FTB Mortgage woes

itchyfeet80 · 13 June 2017 at 9:10AM

Had an offer accepted on a house last week - got some solicitor quotes and already processed my DIP with Nationwide which was accepted (I was concerned because of a '4' marker on a closed card account, but this was over 3 years ago - clean since then). After doing lots of research online, I went into Nationwide branch to do the full application with an advisor. Long story short, she went through the details of the DIP, reprocessed it and all was fine (approved - as before). Then we had some discussions about length of fix, length of term, etc and I decided on a slightly shorter term which was much longer than the shortest length the system said I could borrow over. Advisor clicked to reprocess the DIP and it declined. This was an hour after the previous one was approved. The decline response was due to credit scoring - the advisor seems to think this is a technical fault because of the earlier approval, but I checked my credit report and there are 3 hard 'Application for Credit' searches on there - one from the day I did the DIP before putting in my offer and 2 from the day of being at the branch. The advisor was insistent that no further credit checks had been done and that they were in the same footprint. I can now see that the only thing that changed in the hour I was there is that 2 hard searches were done on my file in addition to the one already there - could this be the reason for decline? Anyone else have any experience of this? Interestingly (and maybe of use to someone) they only searched Callcredit.

I've been waiting a week for them to tell me what the problem is and am now at the point of just going elsewhere because I don't want to delay this process any further. Should I just lodge this as a complaint with Nationwide and apply elsewhere/get to a broker instead?

Any opinions would be gratefully received!

SuboJvR · 13 June 2017 at 9:16AM

Give them time to sort it.

If those hard searches have all mounted up and affected things then a new provider will only want to do another credit check and add to the problem. Give Nationwide a chance first.

itchyfeet80 · 13 June 2017 at 10:50AM

Thanks, I'm holding fire at the moment but considering other lenders seeing as the hard searches are limited to Callcredit.

Anyone else encountered anything like this with Nationwide? Any brokers who've had a technical issue with the DIP that resulted in a decline?

smem18 · 13 June 2017 at 11:19AM

Yes hold fire and wait for Nationwide to sort it and tell you what the issue is. If you go to another lender they will do yet more credit checks.

ACG · 13 June 2017 at 11:45AM

Nationwide do not only search Call credit as far as I am aware.

If it has been a week ten I would be looking at alternatives as your vendors and their agents are going to be on your case soon enough.

mouthscradle · 13 June 2017 at 12:43PM

Have you been chasing them up to get it sorted? When did you last speak to them about it? I'd be getting impatient if I were you, might be worth phoning and asking to speak to a supervisor and say the vendor is pressing you for progress. Might not help but it can't really hurt.

itchyfeet80 · 13 June 2017 at 3:55PM

I was also surprised by the Callcredit only search but it did flash up online that it had checked Callcredit each time it was 'reprocessed' and my other reports have no record of a search.

I've been chasing it up, just spoke to them today and it's now being referred to an underwriter as the tech team don't know what to do with it other than to suggest starting from scratch which obviously I have refused due to them already doing 3 searches already. Apparently this has baffled everybody as a decision has never changed from Accept to Decline within the space of an hour with no changed info! Like I said the only thing that could've changed was the recent searches but they're adamant this can't be the reason for the decline.

Guess I just have to wait and see - very frustrating that no one has ever encountered this as I'm now at Nationwide's mercy!

mouthscradle · 13 June 2017 at 4:13PM

Well it sounds like there might be some progress now then at least. Hopefully once an actual human assesses it, all will be well. Did they say when you could expect to hear from them?

aneary · 13 June 2017 at 4:24PM

Can't Nationwide contact the Credit agencies and remove the search as an error.

I've previously had a company listing two searches I only agreed to one, I raised a dispute and it was removed once the company confirmed that only one should have been carried out. In this case you shouldn't have to raise the dispute Nationwide should be able to just contact the credit agencies. Or have things changed?

itchyfeet80 · 13 June 2017 at 7:51PM

mouthscradle wrote: »

Well it sounds like there might be some progress now then at least. Hopefully once an actual human assesses it, all will be well. Did they say when you could expect to hear from them?

Yes I've been told I'll know on Thursday which is when I have another appointment booked with the advisor. At least I will know either way. At that point the advisor is also going to escalate the number of credit searches problem so I think it's still the case that searches can be removed if the lender requests it.

itchyfeet80 · 14 June 2017 at 10:58AM

Just checked my online tracker for the application and it's now showing as Subjective Accept. I don't know the reasons why it was declined, but I guess I may find out tomorrow at my appointment. Hopefully it won't cause problems at full application, but at least it's moving now. Now onto the complaining about credit searches! Thanks for everyone's advice.

FTB Mortgage woes

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