Underwriter

Thomas2090

Hi there I'm new to this!!!
Currently going through a loan application with my bank Natwest for a 3,000 loan,
Had a phone call yesterday saying every thing is agreed but then they informed me the underwriter wants to see my last credit card statement!!!
So I've bin down my local branch today to send it off,
I'm just curious why they need this when I thought they would be able see this from credit search???
Thanks

[Deleted User]

The credit search doesn't show what you're spending your money on.

They may want to see you're not spending your cash on gambling, hookers, Justin Bieber CDs, etc.

imoneyop

Deleted_User wrote: »

They may want to see you're not spending your cash on gambling, hookers, Justin Bieber CDs, etc.

The first two are perfectly acceptable purchases, but Bieber CDs - that shows that the applicant is not of sound mind and would probably be declined automatically.

gomango

I was recently refused a loan application from Natwest for home improvements. Even though I own three properties, have a steady income as a teacher and have an exempliary credit history, apparently the underwriter (known as the sanctioner!) had a personality clash with my local branch manager and 'pulled rank' to refuse the application. Unfortunately, he didn't like the fact that I worked on a fixed term contract (as many teachers do with contracts that are renewed yearly) as it didn't show I had a secure income! He demanded my tax returns, my audited accounts, and more - all of which was duly provided. It was a joint application and my partner also has a full time job and also has an exempliary credit history. We subsequently applied for a loan through our mortgage lender who were more than happy to offer us the loan. I have now complained to the Financial Ombudsman to force Natwest to challenge how their underwriters make their decisions as it doesn't make any sense, financially or economically. The government are encouraging us to invest and banks to offer loans - where is the logic Natwest??

gb12345

gomango wrote: »

I have now complained to the Financial Ombudsman to force Natwest to challenge how their underwriters make their decisions as it doesn't make any sense, financially or economically.

You're wasting your time. The FOS won't be interested in investigating commercial decisions and did you first exhaust Nat West's complains procedure?

Thrugelmir

gomango wrote: »

apparently the underwriter (known as the sanctioner!) had a personality clash with my local branch manager and 'pulled rank' to refuse the application.

No question of pulling rank.

The underwriter makes the decision.

I have now complained to the Financial Ombudsman to force Natwest to challenge how their underwriters make their decisions as it doesn't make any sense, financially or economically.

I suspect that the underwriter took a different view of your financial affairs. While you may hold a high opinion of your affairs. The underwriter will see weaknessess that expose a high degree of risk. Leveraging with debt often requires very little for the empire to implode.