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Extra borrowing with a default
dinamit
Posts: 2 Newbie
Hi All
I have a mortgage with NatWest and now need to borrow more to extend the lease on the property. I underwent the initial affordability checker with them and passed, so they booked me for an appt with a mortgage advisor.
Unfortunately I have a default on a credit card which is exactly a year old. It occurred at a brief time of financial instability due to separation; the rest of the credit report is clean. The debt will be satisfied in two years as I’m making monthly repayments.
My questions are, should I even bother to proceed with the application?
Anyone had a similar situation?
How likely are NatWest too look favourably?
Would a notice of correction to explain the default be of any use?
And lastly, any creative ideas to borrow 25-30K if this doesn’t work out?
TIA!
I have a mortgage with NatWest and now need to borrow more to extend the lease on the property. I underwent the initial affordability checker with them and passed, so they booked me for an appt with a mortgage advisor.
Unfortunately I have a default on a credit card which is exactly a year old. It occurred at a brief time of financial instability due to separation; the rest of the credit report is clean. The debt will be satisfied in two years as I’m making monthly repayments.
My questions are, should I even bother to proceed with the application?
Anyone had a similar situation?
How likely are NatWest too look favourably?
Would a notice of correction to explain the default be of any use?
And lastly, any creative ideas to borrow 25-30K if this doesn’t work out?
TIA!
0
Comments
-
Find, and speak to, a broker.
I wouldn't go into a full application in your circumstances without speaking to a broker first.
A broker will know where to place you. There are plenty of free brokers, check Unbiased for a broker you're happy with.0
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