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Natwest further borrowing frustration

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

Comments

  • ACG
    ACG Posts: 24,683 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    What LTV would you have been at and what are you at on the new product?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • deano3
    deano3 Posts: 234 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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 Posts: 234 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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
    ACG Posts: 24,683 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Fill this in based on the original LTV and the new LTV - https://rbsintermediaries.hdddirectsolutions.co.uk/Natwest
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • deano3
    deano3 Posts: 234 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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
    ACG Posts: 24,683 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • deano3
    deano3 Posts: 234 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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
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