Need some HELP......so worried

Losingthewill

Hello,

Totally new to the forums, be gentle please!!

I really need some advice about our current situation as we don't know where to turn to now.
We sold our house recently and have current mortgage with nationwide, up to date, no arrears.
Applied for mortgage, or a transfer of existing one to a new property last week. Application is in husbands name only as I have a poor credit history which I am working on at the moment - slow process but am addressing it. We have no joint financial commitments, eg bank accounts etc, all done separately. Always had mortgage in his name only since married.
LTV is just under 50%, application was for 170k, deposit is 130k approx. Hubby in full time employment on 55k, absolutely squeaky clean credit rating, has had current mortgage with NW for last 4 years.
State of play at present - NW referred to underwriters, no decision yet, NW mortgage advisor is not returning calls, cannot get any information at all, have supplied every bit of information required.

We just don't know what to do now, we have to be out of the house in 6 weeks, have seen a property we like but can't do anything.

I'm distraught that this may be my fault. I am trying to deal with the debts with OH support and making slow headway, the reasons behind it are complicated, I am ashamed of it but I'm not running from it.

Has anyone got any advice for this situation, is it likely that the application will be declined? I know that's like asking for the winning lottery numbers, but any thoughts or advice or similar experiences would help.
Thanks.

kidmugsy

Keep calm. A spot of British sang froid is the thing.

millysg1

sorry, but my post isnt goning ot answer your quesion. I feel i dont have enough experience to make a good enough judgement. What i do wonder though is if your debts are causing so much problems for you

"I'm distraught that this may be my fault. I am trying to deal with the debts with OH support and making slow headway, the reasons behind it are complicated, I am ashamed of it but I'm not running from it."

Then why did you not think about using some of your very large deposit to pay them/some of them off. Maybe it is a stupid question especially if they are all at 0% but that was what came to my mind as i read your post.

Good luck! I hope you hear good news from NW very soon.

Losingthewill

Milly - that is the intention when the sale goes through, use some of the proceeds to settle but until then I can't.
Obviously I am upset as I didn't think for one second this would happen, but maybe I'm being overly pessimistic. I don't know, but being referred was a shock. I hate the thought of OH being punished for my stupidity.

I hope we get good news from NW too!

Goldiegirl

When was it referred to the underwriters ? I don't know the NW's turnaround times, but they'd be unlikely to to give an answer in just a couple of hours.

They may have a 48 hour turaround time for referals

A mortgage is approved by underwriters, just because it's been refered to them it doesn't mean there is anything wrong with it, it might simply mean it's been referred to them for approval.

They'll have a whole list of applications in their work queue, yours just needs to work its way to the top.

Cara79

Losingthewill wrote: »

Hello,

Totally new to the forums, be gentle please!!

I really need some advice about our current situation as we don't know where to turn to now.
We sold our house recently and have current mortgage with nationwide, up to date, no arrears.
Applied for mortgage, or a transfer of existing one to a new property last week. Application is in husbands name only as I have a poor credit history which I am working on at the moment - slow process but am addressing it. We have no joint financial commitments, eg bank accounts etc, all done separately. Always had mortgage in his name only since married.
LTV is just under 50%, application was for 170k, deposit is 130k approx. Hubby in full time employment on 55k, absolutely squeaky clean credit rating, has had current mortgage with NW for last 4 years.
State of play at present - NW referred to underwriters, no decision yet, NW mortgage advisor is not returning calls, cannot get any information at all, have supplied every bit of information required.

We just don't know what to do now, we have to be out of the house in 6 weeks, have seen a property we like but can't do anything.

I'm distraught that this may be my fault. I am trying to deal with the debts with OH support and making slow headway, the reasons behind it are complicated, I am ashamed of it but I'm not running from it.

Has anyone got any advice for this situation, is it likely that the application will be declined? I know that's like asking for the winning lottery numbers, but any thoughts or advice or similar experiences would help.
Thanks.

Hi,

I really wouldn't worry, you're not financially associated so there shouldn't be a problem.

You only applied for the mortgage with nationwide a week ago.

We have just sold our house to a ftb, squeaky clean credit history, deposit if 80k on a 170k house, no debts ever.

His application still took 6 weeks in total to get offered & there was no real reason, just backlog.

So if you are buying somewhere else and need to be out in 6 weeks I realistically don't think it'll happen. I was in a chain ~ ftb - us - vendor. And that still took about 2.5 months.

X

Cara79

Sorry and meant to say he applied & got offered from nationwide.

Cara79

Losingthewill wrote: »

We just don't know what to do now, we have to be out of the house in 6 weeks, have seen a property we like but can't do .

Sorry another question - why do u need to be out in 6 weeks?

If you've seen a property you like - have u had an offer accepted? Why can't you do anything?
X

Thrugelmir

Losingthewill wrote: »

We just don't know what to do now, we have to be out of the house in 6 weeks, have seen a property we like but can't do anything.

Be prepared to rent for a period of time.

Given its Xmas. Unlikely you'll now complete in time.

Losingthewill

Thank you Goldie and Cara,
To answer your points, it was referred last Friday, but getting mortgage advisor to respond is like trying to get blood out of a stone!
Yes, it does look increasingly like we will not be able to complete on a sale and purchase another property given the timescales, but also knew we may have to perhaps rent in the short term.
Goldie, it's reassuring that as there is no financial association, it may not be me that's affected the application, nevertheless, addressing the debts is uppermost!
Good news that you did it in that timescale, have you moved in yet?
Well, I can't keep getting worked up over it I guess, nothing I can do except play the waiting game. Just incredibly frustrating that not one of the phone calls has been returned, poor customer service isn't acceptable really.
If its a no, then just say so.......!
Thank you for the responses.
X

Buffett

Having had far too much experience of NatWest, I can gladly confirm that it is far more likely to be their internal incompetence and inefficiency that is causing the issue than anything else you might imagine!

Banks appear to be referring everything to underwriters these days - basically a get-out for them to say no even if all the numbers stack up.

My advice is that while NW screw around you should shop around. Perhaps use a mortgage broker to find you an alternative or two?