Mortgage rejected - additional information requested natwest

[AnaKaren2607]

Are there any underwriters who can help calm my nerves.

FTB - Current situation is:
17th MIP accepted with natwest
18th - mortgage application submitted by the broker (they're on holiday until the 29th Apr)
19th - mortgage assessed and hard check done.
26th - Called the bank and they advised it's rejected but have requested further details to the broker, who questionned

1. two regular outgoing payments, one is a updraft loan i plan to pay off on Monday, along with 5k worth of debt, which i informed the broker. the other is a UC overpayment ihave 800 left to pay which i pay £100 a month.

1. additional payslips.
2. Codes/abbreviations on my benefit in kinds payslip.

Has anyone had a similar experience and what was your outcome. The bank said if we provide all the information they can review this again. But if it's rejected will they reject and also ask for additional info? and this now an appeal?

My head is all over the place as i got my hopes up, due to the tracker stating 'valuation instructed' and all actions ticked. Anything even small would be much appreciated. I have a long weekend to get through!

I think l they want you to pay off the debts. You were going to pay most of it on Monday, can't you also pay off the UC debt then too?

Then resubmit your application with adjusted figures.

Wanted to add there's no such thing as an appeal with mortgages - they either agree to give you one or they don't. Obviously though if your financial situation changes you can reapply/resubmit.

A friend had similar, probably not Natwest though. They gave all the evidence, and mortgage was offered, subject to the debts being paid off before completion. Which is what was planned anyway.

Last thing sorry.

If you have a mortgage broker why were you the one to contact the bank?

Thank you for responding, i advised the broker of this that i will clear the 5k debts as soon as April pay came in. If i send them Aprils pay slip showing my pay increase and bonus which i will use to pay off debts plus pay off the universal credit, could this help? i plan to close the credit card payments also.

What confuses me is the natwest tracker states, 'call us to discuss your clients application' but on the phone they said it's rejected but they can reassess it once i submit the documents. so it's not clear to me if it's declined. As i read up that it's very rare for them to accept after declining.

I called the bank as the broker is on holiday until next week and as you can imagine. I am a nervous wreck as all i have done is follow the tracker online.

Thats not strictly true, especially if using a broker, it could be that the bank haven't noted correctly that debts will be cleared on completion, something like that. Is there no one from the brokers office that can clarify this with you OP? If its a no, it might just mean you end up applying to a different lender. Dont be too disheartened, there are likely to be options, especially as your debt is reducing with a finite end date.

Don’t panic, it’s fairly standard to ask for extra docs when something flags up.

What will have happened is the broker won’t have put the upstart loan on the application due to you planning to pay it off imminently, but it will have flagged in the bank’s checks. Just provide evidence to them of you paying it off and that should close that down.

Re the £800 UC overpayment, did you declare this via your broker?

It sounds like a bit of housekeeping needed which means it isn’t an automatic accept, but that doesn’t mean it’s a definite decline either.

It's declined until the broker tinkers with it. I'm sure it will be fine. Just try to chill for a couple more days and let the broker deal with it. Brokers are worth their fee.

Thank you al so much you have all helped me calm my nerves slightly! i will remain hopeful.

Let us know how you get on with your broker today @AnaKaren2607