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

DVardysShadow

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.

So it is likely to boil down to other things, like linked addresses and linked people?

Thrugelmir

GMS wrote: »

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

My inference is that this may influenced the decision from the outset. Irrespective of what a third report would have disclosed.

lobbyludd

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.

I've banked with nat west for 21 years and they credit checked me....although to be fair it may be because they have 20 years history that they decided to have a good look!

Thrugelmir

DVardysShadow wrote: »

So it is likely to boil down to other things, like linked addresses and linked people?

No regularly overdraft usage. People can be broken to down into distinct groups purely by their actions and attitudes when dealing with finance.

Leon_W

It isn't just down to credit score, that is just one aspect to be considered.

Age, Postcode, Job, Address History etc are all looked at and compared with known models.

You can have a brilliant credit score but be employed in an industry with a very bleak outlook. It could be enough to tip a decision the wrong way.

purplelila-2007

cankle wrote: »

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

Im really sorry to hear about whats happened to you
I dont think its your overdraft.... we completed on a house in March this year and both me and my husband live in our overdrafts.....
Speak to your broker - let us know what happens and see if theres anything they can do in terms of finding an altnernative mortgage.

Good luck.

holly_hobby

Lets all just calm down on the overdraft ... we do not know with ANY certainty that this IS the reason for the decline. And to be quite honest in my experience if a lender won't divulge the reason for a decline, it is usually in connection with non-disclosure as stated way back in my post no4.

A lender as part of the assessment procedures in an application for finance, will always and WITHOUT exception perform an external credit check on you with one or all CRAs - the history you have with them, be it 30 yrs or 3 months, is only part of the picture - indeed if they neglect to peform any external credit check & things fall foul, they are unable to demonstrate responsible lending, with lending practices certainly failing any audit.

A credit check reveals not only credit commitments (and their management), adverse data etc - but voters roll history, linked addresses, linked individuals, if you have been known by any other name(s), etc ...

Those o/s of the finance industry generally think a credit check with CRAs is just peformed to reveal your current & historic (6 yrs for closed/satisfied accounts) financial arrangements, and its only this aspect of the search that actually affects the application. Unfortunately this couldn't be more inaccurate - all data revealled as part of the search is carefully assessed and equally affects any application for finance, and may result in a decline even where there are no records of any adverse credit history present.

OP please ... as already suggested ...... just wait until you speak with your broker about this - then give them the job of replacing this with another lender, IF Nat West will not reconsider (which will depend upon exactly what the external CRA has thrown up).

Try and not worry, I know you have your heart set on the property and feel you may have lost it, but its not over by a long way ... have a good nights sleep and see what tomorrow brings.

We are all here to support you and give assistance where we are able ....

Hope this helps

Holly

cankle

Hi, thank you so much for your kind replies, you have reasurred me somewhat. I just feel so out of control of this, its just so frustrating, I know I'm a safe bet just wish my bank agreed!!! Yes I have used my overdraft facility every month for a fair while but as soon as I decided I wanted to buy a house I cleared it all off and got myself into credit within 2 months! When I was overdrawn my situation was totally different to what it is now, I was single, had no intention of buying and just basically spent money on daft stuff like clothes, going out etc now I have met a wonderful man, settled down and all I want is the house of my dreams which I have found!!!

Sorry for waffling on, Im on nights and its so quiet at work its not helping to distract me at all!!! Hope to god I can get this sorted and its just a blip in what will be my dream come true

casualwalks

natWest isn't the only lender out there. I'm sure if things can't be resolved with NW someone else will gladly have your business.

cankle

Just got back from my broker, it seems I am absolutely fine, nothing wrong with my credit report, my overdraft isnt a factor either! the reason Natwest have given is they dont want to do a 90% mortgage for a FTB!!!! They have said if I can raise the deposit to 15% then they will agree it!! I feel like I am being held to ransom, I can at a massive push given maybe a month raise the extra money but this is seriously making me ill!! Should I just tell them to go whistle and try another lender at 10% or try and raise the 15% (which will push me to my extreme limit!, and could possible make me struggle with solicitor fees etc)