Nationwide Mortgage

[Trixlily]

I’m quite literally ready to loose the rag!

Wanting to avoiding moving from the area I currently live but desperate for a bigger house, a house came on the market near to where I live.

Put an offer on and went to see a mortgage advisor who applied through HSBC (after trying to talk us out of it) husband hasn’t a great credit score so we decided to go for a sole application in my name. 3 weeks later after a lot of messing about mortgage advisor comes back and says application is declined.

I decided to apply myself online with Nationwide. After numerous details and documents being sent through to them and many phone calls later I was told I’d have a decision by close of business Friday. Friday evening came and nothing. I called Friday to be told everything had passed and there would be no reason why the application wouldn’t be accepted but would have a definite answer by Monday. Called this morning to be told that whilst everything else had been accepted I received a standard decline on my credit score, which is relatively good! It’s now been passed over to the underwriters who will have a look to see if the can override the decision. I will receive more info by close of business Wednesday.

Problem is it’s a repossessed house we are trying to buy and the bank is going mad wanting more updates which I can not give them, also giving off about it all taking so long. They’ve now also recently put the house up for auction for the end of the month if we haven’t already progressed the sale process.

Anyone any advice with Nationwide and any help as to what I can do to speed the process up?

Many thanks

I don't think there is anything you can do to speed it up unfortunately.

We applied for a mortgage with nationwide earlier this year and gave up on them in the end because they were taking so long. I wish we hadn't bothered with them in the first place.

I hope you have a better experience and it all works out. I remember how stressful this stage is.

Hi @Trixlily
In my experience, a decline on credit score with Nationwide means it will remain a decline, the only way they will reconsider is if you have a banking relationship with them and there is mitigating circumstances.
Nationwide may have picked up a financial link between you and your husband which could be a reason for the decline - they aren't a very good lender in that scenario.

I would suggest getting a copy of your credit report and contacting a mortgage adviser as they should be able to get the right mortgage lender for you based on your credit report and preferences - it will more than likely speed the process up for you as well. Hope that helps

Who do you bank with?

The problem is that you now have two declined applications on your credit record. I think you need to talk to a specialist mortgage broker who can help you find a deal.

Thanks, like I said I’ve already spoke to a mortgage advisor and she really messed things up for us. Creating a longer process.

I bank with Halifax which to be honest is a no go as their mortgage rates are horrendous. (Already looked into them)

Since writing this post I’ve spoke to nationwide again and basically they have said that the LTV is too high, we where putting a 10% deposit down. The advisor told me that if it was increased to 15% there’s a good chance it would be accepted but that’s not guaranteed as it’s a different team that would deal with the change in LTV.

@trixlily the bigger deposit could help too.

Is there a local mortgage adviser that any of your friends or family would recommend? Unfortunately there is so much disparity between quality of mortgage advisers, but if you can find a good one they will definitely be able to put you on the right track and it should be quicker. Did the mortgage advisor give you a reason for the decline?