Don't want to be 'Together' anymore!!

Kodagirl

December 2005, I took out a Northern Rock together mortgage, at the time, due to my lack of deposit after just going through a divorce, in total I borrowed just under £130k, amount in my sig, actual house price £112k.
Anyway, I've tried really hard, and managed to get out of negative equity, thanks to the market, to.
I know owe
£85,084 Mort
£10,647 unsecured loan
House is now worth about £135k.

About 6 months ago, I applied to Nationwide for a re-mortgage, no extra monies, just move over for a fixed rate deal.
I also have a M&S personal loan, currently owing,
£9,094,
I was declined, not on affordability, just declined, anyone could give me any pointers as to why? My experien report was good, now it's excellent, after they've changed their scoring, procedure, do I dare risk trying again?
I have no overdraft, no credit cards, never missed a payment on anything, ever, I felt gutted when I was declined, is it the unsecured element of my mortgage, !!!!!!ing me? As it shows so much personal borrowing with my M&S loan.
If anyone could me any idea as to why, I would be most thankful. 😊

ACG

Your credit score is worthless, lenders score you using their own system not a credit agencies.

You should ask Nationwide why they declined you. You should really try to understand why you were declined before you apply elsewhere.

The amount of unsecured debt could be an issue but you should speak to nationwide first really.

Kodagirl

Thank you for your reply, I asked the mortgage advisor, and she said she didn't know why, just that my affordability was fine.��
Also, I did explain that with a remortgage, I would only have the M&S loan. ��

amnblog

You need a mortgage broker considering all your options, not a mortgage adviser from a single Lender.

Kodagirl

Point taken, were would you recommend I find a good one? ��

amnblog

Recommendation from friends or family is your best source.

Kodagirl

Ok, will ask about, thank you. ��

MortgageMamma

Just my two pennies worth, but if its not on affordability, and not on credit score then its one of the following

1. amount of unsecured lending - are you living on the edge of your finances?
2. are you in your overdraft a lot? particularly 3 months before applying
3. is your property type one that NW will lend on? do you have any commercial outlets on the same block or close by?
4. It could be that you are trying to move over from a NR together mortgage, the underwriter could be biased due to the fact you took out a 125% mortgage prior to the credit crunch.
5, it could also be your job?

Either way, don't take it personally, move on and find another lender - and speak to and experience broker

Kodagirl

Hi, Mortgagemamma!!!

Never had an overdraft.
Been in full time employment with the same company for 19 years.
No commercial premises nearby.
Affordability is fine, I take home about £2,200 a month, current mortgage is £640, loan £293, no other debts,
I think it's the unsecured part of the mortgage that's !!!!!!ing me up, aiming to pay my other loan of by the end if the year, hopefully that might help if I have no joy. ��

Thrugelmir

Kodagirl wrote: »

Affordability is fine, I take home about £2,200 a month, current mortgage is £640, loan £293, no other debts,

That's 42% of your income at current levels of interest rate. Affordability takes into account what if's. If mortgage rates were to increase a couple of %. Then life may become more difficult for you.

What was the M&S loan used for?

Kodagirl

For a car. I'm after another fixed rate, my NRAM one finished 5 years ago, ironic now, I earn more, owe less, and still computer said no, but obviously that's why the crash happened!! Lol