Turned down for Natwest Mortgage...HELP!!!

cankle

I have just had a call from my broker to say my mortgage application has been turned down! She told me to run a credit report with Experian which I have done and Ive got a score of 999!!! What can I do???!!!!

Thrugelmir

There must be a fundamental reason for the decline.

Surely your broker has some idea.

cankle

She has said they wont tell her, Ive got an appointment in the morning with her to go through my report but Im absolutely devastated!! I have banked with natwest since 1993 and I have found my dream home.

holly_hobby

If you don't have adverse credit (and have seen a copy of your CRA report), it may be to do with linked addresses (which are incorrect and you have no knowledge of, or you have not disclosed), may be over exposure to debt or any manner of things.

The lender does not have any obligation to expand upon why they have declined, however they usually give the broker a general idea - if they refuse to its usually down to "non-disclosure" i.e something has reared its head on the credit check that you haven't disclosed as part of your mortgage application.

Hope this helps

Holly

KingElvis

In all honesty, a decent broker should be able to at least get some details for you?

cankle

All I can think is that I have been using my overdraft a bit (authorised and never gone over limit) but as soon as I decided I wanted to buy I got it back well within the black to the tune of over 2k at the moment!!! It was just daft spending on stuff, I had savings that could have paid it off a lot sooner but just stupidity I guess but could that really stop me for getting a mortgage, I feel sick to my stomach. _pale_

I just dont want to lose this house! I have been searching for so long!!! I'm on nights tonight so really should be trying to get some sleep, yeah like thats gonna happen!!!

GMS

cankle wrote: »

I have just had a call from my broker to say my mortgage application has been turned down! She told me to run a credit report with Experian which I have done and Ive got a score of 999!!! What can I do???!!!!

Natwest use Equifax so get a copy of that.

Ignore the score on Experian, it is meaningless until Experian decide to lend money!

Look at the data contained in it. Is it all correct? Are there any missed payments, CCJ's defaults?

Are you on the Voter's roll.

Did your broker check afordability prior to submission? Did you declare all credit commitments? Do your bank statements look well conducted and all outgoings declared?

cankle

Will it cause a problem me doing another check on equifax having just done one on Experian?

Thrugelmir

cankle wrote: »

All I can think is that I have been using my overdraft a bit

How often, over what period of time? Every month. For several years.

cankle

I would say for at least 6 months maybe 8 months but I never went over the limit, and it was paid off every month when I got paid. God Im so stupid!!! Can I appeal do you think?

Thrugelmir

cankle wrote: »

I would say for at least 6 months maybe 8 months but I never went over the limit, and it was paid off every month when I got paid. God Im so stupid!!! Can I appeal do you think?

No appeal. What's happened is cast in stone. The lender can choose their customer in the market now. They've no need for your business.

You need to manage your personal affairs in an impeccable manner for a while. In the meantime build your deposit up.