Rejected and confused......please help!

elaine2004emd

Hi.

I rang natwest to ask to borrow 5k off my mortgage and it was rejected......very frustrated and confused so any advice please would be most appreciated. I am a complete novice to most things financial!!

I am married and have 4 children. We all live in a house which has always been in my name only and the mortgage is in my name too.

I have a capital and interest repayment mortgage for 54k and the house has been recently valued at 385k.

My husband is the main bread winner (I look after our young children.) We have joint and sole accounts with natwest.

He has a property which he rents out purely in his name.

I've never had a loan or a credit card.

It was rejected due to my low income. (Even thought the initial mortgage was agreed 8 years ago whilst I was on the same income)! Boy, how things have changed!

Annoyingly, Natwest have said according to their system it comes up as I have 5 dependants.....my husband and our children. I explained that this was incorrect and that my husband does not depend on me etc but they said that's just the way that it looks on their system and they are unable to change that.

I explained that I have voluntarily (up until Christmas) been over-paying my mortgage each month by over a hundred pound and have never once defaulted so the few quid extra to cover the borrowing of 5k seems quite trivial.

After it was rejected, he asked if I wanted to be transferred to the credit card team as perhaps they could help me????????? Surely, if they aren't confident that I can pay back a few extra quid each month, they shouldn't be offering me a credit card?

I don't want to take out a loan or credit card and it isn't an option for my husband to be added to my mortgage at the moment.

I am having a face to face meeting with a Natwest mortgage adviser on Saturday. I thought there was no harm in meeting up and trying again. Also, I've been doing some sums and I can get by with just borrowing 2.5k if needs be. Although I don't think the lesser amount will help my case in any way. My husband is happy to ask as a guarantor.....is this possible??

Can anyone think of anything else I can do or say to help my case?

I'm so naive, I honestly thought with all the equity in the house, and having an excellent track record I thought they would bite my hand off!

Thanks (apologies for long post).

GMS

The lender will see income as paying the mortgage, not equity and with 4 children and a low income the figures will not stack up. The mortgage market has changed beyond recognition over the last few years.

What is the reason(s) your husband cannot go on to the mortgage?

elaine2004emd

Thanks for replying.

I looked into having his name put on my mortgage once and even though I can't remember the figures now it just didn't seem worth it financially.

Also, I wasn't sure of the tax involvement if he were to own 2 properties. He flips houses (the current one is being rented out but will hopefully sell soon) and he wishes to continue doing that. I thought the implications of putting him on my mortgage might jeopardise any future mortgage applications for him.