mortgage declined

mandapanda77

hi,
My husband has just been declined for a mortgage after the valuation stage and our adviser was 99% sure everything was ok, now this has been declined they have appealed and just wondered if any one can advise how long this takes and was this accepted after?
we are placing 15,000 deposit down and only borrowing 122,000 as we have help to buy also.
This is with Nationwide

ACG

Why was it declined? Ive never had an appeal overturned with Nationwide.
What has your broker said for time scales?

mandapanda77

hi

my credit rating is not good and they have linked my husband to me even though all our finances are separate and we have nothing joint only our council tax bill.

Thrugelmir

mandapanda77 wrote: »

they have linked my husband to me even though all our finances are separate and we have nothing joint only our council tax bill.

By virtue of being married then your finances are interlinked, if that's the internal policy of the lender. Lenders are aware of what people will do in attempt to do in order to obtain a mortgage. To think otherwise is naive.

mandapanda77

i understand this and no way been niaive as the mortgage broker had done a search on me and said that this should not be a issue and even when we got the mortgage in principle the bank knew my score.

kingstreet

we are placing 15,000 deposit down

In whose name is the deposit?

FWIW Nationwide doesn't like married applicants applying in one name where the other who will be living in the property has adverse. They like it even less if the partner is contributing to the deposit.

mandapanda77

all deposits are in my hubbys account we have nothing joint and they accepted us as a married couple when they did the mortgage in principle solely in my hubbys name

kingstreet

You're 100% sure the two of you have no financial associations?

No joint accounts or commitments of any kind and no joint searches which might have created an association?

Did you check all three versions of your credit file; Experian, Equifax and Call Credit?

DCFC79

mandapanda77 wrote: »

i understand this and no way been niaive as the mortgage broker had done a search on me and said that this should not be a issue and even when we got the mortgage in principle the bank knew my score.

Sorry for being picky but the bank or anyone else can not see your score, only you can see it, lenders see your history.

Did you not see Martin's show on ITV as he covered credit reports.

ceecee1

Is it a new build? I am guessing that it might be because of your mention of help to buy.
If it is and also a leasehold property it might be something to do with the ground rent. AFAIK Nationwide will not lend on properties where the ground rent is more than 1% of the purchase price of the property.
If the lease also has a clause in which it doubles every few years then the property is even less likely to be mortgable

mandapanda77

Defo no joint association as we only lived together since October when we got married and lived apart for the 1st 12 months before and all bills and tenancy in my name only c tax bill with both names on