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  • FIRST POST
    • Dewy89
    • By Dewy89 11th Jan 18, 6:36 PM
    • 2Posts
    • 0Thanks
    Dewy89
    Declined proceeding with a Mortgage as partner had unarranged overdraft usage of 8
    • #1
    • 11th Jan 18, 6:36 PM
    Declined proceeding with a Mortgage as partner had unarranged overdraft usage of 8 11th Jan 18 at 6:36 PM
    Hey guys,

    First post and first time buyer, We have just a telephone conversation with someone from RBS about an application for a mortgage and we were declined as my partner had an unarranged overdraft usage of 8 which was for around 2 days in November last year which she said would clear by march but the house might be sold by then. I think personally this is a pretty pathetic reason to decline as our income is greater than the cost by a considerable margin.

    Are there any mortgages out there that will work with this in mind and can you recommend any other way that we can purchase this house.

    Thanks
Page 1
    • ACG
    • By ACG 11th Jan 18, 6:40 PM
    • 17,023 Posts
    • 8,914 Thanks
    ACG
    • #2
    • 11th Jan 18, 6:40 PM
    • #2
    • 11th Jan 18, 6:40 PM
    Little surprising that is the reason, but if you are applying for a 95% mortgage and/or gifted deposit etc, then all of those things combined might be a concern to the underwriter.

    Have you tried a broker?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 11th Jan 18, 6:41 PM
    • 33,546 Posts
    • 18,184 Thanks
    kingstreet
    • #3
    • 11th Jan 18, 6:41 PM
    • #3
    • 11th Jan 18, 6:41 PM
    RBS/NatWest will not accept poor current account conduct within three months of a mortgage application.

    That means no unauthorised borrowing charges, no 'unpaids' and the amount is not taken into account, so however petty you might think 8 is, it triggers, so it's relevant.

    It's their 'thing' and it's well known.

    Plenty of other lenders, specifically those who don't hold your current account, won't have a problem with this. Particularly those who won't want bank statements, of which there are several.

    A broker will be able to find the one which best suits your needs.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 11th Jan 18, 6:59 PM
    • 58,892 Posts
    • 52,218 Thanks
    Thrugelmir
    • #4
    • 11th Jan 18, 6:59 PM
    • #4
    • 11th Jan 18, 6:59 PM
    I think personally this is a pretty pathetic reason to decline as our income is greater than the cost by a considerable margin.
    Originally posted by Dewy89
    Unlikely to be the real reason behind the decline. Did you push then for an explanation?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Dewy89
    • By Dewy89 12th Jan 18, 12:57 AM
    • 2 Posts
    • 0 Thanks
    Dewy89
    • #5
    • 12th Jan 18, 12:57 AM
    • #5
    • 12th Jan 18, 12:57 AM
    Thanks for your advice, A broker looks like the only option for now. I did ask if there was like, so that's it then we cant do anything else and she seemed pretty determined on her answer of no so we were just left a bit shocked about it.
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