Natwest like for like porting when don't pass affordability test

jamieboot

Hi there,  I am seeking a little reassurance!

Have applied to port my Natwest mortgage and buy a (£75k) more expensive property (with no additional borrowing).  My wife has recently gone Self Employed and only has one years tax return (2023/24) so Natwest will only include my income and means we don't pass through affordability and its gone to the underwriters.  If we were to include the wives most recent tax return then we would pass the affordability test.

I know that under FCA/MCOB rules- if it's like for like with no more borrowing then the bank can choose to bypass the affordability assessment so it should be fine- but the application is taking forever and they have asked me for one more years tax return (2023/24) which I hadn't done at the time of applying but have since done and submitted. They also asked me about circa 5k credit card balance I have (credit utilisation circa 18%). I hadn't paid this off before as need the extra cash for the increased deposit (as can't borrow more)

One good thing is that the mortgage valuation came in at 30k more than the final purchase price so even more equity in the property on top of the extra cash we are putting in.

I have been with Natwest 10 years, never missed a payment and both me and the wife have decent credit scores with no CCJ's etc. I

My gut feeling is it should be fine but just want a bit of reassurance as its been a very stressful couple of weeks of radio silence!

Thanks

Hoenir

Impossible to read the underwriters minds nor know what internal lending criteria is. Probably been quiet as only just exiting the long Xmas shutdown. Underwriters will be prioritising their workload.

jamieboot

Anyone else got any advice?

MWT

Have you talked to a broker about a 'plan b' just in case?

TheSpectator

jamieboot said:

Anyone else got any advice?

Not sure what you are expecting people to say, it might be ok, it might not.

jamieboot

Good point!

I guess it would be good to hear from anyone in a similar situation who Natwest let port their mortgage despite not meeting the affordability assessment

MWT

jamieboot said:

I guess it would be good to hear from anyone in a similar situation who Natwest let port their mortgage despite not meeting the affordability assessment

... but it wouldn't help to hear from those who were turned down, so ultimately waiting is about all you can do, unless you can work on a 'plan b' alternative...

Hoenir

jamieboot said:

Good point!

I guess it would be good to hear from anyone in a similar situation who Natwest let port their mortgage despite not meeting the affordability assessment

Marginal applications will depend on the circumstances of each individual case. All will differ in some way.