Natwest further borrowing frustration

deano3

Hi,

Application for further borrowing with Natwest which is approved by underwriters subject to valuation.

Down valuation (but that's another storey) so I'm referred back to my mortgage advisor at Natwest. I move onto a higher LTV product, the numbers stack up for affordability and I'm told it's just a formality until I get the offer.

I call today to chase up matters and I'm told application declined due to affordability, and it's likely to be due to some kind of Natwest daily interest rate which has changed and created a fail on a borderline case.

Does anyone have experience of this, I can't speak to mortgage advisor about it as she works part time and wont be back for a few days.

Is it likely to be just a case of increasing term or something to tip the Balance?

Manythanks

ACG

What LTV would you have been at and what are you at on the new product?

deano3

ACG wrote: »

What LTV would you have been at and what are you at on the new product?

From 85 to 90, but I don't think that's an issue with Natwest.

deano3

deano3 wrote: »

From 85 to 90, but I don't think that's an issue with Natwest.

Infact it was Natwest which suggested it.

ACG

Fill this in based on the original LTV and the new LTV - https://rbsintermediaries.hdddirectsolutions.co.uk/Natwest

deano3

ACG wrote: »

Fill this in based on the original LTV and the new LTV - https://rbsintermediaries.hdddirectsolutions.co.uk/Natwest

Thanks, ACG I see your point, it drops when you increase the ltv band to 90.

What I don't understand is that it passed on the Natwest advisors system at 90, or at least I was told that so why should it then decline.

Have you ever heard of a decline due to a increase in some kind of interest rate change, I can't pretend I know anything about that.

ACG

They stress test the mortgage and at the higher LTVs it does get tighter.
Easier said than done but try not to worry as im sure with some flexibility your end it can be worked through. Extending the term can help affordability - you can aways make overpayments or reduce the loan amount so it comes out at 89.9% are 2 examples.

deano3

ACG wrote: »

They stress test the mortgage and at the higher LTVs it does get tighter.
Easier said than done but try not to worry as im sure with some flexibility your end it can be worked through. Extending the term can help affordability - you can aways make overpayments or reduce the loan amount so it comes out at 89.9% are 2 examples.

That's a great help, thankyou