Nationwide Mortgage Experience - New Applicant!

Bex_27

Morning,
I am looking to purchase a property at £270,000. We have a £13,500 (5%) Deposit and Help to Buy, which brings this down to £203,000. My partner and I have a combined income of over £65,000, so we are well within our reach. Our MA has put us forward for a Nationwide Mortgage, something I never thought we'd go for due to our circumstances: 

• Poor Experian Credit Score (30 away from Fair), Fair Credit Score 
• £3,400 Loan, which will be paid in August 2020 Plus Smaller Loan at £600 which will be settled by January
• Defaulted Payment - Mine over 2 and a half years ago, my partner had problems with his ex and his defaulted payment was sorted by 2019
• Overdraft - £1900, which I am paying back at the moment. I was a silly student who maxed it out and now forever been in it. I am paying back £115 each month with the aim of it being sorted by December next year. However, any spare money I will plough into it.

I thought due to this we would have to go for an adverse lender but our MA is saying he is happy with all our credit records to go for this one. I am really nervous, I was as know I have had a bad past with credit. I was declined car finance last year but then again since then, my Experian score has shot up. I have paid off a bed of £1,800 in one year with a lump sum and I have been doing well to use and pay off a credit card each month.

Have you been in a similar position to this? I thought that due to our scores we wouldn't be a fit for a high street but our MA seems confident.

I am a massive panicker! 

Bex_27

Partners Defaulted sorted by 2015 even!!

mortgagetakingages

Hmmmm I guess the mortgage advisor will have a better idea than me but when you are living on borrowed money to survive I am surprised you feel your affordability is good. By this I'm referring to you living in your overdraft. 

Bex_27

mortgagetakingages said:

Hmmmm I guess the mortgage advisor will have a better idea than me but when you are living on borrowed money to survive I am surprised you feel your affordability is good. By this I'm referring to you living in your overdraft. 

It isn't ideal being in my overdraft but we did send over all our credit file via checkmyfile to our MA who would have seen this. I also sent over my bank statements too. Like I said, I am working to pay it off too.

khtaylor

I also was in my overdraft for 8 years but paid off last month. I also have a default on my history but only small at £96 which I've paid off. 
Our mortgage broker nationwide was the option for us after having me send my checkmyfile record too. 
Had our hard credit check last Friday but heard nothing since the day we applied (14th july). I'm going with no news is good news at the minute 

Bex_27

khtaylor said:

I also was in my overdraft for 8 years but paid off last month. I also have a default on my history but only small at £96 which I've paid off. 
Our mortgage broker nationwide was the option for us after having me send my checkmyfile record too. 
Had our hard credit check last Friday but heard nothing since the day we applied (14th july). I'm going with no news is good news at the minute 

Thank you for your help, I will keep everything crossed for you! We are receiving a lump sum following the handover of his old property to his ex so I am looking to pay it all off before the full application goes in. Our MA is also speaking to NW and letting them know we are settling debts before we proceed further. Mine was about the same for the default too! Catalogue order I thought I paid off but apparently didn't. Fingers crossed for you!

becky_b3

We’re also waiting for our mortgage offer from Nationwide- got everything crossed at the moment. Our MA has told us NW are being very slow, as they have a lot of applications and are not yet back to full staff capacity. NW asked for proof our debts had been paid off and our MA sent it off to them on 21/07 so I’m hoping to have a decision very soon. The waiting and not knowing is horrible! 

Bex_27

becky_b3 said:

We’re also waiting for our mortgage offer from Nationwide- got everything crossed at the moment. Our MA has told us NW are being very slow, as they have a lot of applications and are not yet back to full staff capacity. NW asked for proof our debts had been paid off and our MA sent it off to them on 21/07 so I’m hoping to have a decision very soon. The waiting and not knowing is horrible! 

We have been told this too! They are the only ones doing 90% mortgages so everyone is using them, although we are going for a 75% one. I have just thought that as soon as we get the money from the solicitors we can pay everything off and will be in a better position. We are waiting for a DIP, MA thinks we will be fine but I am a massive worrier!!

becky_b3

We have taken out an 85% mortgage and we are still waiting to hear from them with a decision. Has anyone heard anything yet? We have heard. I thing since 21/7 when they asked for more information which we gave to our MA straight away. I am also a massive worrier too, constantly checking my phone to see if there’s any news...

leodis23

I had my text confirming my application had been received on Sunday night, and nothing since (it's now Friday afternoon) - not even a text about a valuation. My MB emailed me mid-week to say we're in a queue as there's a big backlog now lockdown's eased.

khtaylor

application recieved 14th July... still waiting!