NatWest rejected - wont give reason

northernsaver

I used to work in processing mortgage apps, and can say the most likely reason is a credit check coming back. This used to happen if Mr called and it was Mrs' credit check that was the problem. We couldn't tell Mr the problems.

zukibear

We have an update, just spoken with mortgage advisor -
it wasnt the credit score (Nationwide are happy) it seems it might be because its a joint application and I'm not currently earning.

Conrad

KINGSTREET - I'm not at all knocking your approach, just thought it interesting how differently brokers work. I can count on one hand the number of times I've asked a client for thier credit report.
I sometimes think it over-complicates matters. A client either passes a score or they do not.
Not had ANY issues doing 3 or 4 subsequent scores either.

Must be something right as I bank a 6 fig sum despite doing very little life business. I mainly work on fees, commisions are neither here nor there.

kingstreet

There's always more than one way to do things. I can accept that.

In the last ten years, I can remember only having to change lenders once after I'd made an application. That was because the applicant took out a loan between application and offer and I'd forgotten to warn them against it.

I can't remember having a failed AIP since I left estate agency in 2001.

Sometimes, I set out how I would approach something for future readers of these threads. Obtaining credit files may be of absolutely no help at all in determining the correct lender, but it certainly does no harm.

CKhalvashi

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?

Place a SAR in, they legally have to answer this within 40 days.

CK

jockosjungle

Don't hugely see how that you are not working should make a difference if the partner salary multiplies out OK.

If its been audited, are you sure that what is on the form was accurate?

CKhalvashi

jockosjungle wrote: »

Don't hugely see how that you are not working should make a difference if the partner salary multiplies out OK.

If its been audited, are you sure that what is on the form was accurate?

That’s common sense thinking, but not to CrapWest, it would seem. :eek:

Our last mortgage was in both our names, with only me working, as we had the salary multiples right (they were willing to give us anything upto £3.5m :eek:), but I believe it’s upto each individual bank.

CK

kingstreet

IMHO a non-working spouse should reduce the maximum borrowing ability as they may be treated as a dependent. It shouldn't lead to a decline. It certainly wouldn't be an audit issue as it was apparent at the outset.

The OP appears to have found an alternative, so our speculation about NatWest now appears pointless...

zukibear

Thanks everyone for your advice.

Panic is over for the time being just glad I listened to Martin all those years ago re: using independent mortgage brokers at least he has sorted out a new lender pdq.
Hopefuly we'll be ok now:)