. I felt so at ease until my broker then told me the 'full application' would need to be completed, now I am back to stressing again!!! When I asked him he didnt seem to think anything could go wrong now on our part it would just be down to the valuation however I am not convinced myself!! The mortgage will be for FTB and 90% LTV we have gained a few AIP in the past through soft credit searches and affordability has never been an issue for us it's more actually getting the mortgage with our deposit, again due to the poor credit history. Considering Nationwide do a hard credit search at the point on accepted for a DIP I am hoping this will be enough but I just cant cope with the waiting!!!

Any advice would be appreciated!

Thanks

boo_star

Stop worrying and let them do their job.

They're unlikely to try and place you with a provider that's going to decline you. What would be the point?

Having a thin file is, as far as I'm aware, far less of an issue for a mortgage than say a loan or a credit card.

[Deleted User]

Nationwide do a full credit check at DIP stage. The only purpose of the 'application' stage is for someone to check your payslips match what was keyed to the system and sometimes check you have a deposit.
If you have been referred previously that is great news as someone has physically pressed the accept button rather than a computer doing it.
It will be fine based on what you have said

Crumble2018

Hopefully this will make you feel better - we got an offer from Nationwide with only a 5% deposit, and over £40,000 worth of debt. From full application to offer was only a week, and they disn't even ask for bank statements.

[Deleted User]

What happened with your applications to Lloyds and/or Barclays from your first posts?

Laurenmae

Thanks eceryone, originally we were going to go for either the spring board mortgage with Barclays or the lend a hand with Lloyd's, these both seem like good schemes however when it comes down to the nitty gritty of applying it's difficult because you need very good credit rating and I feel like especially with Lloyd's the goal posts kept changing for us personally.

For example in once instance it would say we were applicable but when trying to move to the next stage the computer would default back to a lower internal credit rating meaning we werent applicable. They were also switching between the 10/15% cash deposit mark and we were warned should we complete the application based off a 10% deposit there was a chance that when the full application was completed they may require a 15% so didnt want to risk that and be back to square one.

We werent applicable for Barclays either due to the same reasoning of the credit ratings. We are very lucky now to be able to put down a cash deposit rather than using the schemes on 10% , however with Barclays they were only happy to offer us on 85% LTV. Due to having this search on our files we decided to then go through a broker to get the best possible chance so fingers crossed this works out for us!

GSingh

We applied through nationwide and there was only 5 days between application and acceptance and that was with them not asking for any payslips either. Good luck

Laurenmae

Thanks, full application was submitted yesterday, looked on Experian today and the 2 searches are showing one from the DIP and one for full application plus idenity check but still havent heard anything.

Hoping for today!!

Crumble2018

Laurenmae wrote: »

Thanks, full application was submitted yesterday, looked on Experian today and the 2 searches are showing one from the DIP and one for full application plus idenity check but still havent heard anything.

Hoping for today!!

You wont get an offer until the valuation has been done. Nationwide will send you a text once this has been booked.

Laurenmae

Were going through a broker so not sure if they will send us updates direct or just liaise with him! Hopefully they give us some kind of indication soon as to if weve been accepted and when the valuation will be