NatWest Mortgage Confusion

Snowdrop_2

Hi All,

I dont come here often but tody we've really been let down by NatWest and I was wondering if anybody else had experianced this or can offer any helpful advice.

About a year ago we went into natwest and asked for a remortgage to move our exisiting HSBC mortgage to them, get a better rate and consolidate our credit cards. We were declinded at this stage becuase we had a bit of a bad history. Told that we we cleaned up our hisotry and sustained this for 6 months then there shouldnt be a problem.

We did this for over a year, in this time we've only had one late payment on a credit card and maybe two direct debit rejections on our account.

We went back to the bank yestretday and we went through everything agian. We were agreed in priniple and told the next stage was valuers at the house etc.

Today we get a phone call telling us we have been declinded because of our hisotry. We where not told that there was another search being done on us, or apparently they go back up to 6 years but nobody at natwest can tell us how far back they have gone in our case or even how far back they would go on average for a mortgage application. We've tried appealing to they're common sense (in over 10 years we have never even paid so much as 1p late or under our mortgage - it is the 1st thing to come out and paid in total and on time).

We basically cant see a way out now, are we ever likley to get a mortgage again? When? Can we appeal? Any help would be greatfully appriciated.

Thanks Stacy

harvey115

Your Credit history stays with you for 6 years, so late payments, DD declines etc would have been still visible to Natwest.

Since you have a couple of issues on your credit history i.e. late payments and that. I would suggest you consult a good mortgage broker.

I am pretty sure you will be able to get a good deal, if not from Natwest.

Best of Luck

GMS

What is the 'bad history' and from when?

CCJ's, defaults etc?

Jimbo1976

Typically your credit report goes back 6 years. I'm slightly confused as you say that in the last year you've had one late payment on a credit card then further down you say in the last 10 years you have never even paid so much as 1p late. Was it just your mortgage you were referring to regarding the late payments.

I suspect the recent late payment combined with whatever poor credit credit caused the decline last year is to blame.

Depending on how bad your credit history is and what your incomes are and your loan to value you may still be able to get a mortgage but i suggest you go to a broker rather than randomly try banks.

Snowdrop_2

Thank you all for your responses.

Just to clarify your quiestions (sorry was typing a bit too fast orignally so possibly didn't make myself 100% clear).

Bad credit history relates to late or incomplete credit card payments. Never been issued with a CCJ.

Sorry yes when I said about not even making 1p late payment I was referring to our mortgage.

Our mortgage to value ratio is hovering around the 80% but the new mortgage would have taken us up to the 90%. Our wages more than adequetly cover the mortgage value that we were discussing, we've lived at our house for just under 9 years, and owkred witht the same company for 16 & 11 years (myself and husband respectivly). So nothing obvious there that I could see would go against us.

From your comments an independant mortgage advisor seems to be an option. Something I have never done before, always relied on the banks but would seem it's possibly the next sensible move for us.

Although in anybody else wants to make a suggestion I'm willing to listen to anything.

Thanks All. x

Thrugelmir

Snowdrop wrote: »

We where not told that there was another search being done on us,

This is standard practice. A lender would require up to date information to process your application.

Our mortgage to value ratio is hovering around the 80% but the new mortgage would have taken us up to the 90%.

Are you still looking to consolidate debt?

We did this for over a year, in this time we've only had one late payment on a credit card and maybe two direct debit rejections on our account.

Late payments will score against when a new lender assesses you. Were the direct debit rejections due to going into unauthorised overdraft territory? When then leads to the question do you use an overdraft on a regular basis?

Madders

This is a similar case to mine, see my post on a further mortgage advance. I am also with Nat West. I am not bleating on about my previous indiscretions but feel a bit miffed when it was they who proactively courted me only to then say no. I may also look to a broker but am unsure when I can leave Nat West as I only took the mortgage out in July 2011. I am not happy at their lack of support and understanding particularly as I have a really good job and have been a loyal customer of theirs for over twenty years.

Angry_Bear

Snowdrop wrote: »

About a year ago we went into natwest and asked for a remortgage to move our exisiting HSBC mortgage to them, get a better rate and consolidate our credit cards.

I know it's not what you asked, but consolidating debt is rarely a good idea, and moving unsecured debt to secured debt is very dangerous.

Have you considered vising the debt-free-wannabe forum and looking at how quickly you could pay off your debt? Reducing your credit card debt will improve your credit files too and make you more attractive to lenders (for a better mortgage rate).

Good luck!

Snowdrop_2

Thank you all for your replies. To just cover off a few things:

Thrugelmir : My point about the credit search was that we thought it had been done in the branch on Tuesday and that we had passed it. We were told the next steps was for the offer to be formally issued and valuation on the house not for a further credit search, so it came as a bit of a shock.
Yes we are still considering the option of consolidating the debts, not sure how now but we haven't ruled it out totally.
The rejected payments were due to lack of funds we dont currrently have an overdraft.

Madders: I'm sorry to hear that you have had a similar problem, on one hand though it is nice to know it's not just us.

Angry Bear: I understand your comments and concerns about consolidating debts, we are aware of the risks attached to it, but thank you for your concern. DFW is certainly an option to look at so Ill be checking that out later.

Thanks again all x