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    Advice Needed - Nationwide Mortgage Declined - Any Hope in Appealing?
    • #1
    • 17th Sep 10, 3:51 PM
    Advice Needed - Nationwide Mortgage Declined - Any Hope in Appealing? 17th Sep 10 at 3:51 PM

    My OH and I applied for a mortgage with Nationwide. We originally had 15% deposit and were requiring 145k. My OH already owns a house, is self employed and earning around on average 40k a year net with perfect credit. I earn 26k, am a first time buyer and, unfortunately have one 5 1/2 year old default from an old mobile phone (I was young and foolish!).

    We have gone through a mortgage broker who declared the default to Nationwide and said keep your fingers crossed. Obviously weren't crossed tightly enough as it came back declined - reason being high risk.

    This was 2 weeks ago. I have since settled the balance of the default (351) and am awaiting my credit report to update. Our broker is sending my proof of payment along with a letter of explanation to Nationwide. We also now have 25% deposit. What do you think our chances of the appeal being successful are? The broker reckons it's good as our LTV is now 75% and although the default will still be showing on my report , as it's now satisfied and 6 months away from dropping off it may, just may be overlooked?

    Any advice would be great guys! Thanks in advance!
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