NatWest rejected - wont give reason

zukibear

Natwest has just rejected my mortgage application - apparantley they audit 1 in 10 - ours was rejected, our Ltv is 52%.
Natwest say they do not have to give a reason is this correct?

hulahoop09

In 2008 hubby had a joint mortgage with his dad and we planned on me taking over his dads side of things. My credit wasnt great but we went and asked anyway and had about £20k which was put in so we need about 75% mortgage but we got rejected. I knew (or thought) it was because of my credit but they wouldnt say exactly why. We went over to halifax and went through no problems at all!

Hubby had been with natwest for a while yet they didnt wanna know! Lol.

GMS

zukibear wrote: »

Natwest has just rejected my mortgage application - apparantley they audit 1 in 10 - ours was rejected, our Ltv is 52%.
Natwest say they do not have to give a reason is this correct?

Auditing should not be an issue if everything declared is correct. Was it a fast track application where affordability was subsequently proven to be not failed or did you provide proof of income at application?

kingstreet

zukibear wrote: »

Natwest has just rejected my mortgage application - apparantley they audit 1 in 10 - ours was rejected, our Ltv is 52%.
Natwest say they do not have to give a reason is this correct?

They'll probably give you a bland answer like "your credit score is insufficient, contact Equifax" or somesuch.

You need to go back to the very beginning with this. Order your statutory credit files from all three CRAs. Once you have them, see what's listed and if necessary, deal with any issues.

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

Experian

https://secure.wiseconsumer.uk.experian.com/wiseconsumer/secure_index.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase

Next, see an independent or whole market broker who should be able to identify the problem and provide options for you to proceed with.

Can you tell us at what point in the application the decline was made? When was this audit carried out?

zukibear

It was a joint application where income was proved, all on my partners salary.
However I was made redundant last june and currently not earning - as we didnt know at the time where we were moving to but he can transfer.

zukibear

Next, see an independent or whole market broker who should be able to identify the problem and provide options for you to proceed with.
QUOTE]

This was with an independent broker.

kingstreet

zukibear wrote: »

This was with an independent broker.

... and you got your credit files and went through them first to establish if there were any potential problems?

Like I said, you need to go back to the very beginning and try to establish what the problem is before you consider any further potentially damaging credit searches.

We brokers are only as good as what we know about at the outset. If you didn't know about something you couldn't tell him and you end up here...

dunstonh

This was with an independent broker.

Well done. Not many people actually use independents. They fail to understand that fee basis can work out cheaper for them. Although research has found that over half the people seeing tied/multi-tied actually thought they were seeing an independent when they were not. Independent have to be fee basis. So, if you are paying a fee and getting commission rebated then you are seeing an independent. If you are not paying a fee and getting commission rebated then you are not seeing an independent (or employing them on independent basis)

The mortgage adviser should be able to find out the reasons. A good one would know in advance if they have all the facts. Like kingstreet suggests above, it does look like there is something that the adviser is not aware of that has come to light.

zukibear

No we didnt get our credit files. We have one credit card which is paid every month in full and apart from the mortgage there are no debts.
There was a second credit card which was taken as it was 0% for purchases but i was going to use to pay for a holiday but the holiday co where charging to use the card so i didnt use it and it didnt get used at all - has has been cancelled.

We've never been late with the mortgage and the bank has not been overdrawn in over 10 years maybe more.

kingstreet

zukibear wrote: »

No we didnt get our credit files. We have one credit card which is paid every month in full and apart from the mortgage there are no debts.
There was a second credit card which was taken as it was 0% for purchases but i was going to use to pay for a holiday but the holiday co where charging to use the card so i didnt use it and it didnt get used at all - has has been cancelled.

We've never been late with the mortgage and the bank has not been overdrawn in over 10 years maybe more.

Obtaining the credit files will give you the opportunity to ensure there are no incorrect entries which should not be there. We often hear of incorrect data which requires amendment or removal before the borrower can safely apply for credit.

I do this in practically every case and suggest it to everyone who posts a similar experience to yours. You don't build a house without putting down foundations and getting these files for checking is the foundation.

zukibear

Took your advice, got a "free" equifax report - everything is a lovely shade of green and I can not see anything 'strange', which is a partial relief i guess