Nationwide Mortgage Process - Advice Sought!

AlexanderFM1993

Hi all,

I am quite far down the line with Nationwide's mortgage team.

16 September 2021 - Applied for DIP
16 September 2021 - Received DIP
23 September 2021 - 2.5hr Mortgage Call
23 September 2021 - Passed checks but referred due to LTV % only
24 September 2021 - All docs sent to Nationwide
27 September 2021 - Valuation complete

I now await the bank's decision. 

My first question is this: does the fact that they have already done the valuation mean that I have passed the all the credit checks which they will do and now they just look at affordability (it is affordable due to salary), or do they do another credit check? 

I ask with a degree of dread because I have a stupid prior default on my account. The default (fully paid off) was registered by Halifax when I was a student and had a student overdraft. I moved house and informed them but they sent letters to my old address instead and when I did not write back (due to their error), they registered a default against me for only a few hundred pounds. 

The flat I am buying is for £875k, I am currently renting it, I have a £150k deposit, a very high salary and otherwise no credit problems. It's just this infuriating default on my account which Halifax refuse to get rid of (after all, how can I prove it was their fault that the person in their branch didn't save my new address). 

Should I worry about this or will an underwriter just ignore it because of the facts? (second question).

Thanks in advance!
Alexander

AlexanderFM1993

I should also note that the flat is actually worth £1.1m but I am buying it for £875k... 

AlexanderFM1993

Update: I received this via email just now (was in my spam folder!):

"We've received all requested documents and your mortgage application has now been passed for full assessment. If we need anything further we'll let you know."

AlexanderFM1993

New Update: the valuation was approved.