My husband and I have a save to buy account and have saved up our 5% deposit so went to the bank on Saturday to get our DIP for 95% LTV but its been referred to the underwriters to make a decision.
A bit about us....
Joint income £65k a year
Debts £150 a month (interest free sofa and small loan)
Nothing negative on credit report
The reason we have been told it was referred was due to the amount and frequency of credit checks we have had.
I have one check from feb as was looking to re-finance a loan but in the end my parents gave me the money to pay my existing loan off so I didn't take out finance.
We had 4 checks last year which were for credit cards of which we took two out, reason was to pay balances of our wedding, used credit cards to protect ourselves in making payments then paid off amounts in full every month and closed these accounts in dec, so it's not like we have loads of credit. There are also lots of checks that are for things like car insurance etc but I read that they can't see these.
We have never been overdrawn in our joint account with nationwide and have been saving £2-£2.5k every month in our save to buy to get our 5% deposit.
I was wondering whether we are now likely to get a decline with Nationwide on this basis. They said on affordability we could borrow £309k but we only want £237,500 max so well within affordability.
I have read underwriting for 95% is strict but this seems very strict
A bit about us....
Joint income £65k a year
Debts £150 a month (interest free sofa and small loan)
Nothing negative on credit report
The reason we have been told it was referred was due to the amount and frequency of credit checks we have had.
I have one check from feb as was looking to re-finance a loan but in the end my parents gave me the money to pay my existing loan off so I didn't take out finance.
We had 4 checks last year which were for credit cards of which we took two out, reason was to pay balances of our wedding, used credit cards to protect ourselves in making payments then paid off amounts in full every month and closed these accounts in dec, so it's not like we have loads of credit. There are also lots of checks that are for things like car insurance etc but I read that they can't see these.
We have never been overdrawn in our joint account with nationwide and have been saving £2-£2.5k every month in our save to buy to get our 5% deposit.
I was wondering whether we are now likely to get a decline with Nationwide on this basis. They said on affordability we could borrow £309k but we only want £237,500 max so well within affordability.
I have read underwriting for 95% is strict but this seems very strict