Natwest - We say yes to 9 out of 10 mortgage applications

thescouselander

Conrad wrote: »

Come work for me, if what you say is true we'll make millions:rotfl:

Almost every case I've dealt with the last 4 weeks has been declined. One was a 60% remo, great credit, long term jobs, pretty much your goto low risk case. Declined. Why, because they rapidly escalated their card debts the last weeks to complete their extension. The whole point of the remo was to consolidate these temporary high cost debts - this was all planned for by them, but on no, computer says no as it deems sudden escalating debt a risk.

Non credit scoring lenders tend to lend very low multiples so this couple are scuppered - very typical.

Hardly a representative sample. If you'd like anecdotal evidence I know at least 3 people who have moved recently and all of them required mortgages.

Percy1983

Conrad wrote: »

Come work for me, if what you say is true we'll make millions:rotfl:

Almost every case I've dealt with the last 4 weeks has been declined. One was a 60% remo, great credit, long term jobs, pretty much your goto low risk case. Declined. Why, because they rapidly escalated their card debts the last weeks to complete their extension. The whole point of the remo was to consolidate these temporary high cost debts - this was all planned for by them, but on no, computer says no as it deems sudden escalating debt a risk.

Non credit scoring lenders tend to lend very low multiples so this couple are scuppered - very typical.

That is because suddenly escalating debt is... well... you know... a risk.

JonnyBravo

Percy1983 wrote: »

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.

The fact that you only needed to borrow £4.50 for your plush pad may have helped.

Generali

shortchanged wrote: »

Does this imply that not that many people are actually applying for mortgages. Just a thought.

That's the Bank of England's claim. They have consistently maintained that lending figures have fallen because people aren't applying for loans.

Percy1983

JonnyBravo wrote: »

The fact that you only needed to borrow £4.50 for your plush pad may have helped.

It was only £4.00, my mummy gave me 50p spends. :rotfl::D

wotsthat

Generali wrote: »

That's the Bank of England's claim. They have consistently maintained that lending figures have fallen because people aren't applying for loans.

Are these figures available (I don't think they are)? They might shed some light on the balance between fall in demand due to the recession, bank rationing and the buyers strike.

Generali

wotsthat wrote: »

Are these figures available (I don't think they are)? They might shed some light on the balance between fall in demand due to the recession, bank rationing and the buyers strike.

No, the BoE has representatives who talk to people in the regions and report back on a mostly annecdotal basis.

TBH it's a reasonable thing to do I think, if quite old fashioned.