Nationwide remortgage decline

Tater

I am looking for a little advice as I think I may have made a big error. Sorry if it's a bit rambling, too much info is better than not enough I hope!

Our mortgage fix with Halifax is up at the end of November so I have been looking for a new fix and found one with Nationwide. I thought it a simple case so did an online application. We are not borrowing any extra and have nothing on our credit files (current mortgage and credit cards and that's about it) that should cause a problem.

I played about with Nationwide calculators and affordability and term all seemed fine so went ahead with the application. When it went to the credit check to do the initial DIP Nationwide did a hard check at this point and it came back declined with the reason being that there was undeclared credit on the credit check that I hadn't put on the application.

I was confused by this as I had declared everything. I went back through both of our credit reports with all the agencies and there is nothing on there.

I think this is where I went wrong and some one with more knowledge may be able to clarify with me. I have a 0% credit card that we have been stoozing house renovations on, and at the beginning of last week I paid off £2000ish off it so it went from just over £8000 to just under £6000. On the application I put the £6000ish figure as this is the what the credit card statement is showing me where as the credit agencies have it at over £8000. Could this be the reason for the decline? Should I have waited for my credit file to show the drop before applying or does it really not make that much difference?

If this could be the reason am I able to reapply? I obviously don't want multiple hard checks in a short time on my file. It said that with online applications they offer no advice but can I ring them and ask about it? How long should I wait before another application or should I just leave it?

Thanks so much for any advice

liviboy

When we recently completed our application with Nationwide, the form asked for the outstanding balance as of the last statement or last month (can’t quite remember the exact wording). It even said to ignore payments made since.

Later in the application you can tell it how much will be outstanding...

kingstreet

The credit system doesn't update in real-time, so the chances of a mortgage lender being able to see something from last week is unlikely.

We can go back in to a case and change balance/amount to be repaid.

TBH we would normally get an affordability fail for what you've described, not an undisclosed credit fail.

Nebulous2

I discussed credit card debt with a member of staff at Nationwide. He told me that unless the amount I declared matched what they had on record I'd be declined. He also said I could then appeal, but I'd need to produce evidence to do so.

I applied by phone - I wasn't eligible for an online application - and the question asked for each credit card was something like:- "What's the highest level it has been in the last 4 weeks?"

Tater

kingstreet wrote: »

The credit system doesn't update in real-time, so the chances of a mortgage lender being able to see something from last week is unlikely.

We can go back in to a case and change balance/amount to be repaid.

TBH we would normally get an affordability fail for what you've described, not an undisclosed credit fail.

Thanks - this is what surprised me, if had been an affordability fail then OK it's a numbers thing - but this wasn't apparently. Do you think if I call them they can amend the figures to a higher level and rerun it. Or would this then fail because I have already had a hard check? How long should you wait between failed applications?!

Nebulous2 wrote: »

I discussed credit card debt with a member of staff at Nationwide. He told me that unless the amount I declared matched what they had on record I'd be declined. He also said I could then appeal, but I'd need to produce evidence to do so.

I applied by phone - I wasn't eligible for an online application - and the question asked for each credit card was something like:- "What's the highest level it has been in the last 4 weeks?"

Thanks, I wasn't given any opportunity to appeal as I could supply paperwork to show the current balances. I think I may need to phone then.

Thanks for all the advice