Natwest declined mortgage

Lyns2002

Afternoon all, I suppose I'm looking for some guidance / advise really. We applied for a FTB mortgage last Friday with Natwest. We are putting down a nice hefty deposit and mine and my husbands credit is fine. We are using a broker local to us that have very good reviews and I have to say my broker is lovely. I tracked it online today and it was all ticks and said it was passed to valuation however, underneath that it said to call Natwest to discuss in further detail. I called them out of interest to see what was going on and they advised that it had now been declined.... panic set in ! I called my broker straight away to find out what the hell was going on as I hadnt been told, and neither had she. Even worse is that the surveyors called the selling agents to book in the survey and then called to cancel it so it looks bad on me. Apparently it was declined due to "affordability". My broker spoke with the UW this afternoon and they have said it hasnt been completely declined and that it looks as though they are offering us less than what we asked for but why would Natwest tell me it was declined ?! I'm an anxious person as it is and now I'm panicking. Broker thinks they have calculated using my childcare fees but I no longer pay these (from this month) so she is waiting to hear back. Has anyone got any words of wisdom ?

[Deleted User]

Sounds like the broker has got it in hand.  The underwriter probably added them back on after seeing them on the statements. A memo may have preempted that but its easily solved if that is the issue.

Lyns2002

Deleted_User said:

Sounds like the broker has got it in hand.  The underwriter probably added them back on after seeing them on the statements. A memo may have preempted that but its easily solved if that is the issue.

Thank you - that may not be the issue but she thinks that it is that. She is waiting to hear back from the UW directly as to what they used to calculate the affordability. I just dont get why Natwest told me it was declined when in fact, it wasnt really, it was just they were looking to lend less....way to scare someone ! :-:neutral:

ACG

Dont worry about a decline just yet.
If it is a mistake, it will get overturned. I can think of about 10-15 declines over the years that we have managed to get overturned. Sometimes it is just a mistake, sometimes we have to get other people higher up the chain to get people to see sense, sometimes we need to re-jig things.

I know it is easier said than done, but dont worry. Natwest have declined it on affordability, not credit score by the sounds of it. That either means a lower loan amount (it could be £50 lower...) or a longer term to make it fit. Your broker has not given up so it probably can be rescued.

Lyns2002

ACG said:

Dont worry about a decline just yet.
If it is a mistake, it will get overturned. I can think of about 10-15 declines over the years that we have managed to get overturned. Sometimes it is just a mistake, sometimes we have to get other people higher up the chain to get people to see sense, sometimes we need to re-jig things.

I know it is easier said than done, but dont worry. Natwest have declined it on affordability, not credit score by the sounds of it. That either means a lower loan amount (it could be £50 lower...) or a longer term to make it fit. Your broker has not given up so it probably can be rescued.

Thank you again. My broker just called, she spoke to the UW and basically they didn't calculate my husbands benefits properly (he is not working due to injury at work) and they therefore were about £1000 p/m down on income !!! No wonder they thought we couldn't afford it ! My broker is going to send it all through again and highlight/circle the correct areas and they will review it again. Should hear more tomorrow. Bloody nightmare 

ACG

You will be fine.

[Deleted User]

Hi, was there any update OP?