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  • FIRST POST
    • BillyBoggins
    • By BillyBoggins 4th Dec 17, 7:36 PM
    • 5Posts
    • 0Thanks
    BillyBoggins
    Nationwide. Decline offer in principle
    • #1
    • 4th Dec 17, 7:36 PM
    Nationwide. Decline offer in principle 4th Dec 17 at 7:36 PM
    I'm an existing customer wanting to borrow more. Low loan to property value. Low other debts. Credit score ok. (Joint mortgage and other applicant the same) both employed.

    Our application has been declined at the decision in principle stage.

    I think due to me not putting an exact figure for credit card balance.

    Assuming this is why, can we resubmit?

    I don't want to resubmit and affect the credit record, anyone know if this is a soft search at dip stage? Ie proper search after dip?

    Thanks
Page 1
    • ACG
    • By ACG 4th Dec 17, 8:09 PM
    • 15,873 Posts
    • 8,129 Thanks
    ACG
    • #2
    • 4th Dec 17, 8:09 PM
    • #2
    • 4th Dec 17, 8:09 PM
    It wont be declined because of that I would not have thought. So long as it is within the right ball park that should be enough.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Theguywhovapes
    • By Theguywhovapes 4th Dec 17, 8:39 PM
    • 26 Posts
    • 14 Thanks
    Theguywhovapes
    • #3
    • 4th Dec 17, 8:39 PM
    • #3
    • 4th Dec 17, 8:39 PM
    Have you checked your credit report? That would be my first port of call.

    Inaccurate figures wouldn’t cause an instant decline.
    • BillyBoggins
    • By BillyBoggins 4th Dec 17, 10:51 PM
    • 5 Posts
    • 0 Thanks
    BillyBoggins
    • #4
    • 4th Dec 17, 10:51 PM
    • #4
    • 4th Dec 17, 10:51 PM
    I checked my credit report and it shows as fine.

    I've spoken to them and they couldn't say for sure why it's been declined but it appears it is the figures I've entered don't match the credit report.

    He emphasised the details must match what the credit report shows as a balance in the last 4 weeks, which my figure didn't, it was a best guess.

    I hadn't fully appreciated how accurate I needed to be.
    • BillyBoggins
    • By BillyBoggins 4th Dec 17, 11:43 PM
    • 5 Posts
    • 0 Thanks
    BillyBoggins
    • #5
    • 4th Dec 17, 11:43 PM
    • #5
    • 4th Dec 17, 11:43 PM
    Well I've just checked a different credit check and it's not as great.

    I checked experian and that was ok, 950 out of 999

    Just checked Noodle and that's not so great. 3 out of 5
    • BillyBoggins
    • By BillyBoggins 4th Dec 17, 11:53 PM
    • 5 Posts
    • 0 Thanks
    BillyBoggins
    • #6
    • 4th Dec 17, 11:53 PM
    • #6
    • 4th Dec 17, 11:53 PM
    And also checked Equifax. That shows as excellant. So 2 are really good and one is average.

    Now very confused!!
    • Edi81
    • By Edi81 5th Dec 17, 7:01 AM
    • 325 Posts
    • 200 Thanks
    Edi81
    • #7
    • 5th Dec 17, 7:01 AM
    • #7
    • 5th Dec 17, 7:01 AM
    Ignore the made up scores.
    What do the 3 credit files say. Any missing or late payments any errors?
    • Mortgage_Adviser
    • By Mortgage_Adviser 5th Dec 17, 8:46 AM
    • 45 Posts
    • 22 Thanks
    Mortgage_Adviser
    • #8
    • 5th Dec 17, 8:46 AM
    • #8
    • 5th Dec 17, 8:46 AM
    I'm an existing customer wanting to borrow more. Low loan to property value. Low other debts. Credit score ok. (Joint mortgage and other applicant the same) both employed.
    Originally posted by BillyBoggins
    Thats all good, but what is your income? And how much do you need to borrow including the existing mortgage?
    • tlc678910
    • By tlc678910 5th Dec 17, 8:50 AM
    • 490 Posts
    • 876 Thanks
    tlc678910
    • #9
    • 5th Dec 17, 8:50 AM
    • #9
    • 5th Dec 17, 8:50 AM
    Hi OP, it can also depend what you have said you want the money for. Sometimes you can't borrow for certain reasons like to put money into another property or consolidate debt.
    Tlc
    • MABLE
    • By MABLE 5th Dec 17, 8:57 AM
    • 3,344 Posts
    • 1,773 Thanks
    MABLE
    I checked my credit report and it shows as fine.

    I've spoken to them and they couldn't say for sure why it's been declined but it appears it is the figures I've entered don't match the credit report.

    He emphasised the details must match what the credit report shows as a balance in the last 4 weeks, which my figure didn't, it was a best guess.

    I hadn't fully appreciated how accurate I needed to be.
    Originally posted by BillyBoggins
    I remember quite a few years ago when we went through an advisor and he did our mortgage through NW. He went to great lengths to say it is important the figures on the application are the same as on the credit report or it will be rejected.
    • marliepanda
    • By marliepanda 5th Dec 17, 9:44 AM
    • 4,855 Posts
    • 9,782 Thanks
    marliepanda
    I remember quite a few years ago when we went through an advisor and he did our mortgage through NW. He went to great lengths to say it is important the figures on the application are the same as on the credit report or it will be rejected.
    Originally posted by MABLE
    The balance on my credit report isnt anything like my actual balance, its always a good couple of months behind. I had no issues with that at mortgage application stage, never mind remortgaging.
    Survey Earnings 2017 - £163
    • Theguywhovapes
    • By Theguywhovapes 5th Dec 17, 11:52 AM
    • 26 Posts
    • 14 Thanks
    Theguywhovapes
    If it’s not your credit report that’s the issue, to me that would leave affordability?

    Did they say what it was failing on? Credit or affordability?
    • Neutrinno
    • By Neutrinno 5th Dec 17, 2:28 PM
    • 151 Posts
    • 69 Thanks
    Neutrinno
    Ignore the credit scores from the credit reference agencies, the important information is the accounts history; whether any judgements, missed or late payments. Have you come across anything like this?

    As others have said I'd be surprised if it was declined based on credit commitments not being 100% accurate.

    Have you tried their affordability calculator being going for the agreement in principle?
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • BillyBoggins
    • By BillyBoggins 7th Dec 17, 12:32 AM
    • 5 Posts
    • 0 Thanks
    BillyBoggins
    Firstly thank you so much for all your replys. I know I have been late paying a couple of times with a next and very account but always paid upon a reminder email. I have checked and none of the credit report show anything for any of those.

    Income wise 50k between us. 60k mortgage currently house value 245/250k.

    I think I omitted too much from my initial form.

    We're gonna make an appointment in branch to discuss it all and so at least I don't screw it up but mucking up inputting figures.

    Mortgage applications are so much more complicated these days. But all for the best so we don't get into too much trouble.

    I will update with a verdict!!
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