Mortgage refused by Nationwide

Ballymackeonan

It's possible that the mortgage can't be approved at branch level because of the 95% ltv - it would be quite normal then for it to go to head office for approval.

beecher

Lois_A wrote: »

Any thoughts on which bank would be best to try for a 95% ltv (I know these are virtually non-existent) or 90% ltv mortgage, should the applicaton be rejected at head office? Are we going to be blacklisted?

Just remember that any rates you do find elsewhere will be likely to be around 7% rather than the rates you've been looking at. So affordability may become an issue.

Is selling, renting and saving up a bigger deposit an option?

Squish_21

Im guessing its the LTV.

or are you borrowing more than 3 times your combined salaries?

Lois_A

Yes we would be borrowing more than 3 times our combined salaries.

Don't really want to rent as it will mean coming off 'the ladder' but may be forced to consider this as an option.

Squish_21

Mortgage companies are now really cracking down on mortgages over 3 times a salary. It said in the news that it may come in as law that they cant dish out more than 3 times.

Lois_A

We have just found out that our appeal for a 95% mortgage has been rejected, BUT they will offer us a 90%, which means all of the money from the sale would have to go into the deposit and we would have to raise all the extra ourselves for the legal fees.

So...at least it's not an out and out 'no' I suppose and the dream house is still within reach..
Thanks for all your advice everyone.:beer:

Conrad

Well done Lois, have a glass to celebrate!

Greystan

Sportbilly wrote: »

Just out of interest- any idea if there's an online link to examples of these factors?

I am in a similar predicament with Scottish Widows (60% accepted but 75% declined) and would appreciate this list of factors if they are available?