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

cankle

I have got a 10% deposit sat ready to use, I have already found my dream home, I really cant lose it Ive been searching for so long! Do you think another lender would lend to me? My account is very VERY healthy now and it will stay like that. I just dont want to lose this house and the vendors are not going to wait around for another 6 months are they....I did actually go to the natwest when I was just making enquiries into getting a mortgage and the woman I saw said basically the mortgage isnt a problem its the deposit to which I replied well thats ok as I have 10%, they said I could get 90k I need a mortgage for 71100

john1002

just to answer your question it will make no difference you getting your equifax report so do it online using a free trial and all been well you will know today what it may be, you will also see the search for the mortgage as well. Just make sure you list all addresses in the last 6 years. Getting your own reports does not impact on your credit score to credit providers.

john

GMS

Did you use a Natwest 'adviser' or a mortgage broker?

Some lenders would not automatically want bank statements. Natwest always do so if the bank statements were a problem another lender would have been a better bet.

If the credit search is showing your overdraft then this may be an issue, although if your balance is in credit and you have not gone over any agreed borrowing then it should report as well conducted.

I woudl pay for the £2 statutory report from Equifax, not the free trial which can be a nightmare to cancel. Only my opinion though but for the sake of a £2 one off payment it saves cancelling a trial. Do not pay for a score.

betmunch

I think you need to stop worrying right now. Print off your report and take it to your mortgage broker tomorrow morning, they should be able to advise you better than anyone on here.

Your not on your own you have a qualified expert working for you, the appointment is tomorrow morning, so just chill out until then.

lobbyludd

nat west searches turned up on both my equifax and experian credit files when I applied for a mortgage with them (last week), so I'd get hold of both if I were you (nothing on callcredit).

Leon_W

If there is nothing on the reports I would try another lender. Personally I've never rated Nat West as a lender.

A few good competitive deals coming through at 90% (broker only) though. Northern Rock have a 2 year fix @4.95%, no fee and £250 cashback which is pretty hard to beat. As I say, only available through brokers and going direct is way more expensive.

cankle

Thank you so much for the replies so far, will the fact that natwest have turned me down stop other lenders though? My problem is I need to move fast as Ive had an offer accepted on a house that is perfect and I desperately dont want to lose it!!!

Leon_W

No it won't.

Lenders will expect a bit of shopping around and a couple of recent searches shouldn't go against you.

Nat West have probably just hit an internal target or are actively declining higher LTV's at the moment. There is a lot of uncertainty about capital requirements at the moment and 90%LTV mortgages require a dis-proportionally larger amount of capital. Who knows ? If they won't tell the broker and your credit files are fine then you have to just put it down to Nat West being awkward and declining business for reasons only they know.

Thrugelmir

GMS wrote: »

Did you use a Natwest 'adviser' or a mortgage broker?

Some lenders would not automatically want bank statements. Natwest always do so if the bank statements were a problem another lender would have been a better bet.

If the credit search is showing your overdraft then this may be an issue, although if your balance is in credit and you have not gone over any agreed borrowing then it should report as well conducted.

I woudl pay for the £2 statutory report from Equifax, not the free trial which can be a nightmare to cancel. Only my opinion though but for the sake of a £2 one off payment it saves cancelling a trial. Do not pay for a score.

The OP banks with the NatWest so there's no need for them to perform a credit check externally. They would have a very clear picture of the OP's personal financial management skills.

GMS

Thrugelmir wrote: »

The OP banks with the NatWest so there's no need for them to perform a credit check externally. They would have a very clear picture of the OP's personal financial management skills.

Of course Natwest would perform a credit check. What if there were adverse credit in place?