Natwest Mortgage advice

johnandjoanne

Hi Everyone,

I have searched but cant find an answer to this question.

Me and my Fiancee have had a mortgage approved in priniple from natwest. I told the broker upfront I have a default for £1100 which is satisfied, and is 6 years old in Feb next year. I asked is it best to wait untill then, or would this be a huge problem?

We are looking to borrow £120000 which is 70% LTV. First time Buyers with 30% deposit.

He said it wont be such a big problem ect ect and so yo can imgaine my delight when NAtwest agreed in principle. I asked again, has this agreement been subject to a credit check? he said natwest agreements in principle are credit checked.

My issue, is that im still not 100% sure if this is the case, as Iv read elsewhere that that they dont credit check upfront. To ease my mind i called natwest and asked them if they credit check upfront, to which she replied no! So i called my broker, and he said he has been doing this and knows they do credit check upfront. So i then called natwest again, and the chap i spoke to couldnt really answer my question!

So, does any1 know if Natwest do infact credit check upfront when they give an agreement in principle or not? My broker has been very good to date, and dont want to doubt him!

Senior_Paper_Monitor

Natwest online system DIPs are not fully validated at credit check ! Applications through MTE to Natwest are !

Much as I dislike the MTE system we use it where we feel a full check might be sensible.

johnandjoanne

Sorry for my ignorence, whats an MTE?! in a nutshell, my broker is wrong then?

Senior_Paper_Monitor

MTE is a multi-lender application platform - the purpose for which as a user I have never been able to understand.

The broker has the choice as to whetehr to put the application in through the Natwest standalone online system (which is a tad dated, doesn't do a full credit check - but enables proper onmgoing tracking) or MTE (which is a bit more whizz bang, but in my view causes more ongoing problems than it solves - although it does enable a full credit check).

I assume you broker has done what we would do if we saw the need to find the full story on whether a credit issue will be accepted. Most brokers are aware of this issue/option.

johnandjoanne

Thanks for the reply!

My broker confirmed it was MTE so thats good news! So far.

Full application going through now...