Further borrowing on new house refused - anyone successful at an appeal?

niners

Hello all,

we had our mortgage approved in principle but due to my other half going overdrawn once, yes once, they have declined our application now.

we are fuming and want to appeal the decision. has anyone been in the same boat? won an appeal? can we appeal?

thanks in advance for any help / tips.

Niners

Senior_Paper_Monitor

Most unlikely that any appeal will be successful - what is the LTV and who is the lender ?

niners

its with Natwest and the ltv is 80%.

we have had a mortgage with them for 7 years now. never missed a payment etc so thats why we are finding this decision very petty.

kingstreet

NatWest does not like poor account conduct and unauthorised borrowing. I presume when you say he was overdrawn, you mean without permission or an authorised overdraft?

niners

yes, just popped over the o/d once.

seems a very harsh if they refuse the new mortgage on these grounds. have tried speaking to the underwriters but have been flatly refused.

will this decline have an effect on any new mortgage applications with other banks?

i am still trying to see if we can appeal this.

ILW

Are you wishing to go over 80 LTV?

niners

no, the new loan will be 80% ltv

kingstreet

If he lives in an approved overdraft and exceeded it once, NatWest will not reconsider.

They have a minimum period of "stability" of about three months before they will look at the case again.

Only the search is visible to other lenders, not the decline.

niners

thanks for the info Kingstreet. there was a valid reason for going o/d but i presume they will not be interested in that?

kingstreet

Not normally, no.

niners

oh well, we can but try.