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

DVardysShadow

cankle wrote: »

Just spoke to broker (again!) it has gone to appeal for 90%. I feel sick to my stomach, wish to god someone would make a decision but now I have to wait, hopefully I will hear something tomorrow but it could be Friday!!!!

If you could reach 85% at a pinch, perhaps you should go with GMS's idea and ask for 88% [or whatever] instead and see how that is received.

cankle

Still waiting for a decision!! Everytime my phone rings I leap 3 feet in the air! I'm going to leave it till 2pm and then ring my broker and ask her to ring them for an update, this is driving me insane....FTB more like only time buyer!! never again!!!! _pale_

cankle

Well I have finally had a response after them telling me it would be the latest 9th Sep then it was 12th and now I finally found out the decision is still no, when I asked why they advised me to check my credit file with Equifax which I did and it is all fine apart from some late payments to Orange (four payments from May - August 2008), now the thing here is since I took out my mobile contract with Orange I have had a direct debit set up with them, I also have my statements for the months when I allegedly had late payments showing I paid in full on time (how I could do late payments with a DD is beyond me!!) So what the hell can I do???? I obviously need to go to another lender for a mortgage but surely as soon as they check my credit file this will show up again, I know I have to get it removed but I would have thought that will take time, in the meantime the vendors must be getting a bit frustrated with the lack of progress on the sale but what can I do, I dont want to tell them Ive been turned down for a mortgage that will make them very nervous and may push them to pull out of the sale!!!!

I could cry I really could, I feel like Im stuck between a rock and a hard place and I can feel my dream home slipping away from me and there is nothing I have done wrong!!!

casualwalks

What has your broker suggested? My partner and I recently got a mortgage offer from the Abbey. And my partner didn't have the most perfect credit history (in 2006-2007 she had something like 10 late payments between her loan, and CC, she also had one late payment in March 2011). My credit history was clean. We applied for 90% LTV.

KingElvis

Move on to a new lender, Natpest are being tight but a broker friend of mine said that Halifax are virtually giving mortgages to anyone with a pulse and 90% human DNA.

Ask your broker to try Abbey and you can track your application on the MATS system.

cankle

Went to see broker this morning, she has put an application in with Abbey at 15% so yep Im playing the waiting game again!!!! She said I should know either tomorrow or Friday (Im obviously thinking this means Monday!) one thing that did worry me was Abbey wanted to know my partners full name as he will be living in the property with me, he isnt anything to do with the mortgage and I am not tied to him financially in any way and he isnt tied to me either (he probably has the worst credit rating recorded! hence me doing the mortgage in my name only!) when I asked why broker said something about he may need to sign a form just advising that he doesnt have anything to do with the property(????) I hope to god this wont affect my application as I think Im well and truley in last chance saloon here!:(

rosieposey1972

Cankle, Abbey sounds like a good bet - we got our mortgage offer from them last week and our FA said they have a less strict criteria than some lenders so you will probably be ok especially given your credit rating is excellent. Our FA did our application with them and we got an AIP straight away - FA faxed over everything they needed (only one bank statement and a p60 ect) and it was in front of and approved by the underwriter within 3 days so they are at least pretty quick.

The documentation that they want you to sign is normal so dont worry. I am married and as my credit rating is 'fair' but not good or excellent we didnt think it would be a good idea to put me on the mortgage straight away (probably will do next year if poss) as it would go through faster with my DH being the sole applicant and i am not working at the moment anyway. I had to sign this as well - its just to protect their interests incase you separate and make a claim on the property (or something to that effect)

I have a good feeling given your credit rating - our FA gave us three scenarios, a higher figure of lending if DH's credit rating was excellent, a middle one if it was good and a lower one if it was poor - these were all with the Abbey and we got approved for the middle one so i honestly think you will be fine. Will be rooting for you Good luck!

cankle

Awwww thank you so much for your reply I really hope I get some good news soon, feel like Ive been to hell and back! Ive got a set of suitcases under my eyes never mind bags!!! being on nights doesnt help! I swear I will never go through this again, if/when I get this house they will be carrying me out of it in a box as I aint moving!!

GMS

cankle wrote: »

Went to see broker this morning, she has put an application in with Abbey at 15% so yep Im playing the waiting game again!!!! She said I should know either tomorrow or Friday (Im obviously thinking this means Monday!) one thing that did worry me was Abbey wanted to know my partners full name as he will be living in the property with me, he isnt anything to do with the mortgage and I am not tied to him financially in any way and he isnt tied to me either (he probably has the worst credit rating recorded! hence me doing the mortgage in my name only!) when I asked why broker said something about he may need to sign a form just advising that he doesnt have anything to do with the property(????) I hope to god this wont affect my application as I think Im well and truley in last chance saloon here!:(

Do you have any joint or linked accounts with your partner?

Did you disclose him as a person to reside in the property on completion?

If your broker has put an application in to Abbey why do you not know? Did they accept at DIP stage? If a full application has gone in the broker should have a decision there and then, unless it has been referred.

cankle

Nope no joint/linked accounts with him, I have said he will be living with me. My broker submitted the application this morning and she said they will let me know either tomorrow or Friday (dont think they have given me a DIP, unless she hasnt told me!) I didnt think full applications were agreed on the spot, most of the posts Ive read about full applications normally take minimum of a few days. Natwest took a week to come back as a no!!!!