Nationwide Mortgage

hosted

Application rejected
Our previous mortgage was with nationwide and they opted for 
(a) Too much use of arranged overdraft
(b)  Covid payment holiday
Good luck to everyone else. 
Ours was 85% LTV.
No adverse credit on file.
Working day 36 I believe. 

haras_n0sirrah

@hosted there are other lenders. I have just got an approval with a different lender for someone on this thread who was rejected 2 days ago by nationwide. At 85% you have other options.

hburnett163

hosted said:

Application rejected
Our previous mortgage was with nationwide and they opted for 
(a) Too much use of arranged overdraft
(b)  Covid payment holiday
Good luck to everyone else. 
Ours was 85% LTV.
No adverse credit on file.
Working day 36 I believe. 

I think you can try many more lenders if it’s 85% LTV! Us 90%ers stuck with nationwide as our only option 

lookingtolearn

Hello

I’ve been a silent member up until this point and starting to panic! We have an application with Nationwide moving home. I’m the stronger of the two basic 38k partner is 31k plus bonus and overtime on top. 80% LTV. Partner has 10k debt paying off from equity, was in overdraft but not near max and took a mortgage holiday. I’ve no debt apart from student loan and great credit report, partners credit report is good. Are we likely to see a decline now? Went to underwriter on Monday past?

JMolly75

Also been watching in the background.  We will be on working day 51 tomorrow, always needing to check one last document which takes 2 weeks to do, we always go to the back of the queue, then they want something else. These people are playing with our lives with total disregard for our health and well being. This is the most stressful experience ever. Our mortgage adviser does what she can but her hands are tied.  We are borrowing 60% LTV, both working, no debt, no overdrafts, perfect credit scores and lots of patience 😉 

GN2020

hosted said:

Application rejected
Our previous mortgage was with nationwide and they opted for 
(a) Too much use of arranged overdraft
(b)  Covid payment holiday
Good luck to everyone else. 
Ours was 85% LTV.
No adverse credit on file.
Working day 36 I believe. 

What did they say about your overdraft if you don’t mind my asking? 

Did they say how much use is “too much”? Or give any indication? 

hosted

GN2020 said:

hosted said:

Application rejected
Our previous mortgage was with nationwide and they opted for 
(a) Too much use of arranged overdraft
(b)  Covid payment holiday
Good luck to everyone else. 
Ours was 85% LTV.
No adverse credit on file.
Working day 36 I believe. 

What did they say about your overdraft if you don’t mind my asking? 

Did they say how much use is “too much”? Or give any indication? 

I get paid weekly and over the 3 month period of bank statements drifted into a £1500.00 overdraft on 2 occasions by no more than £70.00. My wife has a £3000.00 overdraft. Drifted into same each month by no more than £100 but was always satisfied on payday when she got paid.

Our mortgage broker believes it was more to do with the payment holiday as our previous mortgage was already with nationwide and they therefore had full access to the account. This, despite government promises it would have no impact on future credit. 

With regards thier comments, It was a short paragraph which simply said we had a reliance on overdrafts. If we'd have know, we would have put less in our savings account as were determined to hit £1000.00 a month come hell or highwater as we have done whilst saving our deposit.

Hope this helps. 

GN2020

hosted said:

GN2020 said:

hosted said:

Application rejected
Our previous mortgage was with nationwide and they opted for 
(a) Too much use of arranged overdraft
(b)  Covid payment holiday
Good luck to everyone else. 
Ours was 85% LTV.
No adverse credit on file.
Working day 36 I believe. 

What did they say about your overdraft if you don’t mind my asking? 

Did they say how much use is “too much”? Or give any indication? 

I get paid weekly and over the 3 month period of bank statements drifted into a £1500.00 overdraft on 2 occasions by no more than £70.00. My wife has a £3000.00 overdraft. Drifted into same each month by no more than £100 but was always satisfied on payday when she got paid.

Our mortgage broker believes it was more to do with the payment holiday as our previous mortgage was already with nationwide. 

If they declined it based on that overdraft that would have been extremely harsh!

I’m genuinely gutted for you that they’ve declined it based on the payment holiday, is there no way you can appeal it given what the government promised? 

I’d have thought lenders would have been instructed not to decline solely based on that, but you’re right, it sounds like they’ve used the overdraft as an excuse. 

I do feel for you, it must be so frustrating! 

Tonyw193

36 working days later and we finally have an offer!! 

mh_ww

Tonyw193 said:

36 working days later and we finally have an offer!! 

Great news, one big step closer now!