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1st timers and struggling

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Hello.
Heres hoping someone can advise us!
Myself and my husband are first time buyers. We have found a property and put in an offer. However, hav discovered today, courtesy of my bank Natwest, that due to some late, not missed payments, on credit card accounts we are not eligible for their mortgage.
We have a 10% deposit from kind parents and can oford payments.
Who wil gve us mortgage??!!
Any advice?
Thank you

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    You need to obtain your Experian and Equifax reports and see what is on there.

    Natwest have no appetite to lend at all, especially at 90%

    Get your reports and see a decent broker and there will be a solution...
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Are your credit card accounts settled. Or do you owe money.
  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    10% gifted deposit makes it harder than a 10% saved up deposit.
    You dont say how many and how recent the late payments are. there should be options available but it would be worth you getting in touch with a broker.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • GTunney_2
    GTunney_2 Posts: 4 Newbie
    edited 27 July 2012 at 8:53AM
    We had a very similar issue with Natwest.

    We we're looking to purchase our first property at 140k and only needed to secure a 100k mortgage. Our brokers said we should go with Natwest. We provided all the documentation with 3 months of bank statements. On these 3 months of bank statements my partner went overdrawn by £1.16 once and because my partner banked with Natwest they we're able to look into her account history to discover she'd went over drawn once before by a similar amount of £1.10 (which was even due to natwest fault).

    Natwest then declined our mortgage based on these terms. We then applied with The Woolwich (Barclays) and finally had our mortgage offer through last week.

    Like other people have said get a decent broker behind you. We only paid £99 for our broker and they we're excellent. Done all the leg work for us, finding the best deals, including having to escalate our case with woolwich to senior management because my name was down as Greg and Gregory at 2 different properties.

    Hope this helps
    Greg
  • Brock_and_Roll
    Brock_and_Roll Posts: 1,207 Forumite
    Part of the Furniture 1,000 Posts
    Without delving into your personal circumstances, responsible lenders will note that you do not appear to have saved a penny towards your first house, instead relying on parents for the deposit.

    Banks, whether corporate or personal always take "comfort" from a big chunk of equity being put into the pot by the borrower. This is because the borrower is putting their own money on the line as well as the bank's - statistically the bank is much less likelly to experience a default in such circumstances.
  • Good_Money
    Good_Money Posts: 109 Forumite
    Part of the Furniture Combo Breaker
    why do they need to reveal the deposit was given to them as a gift?
  • Why did you put in an offer without having agreed a mortgage in principle?
  • Good_Money wrote: »
    why do they need to reveal the deposit was given to them as a gift?

    Because the bank will ask, and if you lie it is fraud.

    Banks also have an obligation under money laundering regulations to ensure that deposits come from genuine sources.

    Gary.
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