Next Steps After Mortgage Declined by Nationwide

April 19, 2021
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If you’ve been declined for a mortgage by Nationwide due to your credit history, we can help advise you on the next steps. Nationwide is one of the country’s largest building societies and mutual financial institutions run by its members.

The structure of the organisation means that they make very prudent financial decisions and are unlikely to take on high-risk debt. As such, they are more likely to decline mortgage applications where there are red flags present.

Their success shows that they must be doing something right, but this doesn’t stop it from being frustrating for unsuccessful applicants. If your mortgage application is declined by Nationwide, you should expect to wait three months before submitting another application. Any sooner and you can expect the same outcome.

Nationwide not only looks at the obvious credit history factors like your credit score and adverse payment history, including CCJs, missed payments and defaults. Nationwide dig a lot deeper than most and have additional lending criteria that you will need to meet.

Nationwide looks at your application as a whole to create a clearer picture of your finances. A good mark in your favour would be something like long work history or no missed debt payments. A bad mark in your favour could be something like your debt to income ratio. Even if you pay off your debts on time and never miss a payment, a large amount of debt will always be a negative mark for Nationwide.

If you are close to your credit limit on your credit card, this can be a negative. While your debt may be under control, this could present a problem for the Nationwide underwriters. Remember that none of these issues will hold you back from getting a mortgage. Sometimes it’s just a case of finding the right lender.

Before moving forward with your application, consider paying down some of your debts as much as possible. You should also explore the other lenders available to see if you could increase your chances of being accepted with another lender.

Nationwide is a very large and very popular choice for mortgages, so they can have their pick of low-risk applicants. If you have an adverse credit history, you may be better using a niche lender that does not run these types of credit checks or one that places less weight on the outcome of these checks. Get in touch with Niche Mortgage Info to find out how we can help with bad credit mortgages.

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Niche Mortgage Info is a guidance website and introducer and is not regulated by the FCA. All of the advisers we partner with work only for firms who are authorised and regulated by the FCA and specialise in a number of different fields. They will offer any advice specific to you and your needs. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice.

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