Nationwide online mortgage application

[Rebchappers]

Me and my partner have been together for nearly 6 years and he has recently started commenting on buying a house... great!!

 

However... i am struggling to pay off debts that he doesnt know about and have an awful credit history. I have 2 loans that i have never missed a payment on for the 3 years that i have had them, but also i have a couple of credit cards that have been passed to DCAs as i couldnt repay them.

 

My partner on the other hand has an excellent credit history! he is earning 30k and has no outstanding finance at all, always settled his credit in full and on time.

 

My question is, do you think we will be able to get a joint mortgage?? Given that i have a rubbish history (although i am slowly trying to repay it all)? And if so... who do you recommend i go to for a mortgage? We have a 20k deposit too, which his grandparents have given us, and we could afford the monthly repayments quit easily on a mortgage of up to £150k

 

Thanks

[Rebchappers]

Me and my partner have been together for nearly 6 years and he has recently started commenting on buying a house... great!!

 

However... i am struggling to pay off debts that he doesnt know about and have an awful credit history. I have 2 loans that i have never missed a payment on for the 3 years that i have had them, but also i have a couple of credit cards that have been passed to DCAs as i couldnt repay them.

 

My partner on the other hand has an excellent credit history! he is earning 30k and has no outstanding finance at all, always settled his credit in full and on time.

 

My question is, do you think we will be able to get a joint mortgage?? Given that i have a rubbish history (although i am slowly trying to repay it all)? And if so... who do you recommend i go to for a mortgage? We have a 20k deposit too, which his grandparents have given us, and we could afford the monthly repayments quit easily on a mortgage of up to £150k

 

Thanks

[bennyowen]

The mortgage industry is currently chaotic to say the least. However, some people are still getting mortgages. Circumstances differ and some people escape with high interest rates rather than outright refusal.

 

I will suggest you see a fee-free mortgage broker near your locality. Fee-free means that they provide free advice with no obligation to buy anything until you are completely satisfied with the product they are able to find for you. They are available on the web too.

 

Remember that your partner may become aware of your secret debts when you approach the bank or mortgage broker for a joint mortgage. You cannot hide your "rubbish history" from mortgage companies - you have to show your financial commitments in your mortgage application. The banks will also do a credit search of you and your partner's data for joint mortgage application.

 

Be very careful about keeping debt secret from your partner. If he knows about the debt, he may help you clear it. The bank's assessment for mortgage will take your existing debt commitment into consideration.

[vselym]

Reb

 

The loans wont be a problem, the credit cards with the dca's and the possible records at the cra's might.

 

I would obtain copies of your credit files with the main 3, Experian, Equifax and Call Credit, to ascertain what is recorded. Any default markers will more than likely cause a problem, and with the credit crunch seriously affecting the sub prime market you'd have to be wary of products offered, but at least if you'll know what problems you may face

 

In terms of who to approach, you should look for a whole of market broker with no up front fees. Your £20k deposit will help, but bear in mind there will be fees to pay, and you may be better to allow £15k as a deposit giving you an LTV of 90%, and £5k for surveys, conveyancing etc.

[MARTIN3030]

Yes agreed.

It may be a good idea to come clean to your OH about your financial past,to save the rows later if he finds out.If your CC debts are partialy construed with penalty charges then you should begin the claims process to have them refunded,given that the process remains unaffected by the test case.

You need to find out also if you and your partners credit files show association because if they do,then he will find out anyway.

[Rebchappers]

I have 3 accounts that i have defaulted on, and have beenpaying them back over the last couple of years.

 

In the next few months, i am hopefully in the position to repay the outstanding balances in full on these account, but my question is...

 

How quickly will they show as 'settled' on my record, and will my credit score improve immediately? If not, what legnth of time do i have to wait to see an improvement in my credit score? I know each lender is different, but just a rough answer would be great!

 

Thanks

[vselym]

Rebchappers

 

the defaults will more than likely remain for six years from the month you pay off the accounts, it does depend on the company involved.

 

i would doubt very much that your credit score would improve at all.

 

what are the accounts ? current account/credit card/loan ? are there any reclaimable charges ? are they with dca's ?

 

you may want to consider sar'ing the accounts and seeing whether they have followed the correct procedures in dealing with your defaults and trying to apply leverage to get the defaults removed as part of the settlements

[Rebchappers]

Anyone done this? we have got a DIP and have now made a full application, and have paid the arrangement fee and valuation fee... what happens next? Nationwide are doing our conveyancing for us.... any idea on the timescale?

 

Seeing as we applied online, is the rest of the process also online, or do we need to book an appointment to go into a branch?

 

What are your views on the Online application.. did it actually speed things up, or not?

[Rebchappers]

Anybody???

[slick132]

Hi RC,

 

What's a DIP ?

 

Re timescale, a call to NWide would probably get the info you seek.

[gemspan]

Think that means decision in principle!!!

 

Had to think about that one myself!!!

 

Gemspan

[slick132]

Thanks for clarifying.

 

I'm all for abbreviations but that one's a bit oscure TBH.

[Rebchappers]

Oops soory peeps!! Yes its a decision in principle

[Bookworm]

How long is a piece of string?

 

Is it 1st mortgage, remortgage? A remortgage will usually go that little bit faster.

 

I don't know that going in branch will help, tbh, as it's probably a centralised place that deals with your mortgage. Go back online and find the "contact us" page, I'm sure there'll be a number to call for the mortgage people. It is a bit naughty to keep you so uninformed though, and you should start pushing them along.