Mortgage declined by natwest

mertek

We had an application in place 2 weeks ago, everything seemed as though it would be fine. Our applicaton went through and was accepted very quickly. All our documents were checked. A valuation date was given. My husband is self employed and has a restaurant. Due to the virus it has been forced to close. Today we found out that out mortgage has been declined but was given no explanation. Is it possible that they have declined due to the unfortunate situation we are living at the moment? Has anyone else been declined recently without any reasoning? 

FtbDreaming

I guess with his occupation they already know he wont be trading now or possibly for several months and when he does reopen its going to take time for the economy to pick back up and come back in. So yes it could be a possibility that they've declined on that basis. 

Firsttimebuyer_25

It stands a good chance! That’s a huge change of circumstances. So sorry for you. 

mertek

I guess theres nothing we can do, no point in trying elsewhere really is there now? Considering that things may not pick up for a while it’s best we wait although I really did want that house, Wrong timing thanks for the replies

Socajam

mertek said:

We had an application in place 2 weeks ago, everything seemed as though it would be fine. Our applicaton went through and was accepted very quickly. All our documents were checked. A valuation date was given. My husband is self employed and has a restaurant. Due to the virus it has been forced to close. Today we found out that out mortgage has been declined but was given no explanation. Is it possible that they have declined due to the unfortunate situation we are living at the moment? Has anyone else been declined recently without any reasoning? 

This is going to be the new normal.
Banks are trying to protect themselves because we are in the unknown - meaning that we have no idea how long this virus will last, what is going to happen post corona virus etc.
Financially, life is going to change for all of us and I don't think it's going to be good.

Thrugelmir

If the restaurant has closed. What's your alternative income source?  

mertek

Socajam said:

mertek said:

We had an application in place 2 weeks ago, everything seemed as though it would be fine. Our applicaton went through and was accepted very quickly. All our documents were checked. A valuation date was given. My husband is self employed and has a restaurant. Due to the virus it has been forced to close. Today we found out that out mortgage has been declined but was given no explanation. Is it possible that they have declined due to the unfortunate situation we are living at the moment? Has anyone else been declined recently without any reasoning? 

This is going to be the new normal.
Banks are trying to protect themselves because we are in the unknown - meaning that we have no idea how long this virus will last, what is going to happen post corona virus etc.
Financially, life is going to change for all of us and I don't think it's going to be good.

Yes unfortunately no one knows for sure what the future will bring. Our lives two weeks ago are alot different from todays. It’s all changing too quickly, I just hope all will be back to some sort of normality soon 🙏🏼 And once it does eventually we will try again, maybe ı should look at the positive side that maybe house prices will fall by then. But then will there be much available on the market? Who knows we all have to wait and see, main thing is to stay safe and healthy for now

[Deleted User]

A similar thing happened to me in 2008.  I had started looking at properties, found one I really liked, I had a mortgage broker and just as I was about to buy...boom...the financial crash rolled in and lenders started pulling their products.  I was gutted at the time but roll on 2009 and I managed to buy my first home for a lot less than I'd have paid 12-18 months sooner.

mertek

Lover_of_Lycra said:

A similar thing happened to me in 2008.  I had started looking at properties, found one I really liked, I had a mortgage broker and just as I was about to buy...boom...the financial crash rolled in and lenders started pulling their products.  I was gutted at the time but roll on 2009 and I managed to buy my first home for a lot less than I'd have paid 12-18 months sooner.

That gives me a some! hope thank you very much for sharing 

mertek

Thrugelmir said:

If the restaurant has closed. What's your alternative income source?  

I’m able to work from home, but he will be recieving some help from the government soon, small business grants will be available in April. Until this all blows over he is out of work. But he is considering to reopen using an uber delivery service, if further lockdown rules don’t stop him. 

Considering that valuations and exchanges aren’t taking place i would have hoped, by the time they are, that we would have got back on our feet and been able to carry on as normal and pay our mortgage. I’m sure in the beginning of this all, we all didn’t realise how much this would affect us and everyone else. I’m thinking they could have put our application on hold but obviously we must be too high risk