Nationwide Application - Failed affordability check

Wilma1980

My husband and I currenlty have a 71k mortgage with Nationwide, we recently applied to increase it to £171,500 as we are looking to move house.
We got a DIP and had our 3 hour meeting 2 weeks ago! In this meeting the mortgage consultant went through all of our options and advised that by increasing our monthly payments we could reduce the term from 25 to 23 years which we agreed.
Today my husband rang them to ask them about the surveyors (they hadn't rang the vendor to arrange the survey) and he told them what the surveyors had been instructed but also that we had failed the affordability check. We haven't been declined for the full mortgage though and they have asked our mortgage consultant to contacts us (but she is off ill today) to discuss our options.

Has anyone any experience of this, does this mean we will get declined?

We can easily pay the mortgage, all of our bills, shopping, socialising and have £500 leftover to put in savings every month, so we can afford it.

My husband thinks they will just say we have to increase the mortgage term which will lower our monthy payments but I am panicking.

thanks

Dave_Ham

Your Husband is probably right, although impossible to tell without seeing the detail.

These branches really are helping us brokers out, as things like this are stressful and lack accuracy, communication and experience are going to cost the highstreet soon.

I am confident you will be fine, probably just someone with a little knowledge giving half a story.

Good luck

amnblog

Perhaps you failed the affordability check because you tried to reduce the term to 23 years from 25!

Get them to tell you how far from meeting affordability you are and if a longer mortgage term will sort the problem.

No joy - then engage a mortgage broker.

Shame you can't bill them for your 3 hours.