Natwest Additional Borrowing

andy28jenks

Hello everyone,
We have a 132000 mortgage on a 170k valued house with natwest and are applying for 10k additional borrowing in order to clear 2 credit cards which we have hanging over us (totaling 10k approx.). We have an offer in principle agreed as will only increase the mortgage monthly payment by 50 pound but effectively save us 400 pound of monthly. As I say we have an agreement in principle which includes a credit check as both me and wife are in the good category. Our income has also increased considerably since we started the mortgage a year ago but we are simply struggling to rid ourselves of the cards. I have sent off our bank statements and payslips but am panicking that for some reason this potentially life changing application (positive!) will be declined. Am I right to be Worried? We both have quite large overdrafts (2k and 1k on our accounts) which we hope to reduce quickly with the surplus money we save. We always make sure our direct debits etc. Are paid and whilst we have perhaps had the odd unauthorised overdraft charge in the past they have been few and far between.
What are people's thoughts?

andy28jenks

I should add that I have regular small deposits to online betting sites....£5 deposits maybe 20 times over the course of a month. I'm really worried these will cause a rejection

andy28jenks

And does the fact I already have a mortgage with natwest and are fully up to date with payments help as they are effectively only considering the additional 10k

Thrugelmir

Has the £13k of borrowing come about since you took this mortgage on?

Was the one of the mortgage offer conditions that you clear your credit card debt?

andy28jenks

The 13 k hasn't come about since the mortgage was taken out....may have increased slightly but most was there when taken out. I don't recall a condition to clear it however I have stated my intentions to clear the 10k credit cards with the additional borrowing and also have said I intend to use the savings to clear the overdrafts. I'm worried about the online gambling....often around £100-£120 per month and generally in regular £ 5 or £10 installments....with varying degrees of return!

andy28jenks

Been worrying about this all day but trying to think positive...if it doesn't happen Hey Ho...work at improving my situation, stop the betting, reduce the overdrafts if possible and try again after a few months. Have good income just a shame that historical debt isn't allowing us to utilise it as we would like