Mortgage application with Senior Underwriter?

shapecontractor

Simon_gloster wrote: »

Complaining is an utter waste of time just because you dont fit their current rules.

Thanks for your guidance Simon, very much appreciated, but Holly has it summed up. I have never complained about the decision. If its declined it's declined and I accept that. But surely as a current NW customer (and they are a good bank to us and we have no complaints), we feel we just require an answer for the decision. How will we ever move on/or obtain a mortgage from them in future if kept in the dark, particularly in the current climate. I'm a self employed tradesmen, bucking the current climate with a growing business. Using this forum I'm educating myself on how your business makes decisions based on input from intelligent individuals who deal with these problems on a daily basis. If ever you have a heating or electrical problem that makes your eyes glaze over....then drop me an email and I'll offer you the answer ;-)

holly_hobby

..

Now I know why you're bucking the trend, cost me a blo*dy fortune to get my CH fixed last yr .... :eek:

Continued good trading ... and its all crossed for your mge !

Don't forget the update ....

Holly

(sorry have gone a bit mad with the little faces today - ! )

shapecontractor

Well that's it......we're done for a while.....declined fully...slightly depressed at the moment but hey ho we'll bounce back. Finally spoke with underwriter today. Seems that the one loan I had i.e. the big one but low payment over a long period is seen worse as smaller amount loans with higher repayments over a shorter period.

Hard to know what to do next but these are the times we're in and at least we have decent paid jobs and a relatively worry free financial state.

Seems like the banks want any monies they've lent, back quickly? Are we in for another recession?

All we can do is pay off what we owe as best as possible and try again at a later date. It's a reality check.

However DIY SOS is on next followed by the Apprentice so it's not all doom & gloom :j. Thanks for some great advice along the way particularly Holly:A

holly_hobby

Oh I am so sorry .. I did think the 18 yr may be the pivotal issue .. but at least they told you, which is what we wanted - it means you now know what you need to work on.

Listen, an old saying I rely upon when things dont go to play is "it wasn't meant", and that there is something else along the road for you .... now I know that sounds like a load of old clap trap mumbo jumbo - but I really believe it, and more times then I can remember I've been proved right .. !!

So, you now know what you need to do, save in the penny jar and come and see us again !

Have a nice choccy biccy with your tea, while you watch a few walls get knocked down ..

Take care

H x

shapecontractor

You're right Holly, that's exactly my motto, if it was meant for us then we'd have got it....it wasn't.....however, if you ever need any advice on that CH system and you worry that you'll get ripped off... you drop me an email and I'll make sure you get some decent advice.

Jim

holly_hobby

Thanks Jim ....

H x

Gentoo365

Sorry to hear about the decline. It is good that they gave the reason, however it would have also been useful if they explained why.

I can only guess that any short term loan is less of an issue due to low rates and fixed rate stability, whilst lending that will be around for a while would affect 'shocked' affordability when on an SVR in the future when rates rise.

shapecontractor

Thanks Gentoo, I agree. I think after some thought....that as our place is SSTC, we'll realise £20k profit. So by making a payment of £10k I could reduce the loan by half. I'll then approach the lender to maybe see if they'll change it to a fixed rate with a smaller loan period, say 4-5 years which I can afford. Then try again in about 3 months for a mortgage as I'd still have the full deposit for a NewBuy. Only time will tell?