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1st timers and struggling
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ABC13
Posts: 1 Newbie
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
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
0
Comments
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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.0 -
Are your credit card accounts settled. Or do you owe money.0
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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 AdviserYou 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.0 -
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
Greg0 -
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.0 -
why do they need to reveal the deposit was given to them as a gift?0
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Why did you put in an offer without having agreed a mortgage in principle?0
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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.0
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