Natwest First time buyer mortgage decline due to lack of Debt

pookie1uk

Hi I hope somebody can give me some information.

I'm a first time buyer I had an agree in principle for a mortgage with Natwest and have just had an offer accepted on a house. I've just started the application progress for the mortgage and they have advised that my credit check has been declined but the could not advise why.

I currently have a credit score of 892 with experian but only have a mobile phone contract and my bank/credit card on my credit history.

Is there anyway to inprove my natwest credit score and will I have the same problem with other lenders?

Conrad

There are many ways to improve a score, but forget Nat West for now as they have declined.
Just try other lenders but keep in mind the following;

Lenders like stability - the longer in a job / at a Bank / at an address, the better.
Give work and home landline phone numbers
Use common sense - for example don't put shop assistant, put sales operative!! Don't put builder - put maintenance contractor etc. You get the idea - it's similar to the way we write our CV's - you need to present yourself best light.

Thrugelmir

Do you have any amount of unsecured credit? Use your overdraft frequently?

CloudCuckooLand

Are you on the electoral roll?

Ignore scores. Look at the detail of your credit record. In all 3 systems. Not just experian.

laural_2

We were going to apply to Natwest but because my partner was in his prob period they wouldn't accept us. We have just had a mortgage offer from Abbey. I was worried about my partners lack of credit history as he doesn't have a credit card or ever had a loan but we passed the criteria ok. So I would maybe go to a mortgage broker and see what they say. They will know the people who are best for you to apply to.

herbiesjp

What is the LTV you are looking at? i.e. what is the purchase price and deposit you are looking at?

Have you got a copy of your credit file? Are they picking up the same things that are on there?

serious_saver

Look at some more options other than Natwest and, if necessary, speak to a whole of market broker. We have been dealing with a fantastic broker who has given some really good advice.

kingstreet

Yet another poor unsuspecting borrower seduced by Experian and its numbers.

892 and declined.

Experian Company Representative, where are you?

poookie - I suggest you read this thread, particularly Mr Herring's comments;-

https://forums.moneysavingexpert.com/discussion/3158508