First time buyer, 90% LTV 2yr fixed with Natwest - likely to be rejected?

Simon_gloster

Bumping.....what on earth is that?

Basically as has been said, if it transpires you had a mad moment with money and you have to prove yourself then you shouldn have spent bad. Going over your overdraft is not good.

A lender will vie this as if you will never have available funds to pay them every month as per your legal contracy with them, irrespective of the time.

Maybe you should have offered later in the year. As its a scot purchase you dont have the flexibilty to pull out as buying on england.

As I used to underwrite, I would always request provable and tangiable reasons why someone went over their limit. If it wasnt plausible and provable I would decline on the spot due to poor handling of finances. Harsh o know, but I kept my job and the compliance police agreed with me.

vaselinequeen

Thanks Simon. Bumping means to bump up the list of topics.

In reference to backing out; only at the qualified acceptance stage, if I back out at this stage I'll need to pay solicitor's fees certainly but nothing has been signed either side, and nowhere near missives.

The reason it went into overdraft at all, much less unauthorised, was that I pay off my credit card in full each month and my December bill was larger than normal. All my other bank statements show that I haven't used my overdraft before, which I can send to prove.

Thanks for the reply, harsh but true.

vaselinequeen

oops sorry ignore the part about nothing being signed - realise this is different in Scotland than in England. I haven't instructed my solicitor since receiving the qualified acceptance on Friday.

Simon_gloster

As I said earlier in the thread queeny, you SHOULD be ok, but have a plan b just in case it does go boobs up.

vaselinequeen

Cheers Simon - have heard Leeds B.S. only ask for ONE bank statement...?! Anyone know if this is the case?

I will certainly keep you posted - lots of great threads on here but hardly anyone reports back!

Simon_gloster

I awaif the day you get an offer with baited breath. Cross whatever you can cross.

Just to reassure you, you have an aip an it ha gond thru subject to A, B and C. As alon as the o/d I the most baddest thing on file Natwest 'generally' honour the aip.

vaselinequeen

Everything is crossed, uncomfortably so. It absolutely is; steady income, job, address history, voter's roll, good credit history (pay in full by direct debit), all bills/rent paid on time, no dependents, no loans, no missed/late/defaulted payments, plus they offered to lend me about 30k more than I need so hoping anything they do deduct from using the overdraft still sits me comfortably in their affordability range. One last thing Simon; does it help to include a letter acknowledging and explaining the reason for dipping into the o/d?

Simon_gloster

Probably not, only upon request but I dont tonk you'll neex that.

Based on the list provided you have ticked loads of right boxes. If it's offered an you complete, you know in the future when your due to finance you wont do this again. Lol. Learning curve, thats all it is.

You will be fine, do let me know though.

vaselinequeen

Hi all!

For those of you that are still interested...my mortgage was approved by Natwest!!

Only issue is that they cannot accept the home report that the seller provided as the surveyor isn't on their panel of acceptable surveyors, so at worst will need to pay £200 for a valuation with Natwest - though they think I should get the seller to pay for a valuation as it is their responsibility? Anyway, not a big deal, and I'm so happy!!

Thanks to everyone for all of their help.

toddler9

Hey great news VaselineQueen! Congrats- that must be a great feeling

We have applied for the same mortgage which is currently with the underwriters and feeling a bit nervous as my other half went 2p over his o/d limit in Jan-stupid i know! Well you have given us hope

All the best in the new house :beer: