Additional borrowing problem.

Mylo

I have a mortgage with RBS, approx £58000 owing on a property worth £120000. I phoned to ask for additonal borrowing, wanting £10000 for home improvements.

This application came back as declined despite me having a decent credit score and also being in full time employment, earning £36000 pa, with very little out-goings.

What would be my best course of action now, I was thinking of maybe going to another lender, thus changing my mortgage provider.

Any advice gladly appreciated.

Wh05apk

You need to find out more about why they have declined it, was it your credit/affordability/use of the additional funds? there is a whole number of reasons, it could be since you applied their policy has changed, and you would not now fit their current policy - term of mortgage takes you into retirement for example.

Mylo

Wh05apk wrote: »

You need to find out more about why they have declined it, was it your credit/affordability/use of the additional funds? there is a whole number of reasons, it could be since you applied their policy has changed, and you would not now fit their current policy - term of mortgage takes you into retirement for example.

How do I find this out, as the mortgage advisor told me it was declined, but couldn't give me any further information.

Mortgage would be payed off long before retirement age, credit score is excellent and affordability isn't a problem.

She did mention that she has forwarded my application to the underwriters to see if they can overturn the decline notice - will be interesting to see what they come back with.

Thanks for the reply.

Wh05apk

You need to speak to your advisor, they will know the reason, if she is appealing the decision, she must know why it was declined.