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“Existing customer Failed DIP with excellent credit...”

written by 19Hagan on 19/06/2014

We have had a mortgage with nationwide for the last 7 years. We decided to move to a bigger property. We put our house on the market, spoke to nationwide re porting our current mortgage and tried to get a dip. They did an affordability check over the phone and told us we could lend up to 320k! We only want 160k in total. Told us they wouldn't do a dip until we had found a new property! A few months later we found the house of our dreams, booked an appt in our local branch! We only want to lend an extra 45k, current mortgage is 115k so didn't see this being a problem! We were shocked when we were declined! The guy in branch didn't really seem to know the reason! Something to do with too much outstanding credit! We have viewed our credit reports and have above excellent credit ratings, plenty of credit history, everything is paid by DD on time apart from 1 card I had a problem with at christmas which was the fault of the cc company who compensated me for their mistake! We have no personal loans etc, only £6000 between us on c cards. We will have 2000k a month spare after new mortgage payments and all our outgoings! We have a 10% deposit plus 14k savings in the bank! Really upset and don't understand why we have been rejected! It just seems to be 'computer says no' . our 1st baby is due in 3mths time and nationwide are causing me a great deal of stress! Not to mention our buyer has paid his survey and solicitors fees and waited patiently for us to find a property! Now we have to look around for other mortgage deals and nationwide will lose us as a current customer, and we may lose the new house! But seems they are really not bothered!