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

24

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Echo above, incredibly unlikely they will amend their decision..

    I assume that there is a reason why you are determined to stay with Natwest, tied into fixed deal etc.??
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • niners
    niners Posts: 19 Forumite
    yeah...£8k redemption fee, although the rate they offered us for the extra is quite good.

    do we just try with another lender now?

    (thank for all the help guys)
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    £8k seems high, sure you have double checked but does it reduce over time.

    With an £8k ERC, you may even find a secured loan is cheaper depending upon the amount borrowing etc.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • niners
    niners Posts: 19 Forumite
    thanks for the tip dave. i have checked and unfortunately it is a £8k ERC. we did discuss the option of a loan earlier today.

    still hoping the bank that are 'here to help' will actually listen to us and see sense.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    How long is left on the ERC?

    Might be worth looking at a second charge even though rates will be higher as you wouldn't need to pay 8k to come out of the mortgage.

    How much extra do you want to borrow?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    niners wrote: »
    we had our mortgage approved in principle but due to my other half going overdrawn once, yes once, they have declined our application now.

    Are you certain that this is the only issue?
  • niners
    niners Posts: 19 Forumite
    Thrugelmir wrote: »
    Are you certain that this is the only issue?

    this is the reason they have given us for declining the new mortgage.
  • niners
    niners Posts: 19 Forumite
    GMS wrote: »
    How long is left on the ERC?

    Might be worth looking at a second charge even though rates will be higher as you wouldn't need to pay 8k to come out of the mortgage.

    How much extra do you want to borrow?

    the erc is until july next year. we need to borrow an extra £50k
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    I have a case on appeal at the moment after a last minute withdrawal where one applicant of three went £200 over a zero limit, having had her overdraft annual review (£400) missed because she was on a holiday/didn't really need it and had £19K in another account in same bank.

    Its something that many lenders really don't like.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • niners
    niners Posts: 19 Forumite
    So there maybe a possibility to appeal then?
This discussion has been closed.
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