Accepted for everything but debt consolidation.

77588p

Can I just share my frustrations...

We currently have a mortgage with Nationwide and have 3 years remaining on our 1.9% fixed rate. 

We decided to downsize and clear every penny of our debts. We had an offer on our house and offered on our next house. Porting application with Nationwide was approved and offee received. 

Unfortunately house chain collapsed and we decided to stay where we are as houses are not moving. We have roughly 50% LTV with Nationwide so I decided to apply for additional borrowing and consolidate our debts. You cannot do debt consolidation online so I did a dummy application for home improvements and selected that id be paying off all our debts before completion of the additional borrowing. It was approved fine based on the soft credit score.

I called Nationwide the next day to do the decision in principle and it was declined! The lady changed the borrowing reason to home improvements and it was approved. So frustrating as this would save us over £1000 per month.

We couldnt bend the rules ans stick with home inprovements as the system wants evidence.

Rant over.

Grumpelstiltskin

Good job that happened, transferring unsecured debts to a debt secured on your house is not the thing to do.

Go across to the Debt Free Wannabe board and they will help you sort your situation out without doing something very silly.

FashionHeart

77588p said:

Can I just share my frustrations...

We currently have a mortgage with Nationwide and have 3 years remaining on our 1.9% fixed rate. 

We decided to downsize and clear every penny of our debts. We had an offer on our house and offered on our next house. Porting application with Nationwide was approved and offee received. 

Unfortunately house chain collapsed and we decided to stay where we are as houses are not moving. We have roughly 50% LTV with Nationwide so I decided to apply for additional borrowing and consolidate our debts. You cannot do debt consolidation online so I did a dummy application for home improvements and selected that id be paying off all our debts before completion of the additional borrowing. It was approved fine based on the soft credit score.

I called Nationwide the next day to do the decision in principle and it was declined! The lady changed the borrowing reason to home improvements and it was approved. So frustrating as this would save us over £1000 per month.

We couldnt bend the rules ans stick with home inprovements as the system wants evidence.

Rant over.

Actually, your situation worked out in your favour as I personally don't think it's a good idea to secure debts against your home.