Nationwide DIP

cee_101

Hi all,

I have just submitted a full application with Nationwide. The DIP was a pass straight away. I know I should trust in the process and my broker for placing me with them, however, I do have a default from 2018 for £1800. Fully satisfied.

I am just nervous as I always thought Nationwide were one of the more strict when it comes to bad credit.

My LTV is only 55%. Full application was submitted yesterday.

Looking for any success stories for anyone that’s had a mortgage with them with a default/bad credit.

Thank you

K_S

@cee_101 Nationwide do not have an explicit policy regarding defaults, just that it will be one factor in the "credit-scoring" that they do at DIP stage, which you have passed. Generally speaking, the lower the LTV, the lower the "credit-score" threshold for the case. So your 55% LTV would definitely have helped. I have had clients on low-LTV with historic credit-issues get through Nationwide (and indeed other mainstream lenders).

It could also be the case that the default only shows on one agency's credit-report and Nationwide uses another for their credit-check.

When it gets to full underwriting, the underwriter could still decide to query the circumstances of the default and factor that into their decision, but nothing to worry about at this stage, especially at <60% LTV.

Hope it goes through to offer, good luck!