Additional borrowing on NatWest mortgage

GSXRCarlos

Hi all,

Fixed period has ended and i'm looking at re-mortgaging and borrowing more.

Current Mortgage £120k, House Value over £165k, Income circa £30k
Looking to borrow extra £10k (natwest's minimum amount).

I'm being denied, even if you up my salary to a sily figure, or the house value to way over 200k it's still not letting the girl on the phone accept.

They seem to think it's something on my credit file. I've checked noddle (free), and i've signed up to equifax's free trial and had my ex girlfriend removed from my file.

Is there anything else i can do?

The irony is that the new proposed re-payments are exactly the same as i was paying last month on my fixed term - lol

kingstreet

So, this is a further advance and customer retention product from your existing lender, not a remortgage?

Have you actually looked at remortgage options? That is a whole new mortgage to repay your existing lender plus the extra money you want to borrow all at the same rate.

You will normally find a remortgage deal for the whole amount is cheaper than the retention product and higher rates for the further advance most lenders charge.

ACG

Why is it being declined?
You need to get to the bottom of that and then you can start to resolve it.

GSXRCarlos

ACG,

The girl on the phone doesn't know.

AS far as i'm aware, there should be no reason to be declined. Given that they increased my salary and the valuation, i'd have thought it would have allowed them to move forward, but it does not. all NatWest can suggest is it's something to do with my credit file (Experian 954/999; Equifax 474) ???

ACG

Have you looked through your report or just the score?
The score is worthless, you need to go through the report and look for any problems or mistakes.

Its obviously not affordability or LTV going off what you have said.

GSXRCarlos

kingstreet wrote: »

So, this is a further advance and customer retention product from your existing lender, not a remortgage?

Have you actually looked at remortgage options? That is a whole new mortgage to repay your existing lender plus the extra money you want to borrow all at the same rate.

You will normally find a remortgage deal for the whole amount is cheaper than the retention product and higher rates for the further advance most lenders charge.

Kingstreet, forgive my ignorance but I didn't know that's what they were called.

As far as i know they won't allow me to 're-mortgage' because i'm an existing customer?

GSXRCarlos

ACG wrote: »

Have you looked through your report or just the score?
The score is worthless, you need to go through the report and look for any problems or mistakes.

Its obviously not affordability or LTV going off what you have said.

Thanks ACG, i've looked through my equifax report (who NatWest say they use) and i've made changes to it - how long would you expect before the updates take effect? (the updates have already been made to the report that i can see)

Thanks again for your help

kingstreet

GSXRCarlos wrote: »

Kingstreet, forgive my ignorance but I didn't know that's what they were called.

As far as i know they won't allow me to 're-mortgage' because i'm an existing customer?

That's right. Calling it a remortgage means you may be looking at products which aren't available to you, only to new borrowers.

So what have NatWest offered you and how does it compare to actual remortgage options?

If NatWest don't want you and another lender does and is offering a better deal?

GSXRCarlos

Funny,

I've just tried to apply for a mortgage in principle, through NatWest's website based on the recently ended details and they still won't offer me the money???

GSXRCarlos

kingstreet wrote: »

That's right. Calling it a remortgage means you may be looking at products which aren't available to you, only to new borrowers.

So what have NatWest offered you and how does it compare to actual remortgage options?

If NatWest don't want you and another lender does and is offering a better deal?

kingstreet, i'l have to check later - i'm off out to a meeting now.

Thanks for taking the time to help though

Thrugelmir

What's the purpose of the money?

How much do you owe elsewhere on unsecured credit. Credit cards, personal loans, car finance etc.