Nationwide DIP reliable?

Carcon84

Looking for some advice/reassurance.

I have a mortgage but am looking to move home and increase borrowing.

I had a bit of a nightmare during the pandemic. Lost my mum and went off the rails for a bit. I have 2 defaults one for a catalogue at 357 and another for an overdraft at 483. Both registered in October 2021. Both satisfied. I have had no credit issues since then. 

I have an income of £75k, my husband is £63k. We have £150k deposit. Looking to borrow 400k.

ive had an successful DIP come through from Nationwide. Thought a high street lender was out of the picture for me.

How reliable are the DIPs? Will I be okay? Presumably the defaults would have shown on the soft check? They didn’t ask me specifically about bad credit in the application. They asked about IVAs and repossessions and that’s all.

Thanks for listening x

Mark_d

I think you'd be ok.  These defaults were your only blemish and they were 3 years ago.  You and your husband are in a strong financial position and are putting down a deposit of more than 25%.  That would give a lender a lot of confidence.

ACG

Not completely. From memory I think they use one credit agency at DIP stage and another at full application. 
If one or both defaults are not showing on one of the credit reports, it might not have picked up on some of the adverse. 

It might be worth getting a copy of your equifax, experian and transunion credit reports (or take a look at check my file). 

Carcon84

It’s interesting you mention this as it says at the bottom of the DIP paperwork that it’s TransUnion and Equifax. 

But I do use check my file and the 2 defaults show with all 3 agencies 

ACG

It should be ok then.