Nationwide new 10% mortgage

robynjur1108

Was wondering if anyone had a successful application with the new 10 percent mortgage. My partner and I were declined a decision in principle based on internal credit score. Our broker can't understand this as she sees our application as straightforward. Has anyone had any problems or success with this new offer? 

haras_n0sirrah

Nationwide are being very very strict to try and not get overwhelmed on 90% applications
I have just had one accepted aip wise but not got an offer yet (they only launched monday so no one will have an offer yet)

robynjur1108

@haras_nosirrah thank you. Have you had any experience with the platform 10 percent mortgages. Have they generally been OK. We have an AIP but waiting on an offer. Very nerve-wracking 

haras_n0sirrah

Why aren't you going for hsbc?

robynjur1108

Our mortgage advisor said it is very difficult to get HSBC as they only release a couple a day 

Slimby

robynjur1108 - We managed to get a mortgage with HSBC by applying for MIP and then calling the customer service for a mortgage appointment. They offered us a slot for 2 weeks time. Thankfully we were offered the mortgage on that call so it wasn't too bad. This might not work of course if you are in a hurry.

robynjur1108

We aren't in a hurry I think it's just the anxious waiting. I also feel bad on the man selling the house and how long this whole process is taking. Our mortgage advisor said there is a limited amount available for 10 percent at HSBC and they are really hard to get. Was this your experience? 

Slimby

robynjur1108 - I felt exactly the same way! I did not want to put the vendor out. BUT if it is hard for you to get the mortgage it will be for others in the same position. It's just the lay of the land right now.

We did not have any trouble getting the mortgage - it was just the 2 week wait for the appointment that was a little painful. We were approved the mortgage during the appointment but other cases do need to go to an underwriter. 

It's worth trying for a MIP and then you can decide from there. If it's a no then its a moot point, but if it's a yes then you can go from there. You could always call the customer service beforehand for advice. It takes a little while to get through but the advisers are great. 


EDIT: Also we were rejected by accord when applying for a mortgage in principle. So a rejection from one does not necessarily mean a rejection from all.

AnxiousFTB

I went direct to HSBC so no issues with Brokers only having limited access. The first few weeks the website kept crashing and when I eventually got a zoom call with an advisor it took a couple of weeks of waiting. The mortgage was approved on 13th during the call, valuation took place quickly and full offer on 18th July. 

robynjur1108

Thanks. We are waiting back to here from platform if that doesn't work we will definitely try HSBC.