RBS Mortgage Transfer to New Property

AndyCK1

I recently applied with RBS to port (as they call it) my mortgage to a new house I have put an offer on:

1. I am not in a fixed deal and am free to move mortgage
2. The amount I want to borrow on the mortgage when it is ported is less that I currently borrow, with a greater deposit
3. I have never missed a mortgage payment and have had this mortgage with RBS for 3 1/2 years
4. The LTV will become 90% from 92% when the mortgage is ported. Apparently I was one of the last people to get over a 90% LTV mortgage in 2008
5. I pass the lending criteria

However...due to one late payment on a credit card in the last 12 months, my credit score came back as rejected. This was my own stupid fault, I hadn't set-up a calender reminder correctly and missed the payment date by a couple of days. Other than that, I have an excellence credit record, and I keep on top of it through a membership with one of the main credit reference agencies.

Apparently I cannot appeal this decision, despite an otherwise excellence credit record, yet if I port my mortgage over I am actually falling in line with the current RBS lending criteria, reducing my LTV and reducing my monthly payments.

Does anyone know if there is there anything I can do to appeal this decision please? I'd like to port my mortgage over as I won't have to pay any product fees and can keep my current 4% APR. I accept complete responsibility for the late payment above, however the decision to reject the porting of the mortgage on this seems to be a little harsh, especially when banks are being encouraged to lend more.

Many thanks for reading!

Andy

Dave_Ham

Hi Andy,

Whilst I sympathise, the entire Natwest Group are being incredibly reserved currently and have no appetite to lend on anything above 75% loan to value.

Whilst I appreciate your common sense rationale and would agree, I feel Natwest will not.

The only place you can complain initially is to Natwest (in writing) although if you have already had an offer accepted, this will take too long even if surprisingly they do overturn their intial decision.

I would start looking for a new lender, which will also be relatively tough as many do not like homemovers at 90% loan to value..

All the best

AndyCK1

Dave_Ham wrote: »

Hi Andy,

Whilst I sympathise, the entire Natwest Group are being incredibly reserved currently and have no appetite to lend on anything above 75% loan to value.

Whilst I appreciate your common sense rationale and would agree, I feel Natwest will not.

The only place you can complain initially is to Natwest (in writing) although if you have already had an offer accepted, this will take too long even if surprisingly they do overturn their intial decision.

I would start looking for a new lender, which will also be relatively tough as many do not like homemovers at 90% loan to value..

Hi Dave,

Many thanks for your reply and advice - I looked for a new lender today and First Direct have given me an agreement in principal.

All RBS have achieved from this is to lose a customer and revenue, and I wonder how many other people have been affected in this way.

Thanks again
Cheers
Andy

Dave_Ham

Check and double check you fit First Direct's criteria.

They do not use mortgage brokers and therefore we do not get to see criteria, although would suggest that 90% LTV on one home-mover may be an issue for them further down the line..

Fingers crossed you are fine, although please do check...

Thrugelmir

AndyCK1 wrote: »

All RBS have achieved from this is to lose a customer and revenue,

Banks such as RBS are deleveraging their balance sheet. So are happy for customers to transfer their mortgages elsewhere. Total reverse situation to 6 years ago.