Nationwide. Decline offer in principle

BillyBoggins

I'm an existing customer wanting to borrow more. Low loan to property value. Low other debts. Credit score ok. (Joint mortgage and other applicant the same) both employed.

Our application has been declined at the decision in principle stage.

I think due to me not putting an exact figure for credit card balance.

Assuming this is why, can we resubmit?

I don't want to resubmit and affect the credit record, anyone know if this is a soft search at dip stage? Ie proper search after dip?

Thanks

ACG

It wont be declined because of that I would not have thought. So long as it is within the right ball park that should be enough.

Theguywhovapes

Have you checked your credit report? That would be my first port of call.

Inaccurate figures wouldn’t cause an instant decline.

BillyBoggins

I checked my credit report and it shows as fine.

I've spoken to them and they couldn't say for sure why it's been declined but it appears it is the figures I've entered don't match the credit report.

He emphasised the details must match what the credit report shows as a balance in the last 4 weeks, which my figure didn't, it was a best guess.

I hadn't fully appreciated how accurate I needed to be.

BillyBoggins

Well I've just checked a different credit check and it's not as great.

I checked experian and that was ok, 950 out of 999

Just checked Noodle and that's not so great. 3 out of 5

BillyBoggins

And also checked Equifax. That shows as excellant. So 2 are really good and one is average.

Now very confused!!

Edi81

Ignore the made up scores.
What do the 3 credit files say. Any missing or late payments any errors?

Mortgage_Adviser

BillyBoggins wrote: »

I'm an existing customer wanting to borrow more. Low loan to property value. Low other debts. Credit score ok. (Joint mortgage and other applicant the same) both employed.

Thats all good, but what is your income? And how much do you need to borrow including the existing mortgage?

tlc678910

Hi OP, it can also depend what you have said you want the money for. Sometimes you can't borrow for certain reasons like to put money into another property or consolidate debt.
Tlc

MABLE

BillyBoggins wrote: »

I checked my credit report and it shows as fine.

I've spoken to them and they couldn't say for sure why it's been declined but it appears it is the figures I've entered don't match the credit report.

He emphasised the details must match what the credit report shows as a balance in the last 4 weeks, which my figure didn't, it was a best guess.

I hadn't fully appreciated how accurate I needed to be.

I remember quite a few years ago when we went through an advisor and he did our mortgage through NW. He went to great lengths to say it is important the figures on the application are the same as on the credit report or it will be rejected.

marliepanda

MABLE wrote: »

I remember quite a few years ago when we went through an advisor and he did our mortgage through NW. He went to great lengths to say it is important the figures on the application are the same as on the credit report or it will be rejected.

The balance on my credit report isnt anything like my actual balance, its always a good couple of months behind. I had no issues with that at mortgage application stage, never mind remortgaging.