Natwest Mortgage Advice Incorrect

dunstonh

She agreed that their advisor in January had said that we could pay 50% for six months and they would therefore honor that.

Well that is a surprise result to be honest. Having the recording available obviously made a difference. I bet if the recording didnt exist the outcome would be different. It would also suggest that the option is something they will offer (via discretion) which perhaps indicates that the first person was right (although may have presented it in the wrong way - i.e. they didnt have the discretion to do it).

The underpayments would be recorded on our credit file as "by prior arrangement with the lender" and would therefore not cause much concern with future credit applications.

Some lenders wont like it as it does indicate you have financial problems. However, as long as it doesnt show as arrears on your credit file, then that is fine.

Its a result for you, even if it is unexpected.

holly_hobby

firsttimetryer wrote: »

Thank you everyone for your replies/advice.

I have just got off the phone with customer care at Natwest and the advisor had listened to the call I originally made in January.

She agreed that their advisor in January had said that we could pay 50% for six months and they would therefore honor that. The underpayments would be recorded on our credit file as "by prior arrangement with the lender" and would therefore not cause much concern with future credit applications.

BLIMEY !!!!!!!!! :eek:

WHAT A RESULT ... !!!! :T

I have to say I am absolutely amazed, but so pleased for you, that they have chosen to honour this, even though they claim the original advice was incorrect ... good job they still had their recording of the call and agreed to honour it...

Very well done you ...

Holly

PS - As Duns states, future mge apps may be affeced by the recorded "agreed" arrears. But I think that as you can demonstrate that it was a prior and mutually agreed arrangment, and due to a special and non-frequent event ie you had just had a new babe - its not a bad as just falling into payment probs.

Bearing in mind the above, and if you maintain full payments after the arrears period & repay the os amounts as agreed - I can't see it being a future problem really.