Mortgage Decline Appeal

molly14

Hiya, looking for a bit of advice. Myself my partner have recently sold our house and have seem another property we are interested in. We have combined earning of £80k a year and the only monthly outgoing is a loan I have at £265 a month. We went to Nationwide yesterday and had our mortgage application declined due to only having a 10% deposit (so 90% LTV).

Our advisor rang up and apparently we are a borderline case so can essentially "appeal" it by putting a case together, showing our bank statements, wage slips and savings accounts.

Has anyone else gone through this and had the application then approved or was it declined again? Or is it easier to apply elsewhere with a lender who is more comfortable with a 90% LTV mortgage.

Any advice gratefully received!

happybroker

it's definitely worth a try, I'm guessing you are an existing Nationwide customer.

Nationwide underwriters are on the whole quite good and still have a little discretion to exercise and seeing as they are currently offering up to 125% to existing customers I would hope you would get a positive response assuming your bank accounts are well conducted.

molly14

Thanks happybroker, we are existing Nationwide customers.

We have regularly overpaid our mortgage so the amount we have been paying is actually more than what our new mortgage would be.

I am just concerned that only having a 10% deposit is going to go against us.