turned down based on "affordability"

TheLifeIReallyWant

ViolaLass wrote: »

You may not be able to do anything about the interest rate (I can't advise there) but if the amount you can afford to overpay would cause you to be charged fees, save the extra in a savings account and put in on the mortgage at the end of the deal before the next deal starts. That at least gets the amount owed down.

Thanks! That's really helpful and I just didn't think of that! 1 month per two years on the SVR so I could overpay above the 10% max would work

TheLifeIReallyWant

I'm not sure why I'd be considered high risk. Surely not just because I'll be divorced

TheLifeIReallyWant

So I have spent a day googling brokers and had a brief chat with one....but he seemed a bit reluctant since NatWest had turned me down. On a more positive note I spoke to NatWest again - on advice of someone above - and they said someone else could review my file and I can speak with them tomorrow afternoon.... who knows what that means.

Regardless I've taken on some of the comments on this thread and figured if I have to I'll do it myself. It is going to take a bit of organisations and a little more will power than monthly payments would be, but I'm going to get myself mortgage free by latest 2025.

libf

Have you tried using lender's affordability calculators? (Better that a broker does it, but if you do it correctly then it should give you a good idea of lending potential.)

TheLifeIReallyWant

I tried using both NatWests affordability calculator and the one in this site. Both suggest I could borrow significantly more than I have.

Even taking into account the school fees I don't pay (but bank insist are my liability)

TheLifeIReallyWant

So unfortunately natwest called me yesterday to say they hadn't made a decision yet on the exception request and no follow up from them yet today.

I am hoping this is a good sign and it means they are actually considering my circumstances but I suspect it actually just means my application is stuck on a desk somewhere.