Declined Mortgage by Nationwide :-(

podwin

Hi,

We have been declined a mortgage by Nationwide and can't fathom why?

The really frustrating part is they won't say, all they say is "Adverse", and when pressed they say there may have been a default.

But there is no way to talk to someone to say "It is because a payment to ABC was missed by XYZ" etc.

It is our current Nationwide Mortgage of 109K that we have been paying fine for the last two years, and want to port it to a new property with a 100k deposit. They say check your credit report and we have, I have used Experian for years and they is nothing on that, all OK OK OK etc with a 996 rating (my Wife's is 915)

I have just tried Noodle, and there is nothing on that either.

So if they have a reason, why can't they say what it is??? This makes it very frustrating.

The financial advisor who has seen our Experian credit reports says he can't see anything wrong either, and asks me what could it be, but I don't know, which makes it very frustrating!

What is doubly frustrating is that it is our current mortgage! We don't want any further money or longer term, just what we have porting, so they can see we haven't missed a payment yet basically say we can't afford it? How on earth can they say that when history proves we can.

And what drives me mad is they won't give a reason why!!!!!!! ARGHH!!!

If it is declined, fair enough, but how on earth can I find out why the specific reason because we or the financial advisor cannot see the reason?

Really annoyed at Nationwide about this and have just moved 15k out of their accounts I have with them and closed them as well as my Credit Card and will be closing my current account because the way they are dealing with my queries on the phone is terrible. I feel like I am in Little Britain, "Computer Says No!"

Any ideas of?
1. How to find the problem?
2. Make a complaint (I was told I can't).

Thanks

Thrugelmir

A lender doesn't have to offer you a mortgage. As a business they can decide whether you meet their criteria or not. Try another lender.

NewGirl

I thought Martin was talking about this recently. That people with a mortgage shouldn't be disadvantaged due to the new, stricter rules, when porting their current mortgage.

I have no idea why you were declined, I know very little about mortgages (as you might be able to tell from my previous post!) but it sounds like they are applying this new criteria to get this 'affordability' thing.

If I remember correctly, a lot of people have been complaining to MSE about this issue (I could be wrong!)

Sorry, I've not been very helpful at all!

podwin

That's why I said "fair enough".

But we already have that mortgage with that provider so it seems strange.

Also, with it being a 5 year fixed, there is a 5K exit fee for the next 3 years, so idealy wanted to port what I had.

stressederic

I got declined by Nationwide. I appealed and they have accepted my appeal. The problem is my address, it shows up in many strange formats and wasn't bringing up my credit file properly. I had to take in my last 3 month payslips and I gave them a copy of my credit report as well and 2 weeks later all accepted. Good luck!

zarf2007

podwin wrote: »

Hi,

We have been declined a mortgage by Nationwide and can't fathom why?

The really frustrating part is they won't say, all they say is "Adverse", and when pressed they say there may have been a default.

But there is no way to talk to someone to say "It is because a payment to ABC was missed by XYZ" etc.

It is our current Nationwide Mortgage of 109K that we have been paying fine for the last two years, and want to port it to a new property with a 100k deposit. They say check your credit report and we have, I have used Experian for years and they is nothing on that, all OK OK OK etc with a 996 rating (my Wife's is 915)

I have just tried Noodle, and there is nothing on that either.

So if they have a reason, why can't they say what it is??? This makes it very frustrating.

The financial advisor who has seen our Experian credit reports says he can't see anything wrong either, and asks me what could it be, but I don't know, which makes it very frustrating!

What is doubly frustrating is that it is our current mortgage! We don't want any further money or longer term, just what we have porting, so they can see we haven't missed a payment yet basically say we can't afford it? How on earth can they say that when history proves we can.

And what drives me mad is they won't give a reason why!!!!!!! ARGHH!!!

If it is declined, fair enough, but how on earth can I find out why the specific reason because we or the financial advisor cannot see the reason?

Really annoyed at Nationwide about this and have just moved 15k out of their accounts I have with them and closed them as well as my Credit Card and will be closing my current account because the way they are dealing with my queries on the phone is terrible. I feel like I am in Little Britain, "Computer Says No!"

Any ideas of?
1. How to find the problem?
2. Make a complaint (I was told I can't).

Thanks

Did you also check your equifax report?