Nationwide Mortgage

khtaylor

DC89216 said:

khtaylor said:

chz211 said:

Unfortunately had mine declined today after 28 working days (FTB, 83% LTV) due to being in overdraft during one of the bank statements I provided. Has anyone had any experience with appealing a decision? I could not really find anything about the process online.

I have had a pay rise since my application and I was in only in an arranged overdraft (interest free) to pay off final debt from a Masters I completed 2 years ago, so I am hoping they might re-consider on appeal. 

Hi  sorry to hear this.
Nationwide also declined our mortgage back in August after a 5 week wait. The reason was becsuse I used my overdraft during lockdown but it had been paid in full before we applied.
We were absolutely gutted and ended up having to withdraw from our purchase. 😭

Hi,
May I ask, was this a hefty amount? How long did you use it for? 
I only ask because I submitted my docs recently but in July I accidently slipped into my overdraft in one of my accounts I never use. (I have 99 percent of my money in TSB but 1 percent in Halifax) and for about a day I was overdraft until I realised and put cash in. Hoping this doesn't hurt us...

It was showing in the 1st months bank statement and not in the 2 months after. It was about £1000 arranged overdraft. 

khtaylor

My broker had said it wouldn't be a problem. Then when it was declined they would allow it to be appealled as a senior underwritter declined the case  

GN2020

khtaylor said:

My broker had said it wouldn't be a problem. Then when it was declined they would allow it to be appealled as a senior underwritter declined the case  

We’re in the same position, my partner was in his overdraft. Arranged limit of £1000, it’s all paid off and cancelled now. Our broker has said it won’t be a problem and now I’m really panicking! 

Wales2020

GN2020 said:

khtaylor said:

My broker had said it wouldn't be a problem. Then when it was declined they would allow it to be appealled as a senior underwritter declined the case  

We’re in the same position, my partner was in his overdraft. Arranged limit of £1000, it’s all paid off and cancelled now. Our broker has said it won’t be a problem and now I’m really panicking! 

I’ve always been told that arranged overdraft is fine... perhaps its because of the current situation and the extra precautions they are taking? Would be interesting to hear of any other applications on here have been approved with arranged overdraft usage? 

GN2020

Wales2020 said:

GN2020 said:

khtaylor said:

My broker had said it wouldn't be a problem. Then when it was declined they would allow it to be appealled as a senior underwritter declined the case  

We’re in the same position, my partner was in his overdraft. Arranged limit of £1000, it’s all paid off and cancelled now. Our broker has said it won’t be a problem and now I’m really panicking! 

I’ve always been told that arranged overdraft is fine... perhaps its because of the current situation and the extra precautions they are taking? Would be interesting to hear of any other applications on here have been approved with arranged overdraft usage? 

Yeah, it would give me some hope if I knew of other people who had been accepted under those circumstances. 

I’m hoping all our good points will go in our favour. We’re both employed in the public sector with, very thankfully, secure and stable jobs, no chance of redundancy etc and we’ve got really decent savings, my partner only has one loan and a car on finance, I’ve got no debts at all. 

I’m just hoping beyond all hope it’ll be ok! I could do with some good luck after the awful year I’ve had! 

tombolonova1

I was declined for overdraft usage just to give people a heads-up. Was totally unexpected as I was using the arranged overdraft (£500) when I got my first mortgage with them. They must be restricting the lending. Would advise to use a broker if anyone is in the same position, don't be too disheartened, there will still be lenders willing to lend!

GN2020

tombolonova1 said:

I was declined for overdraft usage just to give people a heads-up. Was totally unexpected as I was using the arranged overdraft (£500) when I got my first mortgage with them. They must be restricting the lending. Would advise to use a broker if anyone is in the same position, don't be too disheartened, there will still be lenders willing to lend!

Aw good god no! It seems like it’s happening to a lot of people now. 

When were you declined if you don’t mind my asking? Did you experience any other issues with them at all or was it solely based on the overdraft? 

Is it just me, or does it seem a bit silly if it’s all been paid off and cancelled? That proves it can’t happen again. I’ve told me other half in no uncertain terms never to get one again, lol! 

We’ve been using a broker and he said in his experience, it wouldn’t be a problem, but it clearly is for everyone else. 

It’s just the thought of this application taking ages, then getting declined (which will look god awful to other lenders) then having to go through this process all over again. 

I’m a bag of nerves as it is! 

Wales2020

GN2020 said:

tombolonova1 said:

I was declined for overdraft usage just to give people a heads-up. Was totally unexpected as I was using the arranged overdraft (£500) when I got my first mortgage with them. They must be restricting the lending. Would advise to use a broker if anyone is in the same position, don't be too disheartened, there will still be lenders willing to lend!

Aw good god no! It seems like it’s happening to a lot of people now. 

When were you declined if you don’t mind my asking? Did you experience any other issues with them at all or was it solely based on the overdraft? 

Is it just me, or does it seem a bit silly if it’s all been paid off and cancelled? That proves it can’t happen again. I’ve told me other half in no uncertain terms never to get one again, lol! 

We’ve been using a broker and he said in his experience, it wouldn’t be a problem, but it clearly is for everyone else. 

It’s just the thought of this application taking ages, then getting declined (which will look god awful to other lenders) then having to go through this process all over again. 

I’m a bag of nerves as it is! 

The wait is agonising and theres so many different scenarios to go over but ultimately they get the final decision and us stressing wont change it. But ignore me cos i am stressing out big time!!!!! I hate it :-( i just want to know either way!!

GN2020

Wales2020 said:

GN2020 said:

tombolonova1 said:

I was declined for overdraft usage just to give people a heads-up. Was totally unexpected as I was using the arranged overdraft (£500) when I got my first mortgage with them. They must be restricting the lending. Would advise to use a broker if anyone is in the same position, don't be too disheartened, there will still be lenders willing to lend!

Aw good god no! It seems like it’s happening to a lot of people now. 

When were you declined if you don’t mind my asking? Did you experience any other issues with them at all or was it solely based on the overdraft? 

Is it just me, or does it seem a bit silly if it’s all been paid off and cancelled? That proves it can’t happen again. I’ve told me other half in no uncertain terms never to get one again, lol! 

We’ve been using a broker and he said in his experience, it wouldn’t be a problem, but it clearly is for everyone else. 

It’s just the thought of this application taking ages, then getting declined (which will look god awful to other lenders) then having to go through this process all over again. 

I’m a bag of nerves as it is! 

The wait is agonising and theres so many different scenarios to go over but ultimately they get the final decision and us stressing wont change it. But ignore me cos i am stressing out big time!!!!! I hate it :-( i just want to know either way!!

You’re totally right. I can spend the next god knows how many weeks stressing out, or just chill and accept that if it’s meant to be, it will be. 

I’ll keep everything crossed that it’ll work out alright for us both! 

Thrugelmir

GN2020 said:

tombolonova1 said:

I was declined for overdraft usage just to give people a heads-up. Was totally unexpected as I was using the arranged overdraft (£500) when I got my first mortgage with them. They must be restricting the lending. Would advise to use a broker if anyone is in the same position, don't be too disheartened, there will still be lenders willing to lend!

Is it just me, or does it seem a bit silly if it’s all been paid off and cancelled? That proves it can’t happen again.

Borrowing money from other sources is easy enough.  Good personal financial management is going to be a key criteria in difficult economic times.