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  • FIRST POST
    • mandapanda77
    • By mandapanda77 12th Feb 18, 3:54 PM
    • 11Posts
    • 1Thanks
    mandapanda77
    mortgage declined
    • #1
    • 12th Feb 18, 3:54 PM
    mortgage declined 12th Feb 18 at 3:54 PM
    hi,
    My husband has just been declined for a mortgage after the valuation stage and our adviser was 99% sure everything was ok, now this has been declined they have appealed and just wondered if any one can advise how long this takes and was this accepted after?
    we are placing 15,000 deposit down and only borrowing 122,000 as we have help to buy also.
    This is with Nationwide
Page 1
    • ACG
    • By ACG 12th Feb 18, 4:15 PM
    • 16,698 Posts
    • 8,681 Thanks
    ACG
    • #2
    • 12th Feb 18, 4:15 PM
    • #2
    • 12th Feb 18, 4:15 PM
    Why was it declined? Ive never had an appeal overturned with Nationwide.
    What has your broker said for time scales?
    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.
    • mandapanda77
    • By mandapanda77 12th Feb 18, 4:45 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    • #3
    • 12th Feb 18, 4:45 PM
    • #3
    • 12th Feb 18, 4:45 PM
    hi

    my credit rating is not good and they have linked my husband to me even though all our finances are separate and we have nothing joint only our council tax bill.
    • Thrugelmir
    • By Thrugelmir 12th Feb 18, 4:54 PM
    • 58,190 Posts
    • 51,563 Thanks
    Thrugelmir
    • #4
    • 12th Feb 18, 4:54 PM
    • #4
    • 12th Feb 18, 4:54 PM
    they have linked my husband to me even though all our finances are separate and we have nothing joint only our council tax bill.
    Originally posted by mandapanda77
    By virtue of being married then your finances are interlinked, if that's the internal policy of the lender. Lenders are aware of what people will do in attempt to do in order to obtain a mortgage. To think otherwise is naive.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • mandapanda77
    • By mandapanda77 12th Feb 18, 5:04 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    • #5
    • 12th Feb 18, 5:04 PM
    • #5
    • 12th Feb 18, 5:04 PM
    i understand this and no way been niaive as the mortgage broker had done a search on me and said that this should not be a issue and even when we got the mortgage in principle the bank knew my score.
    Last edited by mandapanda77; 12-02-2018 at 5:07 PM.
    • kingstreet
    • By kingstreet 12th Feb 18, 5:22 PM
    • 33,177 Posts
    • 17,914 Thanks
    kingstreet
    • #6
    • 12th Feb 18, 5:22 PM
    • #6
    • 12th Feb 18, 5:22 PM
    we are placing 15,000 deposit down
    In whose name is the deposit?

    FWIW Nationwide doesn't like married applicants applying in one name where the other who will be living in the property has adverse. They like it even less if the partner is contributing to the deposit.
    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.
    • mandapanda77
    • By mandapanda77 12th Feb 18, 6:32 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    • #7
    • 12th Feb 18, 6:32 PM
    • #7
    • 12th Feb 18, 6:32 PM
    all deposits are in my hubbys account we have nothing joint and they accepted us as a married couple when they did the mortgage in principle solely in my hubbys name
    • kingstreet
    • By kingstreet 12th Feb 18, 6:49 PM
    • 33,177 Posts
    • 17,914 Thanks
    kingstreet
    • #8
    • 12th Feb 18, 6:49 PM
    • #8
    • 12th Feb 18, 6:49 PM
    You're 100% sure the two of you have no financial associations?

    No joint accounts or commitments of any kind and no joint searches which might have created an association?

    Did you check all three versions of your credit file; Experian, Equifax and Call Credit?
    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.
    • DCFC79
    • By DCFC79 12th Feb 18, 7:04 PM
    • 31,444 Posts
    • 19,856 Thanks
    DCFC79
    • #9
    • 12th Feb 18, 7:04 PM
    • #9
    • 12th Feb 18, 7:04 PM
    i understand this and no way been niaive as the mortgage broker had done a search on me and said that this should not be a issue and even when we got the mortgage in principle the bank knew my score.
    Originally posted by mandapanda77
    Sorry for being picky but the bank or anyone else can not see your score, only you can see it, lenders see your history.

    Did you not see Martin's show on ITV as he covered credit reports.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • ceecee1
    • By ceecee1 12th Feb 18, 7:06 PM
    • 386 Posts
    • 832 Thanks
    ceecee1
    Is it a new build? I am guessing that it might be because of your mention of help to buy.
    If it is and also a leasehold property it might be something to do with the ground rent. AFAIK Nationwide will not lend on properties where the ground rent is more than 1% of the purchase price of the property.
    If the lease also has a clause in which it doubles every few years then the property is even less likely to be mortgable
    • mandapanda77
    • By mandapanda77 12th Feb 18, 7:17 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    Defo no joint association as we only lived together since October when we got married and lived apart for the 1st 12 months before and all bills and tenancy in my name only c tax bill with both names on
    • kingstreet
    • By kingstreet 12th Feb 18, 7:20 PM
    • 33,177 Posts
    • 17,914 Thanks
    kingstreet
    my credit rating is not good and they have linked my husband to me even though all our finances are separate and we have nothing joint only our council tax bill.
    Originally posted by mandapanda77
    In which case, the above makes no sense.

    How can they know about you?

    Are you sure you are the problem here?
    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.
    • kingstreet
    • By kingstreet 12th Feb 18, 7:21 PM
    • 33,177 Posts
    • 17,914 Thanks
    kingstreet
    Is it a new build? I am guessing that it might be because of your mention of help to buy.
    If it is and also a leasehold property it might be something to do with the ground rent. AFAIK Nationwide will not lend on properties where the ground rent is more than 1% of the purchase price of the property.
    If the lease also has a clause in which it doubles every few years then the property is even less likely to be mortgable
    Originally posted by ceecee1
    That's a good spot, as the decline came post-valuation.
    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.
    • mandapanda77
    • By mandapanda77 12th Feb 18, 8:03 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    The decline was after valuation and yes that's the feed back from our mortgage advisor that is me so I have looked on all 3 of the top credit sites and showing no association to each other so I'm stumped now ... On what to do next any advice please
    • Thrugelmir
    • By Thrugelmir 12th Feb 18, 8:26 PM
    • 58,190 Posts
    • 51,563 Thanks
    Thrugelmir
    i understand this and no way been niaive as the mortgage broker had done a search on me and said that this should not be a issue and even when we got the mortgage in principle the bank knew my score.
    Originally posted by mandapanda77
    I thought it was just your husband that applied.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Newbiejono
    • By Newbiejono 12th Feb 18, 8:59 PM
    • 61 Posts
    • 2 Thanks
    Newbiejono
    Thought the Hard search would have been down before valuation
    • mandapanda77
    • By mandapanda77 12th Feb 18, 9:33 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    Yeah did it in his name but my mortgage advisor logged on to my credit account to look and advise me and when he applied to Nationwide I could see they had done a soft search for me even though it's in hubbies name so I'm baffled by that and as why it's coming up that we have some finiancal connection when their is none at all
    • mandapanda77
    • By mandapanda77 12th Feb 18, 9:35 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    That's what we thought especially with the mortgage in principle been given to hubby then doing valuation
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