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Natwest - We say yes to 9 out of 10 mortgage applications
wotsthat
Posts: 11,325 Forumite
Thought this was quite interesting from Natwest given the lack of rejection data..
plus a disclaimer....
The cynic in me thinks that "Based on an average of accepted applications" implies that there's a pre-filter step to convert an 'application' to an 'accepted application'.
Quite surprised that Natwest say yes to 90% of residential mortgage applications - can that be true?
We say yes to 9 out of 10 mortgage applications
plus a disclaimer....
Based on an average of accepted applications over a 15 month rolling period, excluding Buy to Let.
The cynic in me thinks that "Based on an average of accepted applications" implies that there's a pre-filter step to convert an 'application' to an 'accepted application'.
Quite surprised that Natwest say yes to 90% of residential mortgage applications - can that be true?
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Comments
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Why do you think mortgage brokers exist.............0
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Presumably they mean that 90% of the people they give a MIP to, who then apply for an actual mortgage, get accepted (which may not actually mean the mortgage is ever issued...).0
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There will be two factors at play here.
1. Pre screening by bank staff, mortgage brokers, etc
2. Offering mortgages at much higher rates or with much bigger deposits than what was applied for, in order to claim a high acceptance rate but still reject most applicants.
Rationing continues, despite the misleading advertising.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Quite surprised that Natwest say yes to 90% of residential mortgage applications - can that be true?
No because there is severe mortgage rationing going on.
OR
Does this imply that not that many people are actually applying for mortgages. Just a thought.0 -
shortchanged wrote: »No because there is severe mortgage rationing going on.
OR
Does this imply that not that many people are actually applying for mortgages. Just a thought.
Could be both.
I can't help but think that Natwest are more efficient at making sure only decent applications land on their desks. Just had a look at the site - there's no option to apply on line - you need to call them.0 -
shortchanged wrote: »Does this imply that not that many people are actually applying for mortgages.
There will certainly be some of that.
The public have been bombarded with media stories over the last few years explaining the credit crunch, mortgage rationing, and therefore just how impossible it is for most young people to get a mortgage with a historically normal, prudent and sensible 5% or 10% deposit.
So most won't even bother applying.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
My head is bombarded with lies too.
There is no rationing. Just normal market forces.0 -
HAMISH_MCTAVISH wrote: »normal, prudent and sensible 5% or 10% deposit.
So most won't even bother applying.
I did
Anyway, it does seem interesting how they may come about the figure.
I am guess that it could be that they don't give out MIPs like sweets to which when an MIP turns into an application there is a good chance it will be accepted once further checks are performed.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
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Could be both.
I can't help but think that Natwest are more efficient at making sure only decent applications land on their desks. Just had a look at the site - there's no option to apply on line - you need to call them.
As you point out these applications, that go into the process, will be pre filtered. Where they don't pass the screen filter questions there is very little chance of success. If they are triggered into a referral or appeal they probably drop out of the statistics.
It is the same when people say that they can't get business finance. It is often that their proposal doesn't stack up to anyone but them."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0
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