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Nationwide Porting Problems
Mummy81
Posts: 62 Forumite
Hi All
We are having some issues with the nationwide. I'll try to briefly explain. At the begining of the year we decided to downsize, I contacted the nationwide to see about porting our current mortgages (we have a further advance with them for a loft conversion) as they will both eventually be on the really cheap (at the moment) mortgage base rate (currently 2.5%), and we have exit fees on the F/A (appox £900).
I spoke to a very nice lady who went through it all with me and said that we were approved and to contact them once we'd sold. Fast forward to last weekend, I again contacted the nationwide, (as we've now sold), who explained that our previous agreement had expired and she would need to run the credit check again (no big suprise I already knew this). After hanging on the phone she comes back to say she needs to 'refer' the case and will be intouch, I obviously am a little anxious/confussed. I query why and she says not to worry our afford ability is fine, but its come back as a '2', one being the highest and it goes down to four, she goes on to say that obviously she can't say for definate but it should all be ok and that she'll ring me once my case has been reviewed. I wait and wait, call them on Wednesday, she advises no decision but she'll be in touch.
Well I'm sure you can all guess what happens next, we get a letter on plain white paper (we're no longer worthy of headed paper -hee hee) saying that our mortgage application has been declined after assesment of our application and our credit score.
Now just to let you all know, we need a LTV of approx 70% (previously 60% on current house) and we have really good credit scores never missed a payement etc, yes we have debts but these would all be cleared after the house sale. Our affordability is fine (most mortgage calculators say they'll lend us more than we want to borrow)
I'm just bemused!! and worried that we'll struggle to get a mortgage else where!!?? Would we be best approaching our current account provider or talking to a broker??
Please help?? and sorry for the long post!!
We are having some issues with the nationwide. I'll try to briefly explain. At the begining of the year we decided to downsize, I contacted the nationwide to see about porting our current mortgages (we have a further advance with them for a loft conversion) as they will both eventually be on the really cheap (at the moment) mortgage base rate (currently 2.5%), and we have exit fees on the F/A (appox £900).
I spoke to a very nice lady who went through it all with me and said that we were approved and to contact them once we'd sold. Fast forward to last weekend, I again contacted the nationwide, (as we've now sold), who explained that our previous agreement had expired and she would need to run the credit check again (no big suprise I already knew this). After hanging on the phone she comes back to say she needs to 'refer' the case and will be intouch, I obviously am a little anxious/confussed. I query why and she says not to worry our afford ability is fine, but its come back as a '2', one being the highest and it goes down to four, she goes on to say that obviously she can't say for definate but it should all be ok and that she'll ring me once my case has been reviewed. I wait and wait, call them on Wednesday, she advises no decision but she'll be in touch.
Well I'm sure you can all guess what happens next, we get a letter on plain white paper (we're no longer worthy of headed paper -hee hee) saying that our mortgage application has been declined after assesment of our application and our credit score.
Now just to let you all know, we need a LTV of approx 70% (previously 60% on current house) and we have really good credit scores never missed a payement etc, yes we have debts but these would all be cleared after the house sale. Our affordability is fine (most mortgage calculators say they'll lend us more than we want to borrow)
I'm just bemused!! and worried that we'll struggle to get a mortgage else where!!?? Would we be best approaching our current account provider or talking to a broker??
Please help?? and sorry for the long post!!
0
Comments
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How much debt do you owe besides the mortgage?0
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Roughly £12k (approx half is on rate for life cards) we always pay more than the min. payment and have been over paying the mortgage too when we can.0
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