Newcastle Building Society Bad credit

chezFTB

Hi

I've been spending the past few weeks scrawling these forums looking for someone who had circumstances similar to ours that have gone with Newcastle Building Society but have had no luck. Can't seem to find any experiences on Newcastle Building Society mortgages at all!
So me and my partner are first time buyers and have been gifted a deposit from my partner's family. We have a 20% deposit to put down on a £106,000 house so want to borrow £84,800. Our combined income is £49,300 (excluding my PIP benefits which are an additional £2856 per year). The affordability isn't the problem...

My credit report is pretty good, I have a couple credit cards (utilisation 23%) and a loan for £8k - no missed payments etc 
However, my partner's report isn't good. There is a long list of pay day loans starting from around 2017. They are very frequent between 2017 and 2019 but tailed off around 2019, but there have been some here and there including one in october 2020. He also has missed credit card payments from Nov and Dec 2019 and Feb 20. 
Our mortgage broker have gone with Newcastle Building Society for us and our DIP was referred to the underwriters where my partner had to provide a reason for why there as a high volume of PDLs between 2017 and 2019 (the reason being he was at uni living away from home and got them to help him through and ended up in the inevitable cycle i.e young and dumb). The DIP was then accepted and we are planning to put in a full application on Thursday. I'm just wondering if anyone has any experience with NBS and how they are with adverse credit applications like this? Also, I've read some horror stories about how long they can take and bad customer service! Hoping some one on here might have some guidance! 

Also, my partner used to gamble until very recently, they have our last 3 months bank statements though

Thanks

MovingForwards

http://www.newcastleis.co.uk/residential-lending-policy.aspx

That's their lending criteria. Only your broker will know why this is the right lender for your circumstances.

chezFTB

Thank you - I was just wondering about timescales as it seems the seller is chasing the estate agent already! But thank you for this link its very useful!

angieparry_62

Hi, this is quite spooky because my husband and myself are hoping to get our mortgage with Newcastle Building Society.  Our broker has requested our credit reports.  My husband's is good but mine is quite poor, however I have paid alot of debts off over the last year but it hasnt climbed that much.  We have been told we will find out if its been approved on Monday.  We have a £200,000 deposit to put down on a flat with a small mortgage of £68,000.  I havent really heard anything bad about them to be honest.  

Foshiznik

angieparry_62 said:

Hi, this is quite spooky because my husband and myself are hoping to get our mortgage with Newcastle Building Society.  Our broker has requested our credit reports.  My husband's is good but mine is quite poor, however I have paid alot of debts off over the last year but it hasnt climbed that much.  We have been told we will find out if it’s been approved on Monday.  We have a £200,000 deposit to put down on a flat with a small mortgage of £68,000.  I havent really heard anything bad about them to be honest.  

How did you get on in the end? How quickly did you get an answer following your application with NBS?