Strange situation with Natwest. Any input?

FTBSOS

Hi there, I have recently applied for a mortgage with natwest via help to buy scheme via a broker and it's been declined.

Upon speaking to natwest, they have told me, my application had been referred to the audit team and some information had came alight and they decided to immediately decline my application.

The lady who I spoke to said she doesn't know the reason why. Also the decision cannot be appealed against.

A few years ago when I was 14, some fraud was done on my account, someone put a cheque into my account, and starting cashing it out. Told the police, phoned natwest and they suspected it was me. They close down my account and said something down the lines of not having allowed to have anymore relationship with either natwest or royal bank of scotland.

Could this possibly be the reason why? Was over 4 years ago.

They don't have access to the audit team also.

reapz69

In there eyes if they closed your account down you were guilty...

ValHaller

You may be in for a struggle here. I suspect you may be on one of the fraud databases - in which case you may struggle with all lenders.

Let's see what the professionals say but my first suggestion is to float the names of a few lenders here whom you might try and as long as no one says they are linked to Natwest RBS, to try one of these. If the same thing happens, you will be in for a long battle to try and sort it all out.

kingstreet

If there's a CIFAS entry, you are going to be unable to borrow until you resolve it. Your credit file should show a CIFAS section towards the end on the Experian version. What can you see there?

https://www.creditexpert.co.uk/pdf/cifas_leaflet.pdf

[Deleted User]

If you haven't done so already, it might be worth your while to take a look at all three of your credit reports to see what is showing:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Caladan

If it is a CIFAS entry (and it sounds like it) then you need to sort it out with the credit reference agencies.

Alternatively, it could just be Natwests own records, i.e. - This customer had an account previously that was closed by Natwest because of poor conduct, in which case other lenders wont know/care.

Get a copy of your credit report!

FTBSOS

Thanks for the replies, I checked my credit files, no cifas markers at all. When I turned 18, I took out a payday loan (Cashplus credit builder) you pay them 4.95 a month and they will report back to the credit reference agencies you're paying the loan off. They lend you £60.00 and it's for 12 months.

It's shows on my credit file as settled and it's under 'advanced payment solutions' or something like that.

It's not technically a payday loan, I wonder if that could also be the reason for the decline.

Caladan

I wouldn't have thought so, certainly if it never went into arrears and is now paid off.

My best guess is Natwest have their own mark against you internally (this is normal practice, and it wont be wiped just because x amount of years have passed).

Apply with someone else, or talk to a Broker. Personally I'm not a massive fan of brokers in general, but I'm biased there as my company wont pay commission to brokers so they'll rarely recommend us.

There are some excellent brokers out there and it can be well worth paying the fees they may charge to get a professional and unbiased opinion.

kingstreet

FTBSOS wrote: »

When I turned 18, I took out a payday loan

As mentioned, automatic decline by NatWest. If your broker knew about this, they should not have attempted an application with them.

Such loans do not help your credit history in any way and in this case has damaged your options.

A well conducted credit card, where you pay off the full balance each month, therefore paying no interest, is the best way to build positive credit points on a lender scorecard.

Dave_Ham

So you had a fairly sizeable dispute with Natwest and they took the dramatic action of closing your account.

Coupled with a payday loan, which it is unfortunately and someone saw fit to approach the bank you had an account closed with and the hardest pay day stance lender..

I do not do as many of these H2B as others, but Natwest was never going to be a good call..

Better luck going forward, maybe it is not meant to be...

FTBSOS

If I am honest, it's not really a PDL. I didn't even get the money, they basically set you up with an account, saying you owe them £60.00 and you pay them back £4.95 back for 12 months. I guess not every lender will see it in a positive way.

I don't think the PDL was the issue, I believe it was the fraud issue with my account 4 years ago.

They said they asked Nationwide, they would only lend me £96,000. Tbh, I don't think the broker's were any good, I have a feeling they key'd in my APP wrong also.

Anyway, a very kind member on this forum has given me a broker who has a exclusive relationship with Dudley building society, I explained the situation and he reckons they can help me out. I believe they don't do credit scores, just a credit check or something down the lines of that.

So fingers cross. Submitted application mid afternoon yesterday so should know today/tomorrow if I've got an AIP.