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Additional borrowing - missed payment AIP is declining

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pioneer22
pioneer22 Posts: 523 Forumite
Part of the Furniture 100 Posts Combo Breaker
edited 4 May 2022 at 4:29PM in Mortgages & endowments
Hello,

Trying to get an AIP from Natwest for some additional borrowing, I've checked my credit file and I've stupidly got a missed payment from when I cancelled my car insurance policy, Which is showing for March, I've cleared the arrears now but my AIP is getting declined. 

We're looking at getting this kicked off in a years time, will it settle down by then? Or is one missed payment going to screw us over? Trying to get an idea what what we can borrow from an LTV perspective. 

It passed fine in October. 


Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Is the late payment the actual cause of the decline? 
  • pioneer22
    pioneer22 Posts: 523 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 4 May 2022 at 4:54PM
    Is the late payment the actual cause of the decline? 
    I strongly think so, the adviser changed my salary to 160k and it sill declined. Saying that we did increase the amount to borrow though. 

    Hmm I might have got the LTV slightly over 90& come of think of it. 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    pioneer22 said:
    Is the late payment the actual cause of the decline? 
    I strongly think so, the adviser changed my salary to 160k and it sill declined. Saying that we did increase the amount to borrow though. 

    Hmm I might have got the LTV slightly over 90& come of think of it. 
    Was there a reasonable justification for inputting 160k as your salary? If not, and the adviser used your real details, you may have a bigger problem than a missed payment.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pioneer22 said:
    Is the late payment the actual cause of the decline? 
    I strongly think so, the adviser changed my salary to 160k and it sill declined. Saying that we did increase the amount to borrow though. 

    Hmm I might have got the LTV slightly over 90& come of think of it. 
    LTV for additional borrowing is normally capped. 
  • pioneer22
    pioneer22 Posts: 523 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    pioneer22 said:
    Is the late payment the actual cause of the decline? 
    I strongly think so, the adviser changed my salary to 160k and it sill declined. Saying that we did increase the amount to borrow though. 

    Hmm I might have got the LTV slightly over 90& come of think of it. 
    Was there a reasonable justification for inputting 160k as your salary? If not, and the adviser used your real details, you may have a bigger problem than a missed payment.
    She was testing the affordability and it still declined, thinking about it I do think it might have been the LTV.
  • pioneer22
    pioneer22 Posts: 523 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    pioneer22 said:
    Is the late payment the actual cause of the decline? 
    I strongly think so, the adviser changed my salary to 160k and it sill declined. Saying that we did increase the amount to borrow though. 

    Hmm I might have got the LTV slightly over 90& come of think of it. 
    LTV for additional borrowing is normally capped. 
    Is it 90%? 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pioneer22 said:
    pioneer22 said:
    Is the late payment the actual cause of the decline? 
    I strongly think so, the adviser changed my salary to 160k and it sill declined. Saying that we did increase the amount to borrow though. 

    Hmm I might have got the LTV slightly over 90& come of think of it. 
    LTV for additional borrowing is normally capped. 
    Is it 90%? 
    Check the lenders own website. 
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